May 13, 2008

My SSS Loan

Posted in loaning at 8:35 pm by kimsan23

This is an update on my first post about getting an SSS Loan.

I can’t belive I was approved! Initially, I was told that I needed to have a total of 72 SSS contributions to qualify. When I checked online, I discovered that I only had 66. I wasn’t really counting on it to happen but I’m glad it did — at the right time too! It wasn’t the amount I had expected but at least I got the money.

I discussed earlier that I would put it in a mutual fund or some time deposit. Unfortunately for me, I had to shell out a significant 6k for car repairs and maintenance. So that’s where part of my loan will definitely go. In net total, I received 13.5k.

I guess the rest of it will have to go to the purchase of our new bed as well. I will definitely deposit some of it in my account, just to ensure that I do not lose the habit of making a deposit every time I get money.

  • car repairs: 6k
  • bed: 5k
  • savings: 2.5k
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