Yes, SSS allows you to renew your Salary Loan even if your current loan isn’t fully paid yet. However, there’s one key requirement:
You must have already paid at least 50% of the original principal amount of your existing loan.
Let’s break that down para mas malinaw.
SSS Salary Loan Renewal Requirements
Before you can file another SSS Salary Loan application, you need to meet the following:
- At least 50% of your current loan’s principal must be paid.
- At least 6 monthly contributions within the last 12 months.
- You must not be disqualified due to fraud or any SSS violations.
- You must be under 65 years old at the time of application.
So if your current loan is worth ₱20,000, you’ll need to pay at least ₱10,000 of the principal first (not including interest and penalties) before you can apply again.
How Much Will You Get on the New Loan?
Here’s the catch — when you renew your SSS Salary Loan while still paying the previous one, the remaining balance (plus interest and penalty) of your old loan will be deducted from your new loan proceeds.
So let’s say:
- You’re approved for a ₱20,000 loan
- You still have ₱6,000 left from your previous loan
Then you’ll only receive ₱14,000 as net proceeds.
That’s why it’s smart to wait a bit longer — para mas malaki ang marereceive mo and it won’t feel like bitin.
Should You Wait Before Applying Again?
Technically, SSS allows it. Pero kung hindi mo pa nababayaran nang husto ‘yung previous loan mo, baka maliit lang ang bagong ma-approve — lalo na kung may interest and penalties.
So if you’re not in a rush, consider waiting until you’re close to paying off the full amount. Mas sulit and less hassle.
Final Thoughts
Yes, you can reapply for an SSS Salary Loan even with an active loan, but make sure to meet the 50% payment requirement first. Always check your loan balance and plan your next application wisely, especially if you want to maximize your loan proceeds.
And as always, double-check your My.SSS account for real-time loan info and status.
Planning to file a new salary loan?
>>> Check my guide here for filing a salary loan.