The Social Security System (SSS) recently announced they are now sending text messages to their members about monthly loan payments beginning April.
Previously, the SSS sent loan billing statements to registered email addresses, but most people don’t touch their email inboxes. People, however, constantly check their mobile phones for text messages.
The SSS switched to text alerts to remind its members to pay their monthly loans on time.
SSS members who fail to pay on time will be charged a monthly penalty equal to one percent of the unpaid principal and interest until fully paid. Members can keep track of their loan records through their My.SSS online account.
The SSS has encouraged borrowers who haven’t paid their short-term member loans to take part in the Consolidation of Past Due Short-Term Member Loans with Condonation of Penalty (Conso Loan) program.
Under Conso Loan, the SSS consolidates the principal and interest of the past-due short-term member loans. All unpaid penalties are also consolidated. If the member pays the loan in full, the SSS waives the consolidated penalties.
