MANILA, Philippines — The Social Security System (SSS) said that the UnionDigital Bank (UD) has begun accepting applications for the SSS Micro Loan Program, more commonly known as SSS LoanLite, through its mobile application.
This provides qualified SSS members with a convenient, secure, and fully digital channel for accessing short-term financial assistance, SSS president and CEO Robert Joseph de Claro said.
“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,” de Claro said.
The SSS chief said qualified members may apply for loan amounts ranging from P1,000 to P20,000, depending on the average of their 12 most recent monthly salary credits. Repayment periods are flexible and can be paid in 15, 30, 60, or 90 days, with an annual interest rate of 8 percent (equivalent to approximately 0.67 percent per month).
To qualify for SSS LoanLite, members must meet the eligibility requirements outlined in an SSS circular which include compliance with applicable age requirements, with at least 36 total contributions and no past-due short-term member loans or active micro loan, among others.
De Claro said that SSS LoanLite is designed to address members' short-term financing needs while encouraging the use of formal financial services and protecting them from predatory lending practices.
“SSS LoanLite is part of our broader effort to expand access to formal financial services and shield our members from usurious and unregulated lending schemes. Through our partnership with UnionDigital Bank, we are supporting faster, safer, and more convenient access to credit for qualified members,” he said.
