SSS LoanLite now available via UnionDigital Bank

The Social Security System (SSS) is expanding its microloan program, SSS LoanLite, to the UnionDigital Bank (UD) mobile application, offering loans of up to P20,000.

The collaboration will allow SSS members to apply for loans through the UD mobile application without having to secure and submit an 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 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.

Eligible members can borrow between P1,000 and P20,000, depending on the average of their last 12 Monthly Salary Credits. Repayment terms range from 15 to 90 days, with options of 15, 30, 60 or 90 days, at an annual interest rate of 8%, or roughly 0.67% per month.

To qualify, SSS members must have made at least 36 total contributions, including at least six posted monthly contributions within the 12-month period immediately preceding the loan application. They must also have no past-due Short-Term Member Loans or active SSS Microloan.

Loan repayments will mainly be deducted from the account where the loan proceeds were credited, the SSS said.— MCG, GMA News