Salary Advance Payment Extension (Updated for Bayanihan 2)

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With the implementation of Bayanihan to Recover as One Act RA 11494 [BARO or Bayanihan 2], we’re offering 60 days payment extension for Salary Advance (SALAD) Loans.

All customers with Salary Advance (SALAD) whose…

  • Booking date is prior September 15.
  • Payment status is current (with no past-due balance) as of September 14, 2020.
  • Payment due date is from September 15 to December 31, 2020.

Can request to extend their due date for 60 days or equivalent to 4 payroll cut-offs. This means amortization due will resume after 60 days — depending on your payout date.

Loan interest during the payment extension or accrued interest still applies and will be collected staggered over the remaining term of your loan.

Frequently Asked Questions

  1. I want to avail the payment extension, what should I do? All qualified clients who wish to avail of the 60 days payment extension will have to apply via this link: https://www.securitybank.com/personal/loans/corporate-employee-loan/salary-advance/salad-portal/. You must submit a request at least two banking days before your amortization due date to ensure that the payment extension will be applied on your next due date.
  2. When will my payment extension start? Payment extension will apply on the next due date after receipt of your request.
  3. I was already debited can I request to have this credited back? Requests for payment extension can only be applied on the next due date after receipt of your request, thus we cannot credit back the debited amount.
  4. After applying for the payment extension, where can I get the details of my extended loan? You will receive an SMS regarding the details of your new SALAD loan amortization with accrued interest on starting from December 2, 2020 onwards.
  5. Will my loan payment double/triple when my auto-debit arrangement restarts after 6 payment cut-offs? No, your loan payment will not double or triple as we will extend the maturity date of your loan. Your maturity will be extended based on your remaining loan term.
  6. Will I be charged a late fee? No, you will not be charged a late fee during the extension period.
  7. Will my loan incur interest during the payment extension or accrued interest? In accordance with the Bayanihan 2, accrued interest during the payment extension period still applies. This is on top of your existing unpaid accrued interest from Bayanihan 1, if applicable.
  8. When will I have to pay for the accrued interest incurred during payment extension? Accrued interest will be staggered equally over the rest of your loan term to form part of your new monthly amortization.
  9. I don’t want to avail the payment extension, what should I do? I want to continue my SALAD loan as per its original/current schedule. You don’t need to do anything else we will continue to collect your loan as per original schedule.

We will update this page as the situation develops.

Thank you and please stay safe.

Archived: FAQs (Bayanihan 1, March to May)

FAQs (Bayanihan 1, March to May)

  1. I have no funds yet, can I avail the additional payment extension? Your request for an additional loan extension can no longer be accommodated. If your account was current from March 16-May 31, 2020, your loan was previously granted with a payment extension in line with Bayanihan Law. For loan details, please refer to the SALAD SMS Advisory sent to your registered mobile number within the period of June 1-23, 2020.
  2. Can I request for opt-out of payment extension because I don’t want to pay the accrued interest? We regret to inform you that request for opt-out of payment extension was until June 30, 2020 only. For loan details, you may refer to the SALAD SMS Advisory sent to your registered mobile number within the period of June 1-23, 2020.
  3. I accept the payment extension but can you waive the accrued interest? We regret to inform you that your request for waiver of accrued interest cannot be accommodated. For loan details, refer to the SALAD SMS Advisory sent to your registered mobile number within the period of June 1-23, 2020.
  4. Can I still avail SALAD after full payment? Please be advised that Salary Advance (SALAD) is currently unavailable at the moment. Rest assured that we will give you an update once SALAD will be available for re-availments.
  5. How much is my accrued Interest? For details on your accrued interest, please refer to the SALAD SMS Advisory sent to your registered mobile number within the covered period June 1-23, 2020.

Other FAQs

  1. Is this applicable only to Luzon-based customers or is it Nationwide? This is applicable to customers nationwide.
  2. How long is the payment extension for Salary Advance? We have extended due dates by 90 days or equivalent to 6 payment cut-offs.
  3. Will my loan payment double/triple when my auto-debit arrangement restarts after 6 payment cut-offs? No, your loan payment will not double or triple as we have extended the maturity date of your loan. Your maturity was extended based on your remaining loan term.
  4. My payment amortization is held every pay day cut-off (i.e. every 15 days) and not per month, will this be lifted for 6 more payouts? Amortization debits to your payroll account will be lifted for 6 payroll cut-offs. Debits will resume starting June 16, 2020 depending on your scheduled payroll date.
  5. Will I be charged a late fee? No, you will not be charged a late fee. If a late payment fee appears on your account, it will be waived.
  6. Will my loan incur interest during the payment extension or grace period (accrued interest) given? In accordance with the Bayanihan to Heal as One Act, loan interest during the loan extension period or accrued interest still applies.
  7. When will I have to pay for the loan interest incurred during payment extension? To further assist you in this time of crisis, we have staggered the loan interest equally over the rest of your loan term to form part of your new monthly amortization.
  8. I don’t want to avail the payment extension, what should I do? I have funds now to pay for my loan due. For Salary Advance, requests to opt out of the payment extension were valid only up to June 30, 2020.
  9. I still want to fund my account linked to an auto-debit arrangement (ADA) are there other ways for me to do it without going to a Security Bank branch? You may fund your Security bank using the options below. Although funds are supposed to be credited in real-time for both methods, we still advise you to perform transactions at least one working day before your expected date of crediting to avoid any inconvenience.
    1. Fund Transfer via Instapay or PesoNet – When sending, select Security Bank and make sure to input the correct account number, account name, and amount. Applicable transfer fees may apply.
    2. Fund Transfer via Digital Wallets such as GCash and PayMaya – The Send Money to Bank Account feature lets you transfer money from your digital wallet to Security Bank. Check out the following websites for more details: GCash and PayMaya

We will update this page as the situation develops. For more information on payment extensions for loans and credit cards, click here. Thank you and please stay safe.

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