The Social Security System (SSS) has expanded the accessibility of its microfinance initiative, SSS LoanLite, by integrating the service into the UnionDigital Bank (UD) mobile application to offer microloans up to ₱20,000.
The strategic digital partnership allows eligible SSS contributors to submit their loan applications directly through the UD platform, eliminating the traditional requirement for employer certification.
“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 Chief Executive Officer (CEO) Robert Joseph 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.
Under the mechanics of the program, qualified members can borrow amounts ranging from ₱1,000 to ₱20,000, determined by the average of their preceding 12 Monthly Salary Credits. Borrowers can select flexible repayment terms spanning 15, 30, 60, or 90 days. The loan carries an annual interest rate of 8%, translating to roughly 0.67% monthly.
To qualify for the facility, applicants must have remitted at least 36 total SSS contributions, including a minimum of six payments posted within the 12-month period prior to application.
Members must also maintain a clean record with no past-due Short-Term Member Loans or existing active SSS Microloans.
According to the state pension firm, loan repayments will automatically be debited from the designated bank account where the approved funds were originally disbursed.