MANILA, Philippines — Social Security System (SSS) has made its microloan program available through UnionDigital Bank (UD), allowing eligible members to borrow up to P20,000 through its mobile application.
In a statement, SSS president and CEO Robert Joseph de Claro said UD is the first of the four participating financial institutions (PFIs) to make SSS LoanLite available through its digital platform.
“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 in a statement.
“We are also working with our other PFIs, which will soon make SSS LoanLite available through their respective digital platforms,” he added.
SSS LoanLite is a digital microloan facility designed to provide qualified members with accessible, secure and affordable short-term financial assistance for immediate needs.
Unlike conventional SSS loans, LoanLite does not require employed members to secure employer certification when applying through a PFI.
The application and related transactions are facilitated through the UD mobile application, eliminating the need for members to secure and submit the usual employer certification for conventional SSS short-term loans.
Eligible members may apply for loans ranging from P1,000 to P20,000, depending on the average of their 12 latest Monthly Salary Credits.
Available repayment periods are 15, 30, 60 or 90 days, with an interest rate of eight percent per annum, equivalent to about 0.67 percent per month.
To qualify, members must have at least 36 total contributions, including at least six posted monthly contributions within the 12 months immediately preceding the application.
They must also have no past-due Short-Term Member Loans or active SSS Micro Loan, maintain an account with a participating financial institution enrolled in its online facility and meet other requirements involving existing loans, benefit claims and SSS account status.