The Social Security System has launched its LoanLite microloan program through UnionDigital Bank, allowing qualified private-sector workers to borrow up to ₱20,000 without employer certification.
UnionDigital is the first of four participating lenders to offer the fully digital service, SSS president and CEO Robert Joseph de Claro said.
Members can borrow between ₱1,000 and ₱20,000, based on the average of their 12 latest monthly salary credits, with repayment terms of 15, 30, 60 or 90 days.
The loans carry an annual interest rate of 8%, or about 0.67% a month.
Unlike conventional SSS short-term loans, LoanLite applications do not require employer certification and can be completed through UnionDigital’s mobile app. Eligible applications may be approved within minutes, subject to verification and other requirements.
“After months of preparation, SSS LoanLite is finally here,” de Claro said.
SSS said the program is aimed at giving members an alternative to informal and potentially predatory lenders. The three other participating financial institutions are expected to offer LoanLite through their digital platforms.
SSS advised members to apply only through UnionDigital’s official mobile app and avoid third parties offering to process applications.
