How to Pay your SSS Loan with the help of SSS LRP or Loan Restructuring Program

Some of us resort to borrowing money from relatives when our budget gets tight. Sometimes, we also get a loan from the SSS and other lending companies just to make ends meet.

Getting a loan is easier than paying it that’s why many SSS members struggle in paying off their loans.

Good thing the SSS offers Loan Restructuring Program (LRP) or also known as Loan Condonation.

This offer is available for a limited time only. If you have a past due loan from the SSS, you definitely should take advantage of the LRP to save on your loan payments.

How does LRP help you pay your loan more easily? 

When you get a loan from the SSS, your payment includes the principal loan amount, interest, and penalties for late payments.

With the SSS Loan Restructuring Program, your penalties will be waived. Meaning, you will only have to pay the principal loan amount and interest.

To give you an example, an SSS member who got a loan from the SSS amounting to ₱20,000 in 2005, was shocked when she found out that her loan has already ballooned to ₱67,000 after 11 years of not paying it. ₱30,000 of which was for penalties.

When she learned about the Loan Restructuring Program, she availed of it and paid her long overdue loan within one year. And instead of paying ₱67,000, she only paid less than ₱40,000 since the penalty was waived or deducted.

That’s how much you can save from your loan payments if you avail of the SSS Loan Condonation Program. But again, it depends on how much your loan is and how long has it been overdue.

In order to get the actual numbers, you need to personally visit the SSS branch (or authorize a representative) to apply for the LRP.


How to Apply for SSS Loan Restructuring Program

Step 1 – Prepare the Requirements

  • Statement of Loan Balances
    • Request for this at the SSS office when you inquire/apply for LRP
  • SSS LRP Application Form
  • Affidavit of Residency
  • 2 Valid IDs
    • Bring valid IDs which contains your signature and picture
    • Bring other supporting documents if you have only 1 valid ID

If you cannot apply personally, assign and authorize a representative to submit these documents to the nearest SSS branch.

If you’re abroad/overseas, you must also submit the following documents:

Step 2

Get a copy of the Affidavit of Residency from the SSS office or by downloading it online. Then, go to the nearest Notary Public Office to have it notarized which may cost you around ₱150.

Step 3

Go to the nearest SSS branch and tell the Information Officer that you want to apply for SSS LRP.

Once it’s your turn, submit the required documents and LRP application form to the SSS officer. He/She will explain to you the payment options for your loan. Then, the SSS officer will print the LRP Terms and Conditions together with the schedule or deadline of your loan payment.

Step 4

Pay your loan balance on time/schedule to avoid any further interests and penalties.

Important Reminders:

  1. You can only avail of SSS LRP once. If you have any past due loans in the future, you cannot reapply for LRP again.
  2. If you want to get another loan from the SSS, you can only do that 6 months after you have fully paid your previous loan. You must have also paid at least 6 months of contributions to the SSS in the last 12 months to be able to apply for a new loan.
  3. The SSS Loan Restructuring Program is only available from April 2, 2018 – October 1, 2018.
    • UPDATE: SSS LRP has been extended until April 1, 2019.

For inquiries about the SSS LRP, you may call the SSS Customer Service at 920-6446 to 55, visit the SSS website, or go to the nearest SSS branch.


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