In times of financial need, you can’t always turn to your family to ask or borrow money. Luckily, if you have been employed in a reputable company for at least a year or so, you can turn to the government to ask for help. Loaning from the government should be your first option because it usually has the lowest interest rates, plus it’s easier to pay off. So here are some of the most common types of government loan from respective agencies:
- SSS Loan
The Social Security System is an insurance program that is regulated by the government for those employed in the private sector. The law requires employers and employees to contribute a percent of your salary to SSS, in order for you to reap several benefits. And apart from a monthly pension once you retire and maternity benefits, you can also get several types of loans from the agency. These include salary, calamity, and housing loans. Applying for SSS loans is also easy because you can virtually do everything online.
Requirements for Salary Loan:
- Minimum of 36-72 months contribution
- Employer must have updated contributions
- Not yet granted retirement or personal disability benefit
- Under 65 years old
- Not accused of any fraud in SSS
- GSIS Loan
If private employees have SSS, government workers are insured through the Government Service Insurance System or GSIS. Like SSS, GSIS offers many types of loans for its members. But the one that is similar to SSS’s Salary Loan is the enhanced consolidated loan plus program. Under this loan program, members who have contributed for at least 15 years are eligible for a 12-month salary loan. Luckily, GSIS has already updated it system, where GSIS members can apply for Conso-Loan Plus
Requirements for Conso-Loan Plus:
- active permanent/non permanent GSIS member
- no pending administrative or criminal case 6 months prior to application
- not on leave of absence with no pay
- net take home pay not less than the minimum wage after loan payment is deducted
- PAGIBIG Loan
The main purpose of PAGIBIG is to provide an affordable housing program for every Filipino. But that’s not their only loan program. They also have a multi-purpose loan to help its members for any type of financial need. Through PAGIBIG’s multi-purpose loan, a borrower can loan as much as 80% of their PAGIBIG Regular Savings. The agency claims that you can receive your loan for as fast as just 2 days! Although you have to submit your documents at the nearest PAGIBIG branch.
Requirements for Multi-purpose Loan
- Photocopy of Valid ID
- Proof of Income
- Payroll Account Card