SSS expands LoanLite access via UnionDigital Bank

MANILA, Philippines — The Social Security System (SSS) has expanded access to its microloan program through UnionDigital (UD) Bank, allowing qualified members to apply for loans of up to P20,000 through the bank’s mobile application.

In a statement, SSS said UD is the first of four participating financial institutions (PFIs) to make the program available through its digital platform.

READ: Finance Secretary Go endorses SSS microloan program

The SSS LoanLite program, launched last year, offers qualified members loans between P1,000 and P20,000. The loan amount depends on their average monthly salary credits from the past 12 months.

Borrowers can choose repayment periods of 15, 30, 60, or 90 days. The loans carry an annual interest rate of 8 percent, or about 0.67 percent per month.

Unlike conventional SSS loans, LoanLite does not require employed members to secure employer certification when applying through a PFI.

“After months of preparation, SSS LoanLite is finally here. Qualified members can now apply through the UnionDigital Bank mobile application, making access to short-term financial assistance more convenient and secure,” SSS president and CEO Robert Joseph de Claro said.

“We are also working with our other PFIs, which will soon make SSS LoanLite available through their respective digital platforms,” he added.

READ: SSS, UnionBank launch micro loan program

SSS said qualified members must have at least 36 total contributions, including six posted monthly contributions within the 12 months preceding their application. They must also have no past-due short-term member loans or active SSS Micro Loan, among other requirements.

Borrowers will repay the loans by automatically deducting payments from the account where they deposited the loan proceeds, following the agreed repayment schedule. /pai