SSS, UnionBank launch micro loan program

MANILA, Philippines — The Social Security System (SSS) has launched SSS LoanLite. It is a micro-lending program powered by Union Bank of the Philippines.  

This initiative is designed to provide accessible, secure and affordable credit to millions of SSS member. The program is intended especially to those vulnerable to predatory lending practices.

“This will really help each Filipino, members of SSS, not to fall victims to loan sharks,” SSS president and CEO Robert Joseph de Claro said in a statement.

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UnionBank president and CEO Ana Delgado described the program as “a short-term, socially-responsive loan designed to support members in times of financial need.” 

Pay back in two weeks to three months

SSS LoanLite offers loans with tenors ranging from 15 to 90 days. It is tailored to meet the urgent financial needs of Filipino workers, including those based overseas. 

The program is part of pension fund’s broader digitalization and financial inclusion strategy. It ensures that members can access credit without falling prey to loan sharks.  The plan is to grow the loan book for SSS LoanLite to P40-B within the next two years.

“Through our partnership with UnionBank, we are taking a bold step toward protecting our members from exploitative lending and enhancing their access to responsible financial services,” De Claro said. 

“SSS LoanLite is more than just a loan—it’s a lifeline for our members during times of need,” he added.

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Through SSS LoanLite, borrowers can get P5,000 to P20,000, payable in 15 to 90 days. It costs the borrower 8 percent per year plus a “ reasonable service fee.”

The application and approval process is “fully digital.” The funds will be credited directly to UnionBank accounts or the MySSS Card.

The agency and UnionBank plan to officially roll out the loan program by end of 2025. INQ