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SSS Pensioner’s Loan Benefits
Take note that another loan collateral for getting this type of loan approved is the passbook used for the loan. In this case, I believe will be the landbank or PNB bank passbook where the monthly pension is being deposited whose account name is the name of the pensioner himself / herself.
Although we all personally know that the Social Security System (SSS) in the Philippines offer other types of loans from housing to personal to provident loans, educational and more to their members, Today after learning this, I was speechless. This means that there is market for this type of loan for Pinoy senior citizens. This also means that there are people receiving a regular pension from the SSS who are having quick cash problems and that there are some of them that might be getting abused by these private lenders offering such loan.
In this however, I personally think that pensioners should take time before getting in this type of loan. Note that this loan is being offered to seniors aged 60 and above and are receiving a regular monthly pension which means that lenders in this market are getting much for this system. I just hope that it gets regulated as early as possible by the Philippine government. For the equivalent of this loan, you can also go find yourself a GSIS loan or OFW loan. Almost same requirements apply.