SSS loan is a very common type of loan availed by Filipinos. Private employees are members of the Social Security System because the law mandates it, and so, the agency is their initial source of help when financial crisis comes. Commonly, SSS salary loans are availed of, but the agency also offers other types of loan such as housing and business loans.

When you apply for an SSS loan online you need to be a member with 36 monthly contributions for a one-month salary loan with a 10% interest rate per annum. On the other hand with Loansolutions, you only need to be currently employed for at least 1 year to avail of a loan for up to 5 years term. However, bank and private financing loans offer 1-2% interest per month or 12-24% per annum, which is bigger than what SSS loan offers.

If you want to check more of the loan, you can apply on their website and fill out an SSS loan form which is downloadable on their website. And for comparison, you can also apply at Loansolutions and fill out our online form no download required.

If you still want to explore other loan options, a Pag-ibig Multi-purpose loan is another go to of Filipinos for loans. Although primarily known for housing loan, Pag-ibig also offers salary loans for members who have 24 months worth of contributions. This is way better thanSSS loan 36 months. Calculations are based on the number of months multiplied by the amount of contribution and the loan factor. Loan factor increases as the amount of the contribution increases. For salary loans, employed members repayment method is through monthly salary deductions.

Bank loan  is another option for people to get financial assistance. Most banks offer personal loans for applicants in need of cash. Since there are only a low percentage of Filipinos who actually go for a bank loan, Loansolutions endeavors to change people’s perception about bank loans and help the unbanked be bank-able. Loansolutions has yet to forge a partnership for an SSS loan or a Pag-ibig loan since the priority has been to move people closer to banks to assist with their banking needs.

Currently Loansolutions has a network of bank partners to help us get our borrowers the credit assistance they need. There are two types of bank loans – secured and unsecured loan. Secured type of personal loan is one that requires collateral such as a home or car. Interest rates are usually lower. There is a risk of repossession if the loan is not settled. Unsecured loans do not require collateral but policies are more stringent. Credit history of the loan applicant is checked. Interest rates for personal loans vary. It is best to choose banks that offer flexible, affordable and convenient payment schemes.

In the Philippines, it is not difficult to find credit providers. Many Filipinos survive financial difficulties through loans. The difference is the legitimacy of loan providers. Many people have no choice but to deal with loan sharks who charge very high interest rates if they are in dire need of cash. What’s needed is a link to connect a loan applicant with the right loan product. LoanSolutions resolves this problem. It has a network of bank and financing agencies and works by matching the profile of a loan applicant with the right loan product.