SSS LoanLite Now Available Through UnionDigital Bank App, Offers Up to ₱20,000
UnionDigital Bank (UD) is now accepting applications for the Social Security System’s (SSS) microloan program, SSS LoanLite, through its mobile application.
In a statement Tuesday, SSS said members may now apply for LoanLite through the UnionDigital Bank mobile application, making it easier for qualified members to access short-term financial assistance.
SSS LoanLite is a digital microloan facility designed to provide qualified members with accessible, secure, and affordable financial assistance for immediate needs.
It is the first SSS loan facility for employed members that allows qualified private-sector employees to apply through a participating financial institution’s mobile application without the employer certification normally required for conventional SSS loans.
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 required for conventional SSS short-term loans.
Qualified members may apply for loans ranging from ₱1,000 to ₱20,000, 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 8% per annum.
SSS President and Chief Executive Officer Robert Joseph de Claro said UD is the first of 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.
“We are also working with our other PFIs, which will soon make SSS LoanLite available through their respective digital platforms,” he added.
To qualify for SSS LoanLite, members must have 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 Micro Loan, maintain an account with the participating financial institution enrolled in its online facility, and meet other requirements related to existing loans, benefit claims, and SSS account status.
“SSS LoanLite is part of our broader effort to expand access to formal financial services and protect our members from predatory lending. Through our partnership with UD, we are supporting faster, safer, and more convenient access to credit for qualified members,” De Claro said.
(PNA)