Eleven days after I filed my SSS Salary Loan application, I received my loan check already. The maximum loanable amount is P24,000.00. But, the net proceeds is P21,360 only (after deducting the advance interest and service fee). The loan is payable in two years at P1,050 per month. The salary deduction starts next month.
Now, I have the money to pay for my car insurance premium and life insurance premium totaling P19,500. What’s left of my loan is P1,860 only.