I have never used my privilege in loaning money at Social Security System (SSS). I have been contributing since 1999 and the only privilege I have used is the Maternity benefit which actually was a big help for us when I gave birth to Vera in 2006.
Some say that I have to loan from SSS because some other might use it. Yes, it really happens here. Hamey already used his when he was still single and interest is payable in two years. Not bad, right?
Anyway, the total amount you can loan from them depends on how long and how much is the average amount you are contributing to the system. I am eligible to avail the maximum loanable amount the system can give.
Other ways to get money is thru the bank. I received a letter from my credit card company before Christmas, explaining the privileges I get for having their credit card. One of these is that I can make cash advance from my credit card with low interest rates, which is actually shown in the letter and explained on how to compute for the interest according to the amount loan and how many months. How big a line of credit can I receive? I actually can maximize my credit card’s limit or apply for additional if it is not enough. This is better than SSS’ if you need more money. At least we have different lines of credit to choose from.
