Security Bank’s priority is the protection, security, and welfare of our employees and clients.
That’s why, in the light of the Enhanced COVID-19 Quarantine, we’re extending payment due dates for Salary Advance (SALAD) Loans.
All customers with Salary Advance (SALAD) whose…
- Payment status is current (with no past-due balance) as of March 16, 2020
- Payment due date is from March 17 to May 31, 2020
Will have their due date extended for 90 days or equivalent to 6 payroll cut-offs. This means amortization due will resume after 90 days—depending on your payout date.
Frequently Asked Questions
- Is this applicable only to Luzon-based customers or is it Nationwide? This is applicable to customers nationwide.
- How long is the payment extension for Salary Advance? We’re extending payment due dates by 90 days or equivalent to 6 payment cut-offs.
- 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 of the loan.
- 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.
- 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.
- 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.
- 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.
- I don’t want to avail the payment extension, what should I do? I have funds now to pay for my loan due. You can still opt to pay your loan amortization on schedule or settle all the skipped amortizations plus your next amortization on your next due date with no additional loan interest applied since your loan will not be extended. Late payment penalties will still be waived. You may call our Customer Service Hotline at 8887-9188 to request for manual debit of all unsettled amortization payments.
- 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.
- 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.
- 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.