SSS, RCBC roll out digital microloan program

The Social Security System (SSS) and the Rizal Commercial Banking Corp. (RCBC) have partnered for a digital lending service through which pension fund members may apply for microloans of up to ₱20,000.

The service, SSS Loan Lite, will be available via RCBC's DiskarTech mobile app, through which qualified SSS members may complete their loan application any time.

The microloan service also features flexible repayment options between 15 to 90 days.

"Eligible SSS members may access short-term cash loans ranging from ₱1,000 to ₱20,000, subject to applicable rates and offered with flexible repayment options of 15, 30, 60, or 90 days to address immediate financial needs," said RCBC in a statement.

"Qualified borrowers may also conveniently repay their loans through automatic debit arrangements via their DiskarTech accounts," it added.

The digital microloan service on the DiskarTech app also features real-time eligibility validation, immediate loan decisioning, and instant disbursement upon approval.

Last year, SSS also partnered with RCBC for the EMV-equipped dual-function MySSS Card. This replaces the unified multi-purpose identification (UMID) card and is a functional debit card linked to savings accounts.

The applications for the card are made via the DiskarTech app.

RCBC said that SSS benefits disbursed through its digital app have exceeded P2.69 billion from January to July of this year. — BM, GMA News