Filling a Social Security Loan!
By carrine
@carrine (2743)
Philippines
February 2, 2011 12:17am CST
iam paying for 5 years i think in my Social Security System funds. this is one of the program of the governments here in our country where you can get something when you will retire. if you're paying them already for three years, you can loan it already with a very small amount of interest and you can it monthly. they said that we have to loan it because it add the premium you get when you will retire. so iam thinking now to file a loan on that agency.
have you tried it applying a loan from an government agency program?
1 person likes this
7 responses
@zandi458 (28102)
• Malaysia
2 Feb 11
We have a good investment scheme mooted by the government. We can take loan from the banks and invest in this scheme. Since the interest paid is quite high, one need only to pay the loan for 2 years and we can just let it pay by itself for the duration of years the loan is in force. When I was still in employment I have taken loan to invest in this scheme and have reaped handsome rewards every year.
1 person likes this
@kun2349 (23381)
• Singapore
7 Feb 11
I dun think we have it over here.. haha =D Even if we had it here, i guess the amount we have to pay back will be much more due to the interest.. lol =D No matter what, i will never try to apply any loans from government agency because they are quite strict with its requirements.. hehe ^_^ On top of that, if possible, i wwont want any loans as it means more money going out of my pocket than staying inside my pocket.. haha 
@beamer88 (4259)
• Philippines
2 Feb 11
I had from our Pag-Ibig Fund. (Home Development Mutual Fund). But I coursed it through our HR Department. I secured a loan because people kept telling me that you have to at least get a loan (even an SSS loan) or else someone else will using your account. I'm not sure if this is true but I went ahead and loaned a very small amount.
1 person likes this
@thanks1961 (7035)
• India
2 Feb 11
Hi dear,
Even in India we have such government plans, which related to life insurance, but not exactly the way you mentioned. We can take long term plans as per our age and there are so many different plans which we can opt for the same as per our requirement. The premium also will depend on the age, the policy that we prefer and the number of years that we opted for. Also, there are plans where we can take loans or partial withdrawal etc.
Similarly, there are private insurance companies also come up with typical programs. All are good the formalities are governed by the government and these private companies are operated by the guidelines of IRDA (govt. organization) and policy highlights and income and returns would be different as per the company rules. Also there are onetime payment (higher lumpsum) and lock-in period for particular years etc are there. Also, there are variety of other plans which can be taken as per our income which is suitable for us.
Thank-s
1 person likes this
@JOIEMARVIC (2335)
• Philippines
3 Feb 11
After 3 years, I was able to file for a loan through SSS last year and I was able to get the amount (equivalent to my salary for a month) in less than 2 weeks. We do not have a personnel in our HR who does the filling so I personally did it. It was quite easy to do and I was able to make the most of the money that I have loaned.
