SSS urges members to avail of new LoanLite microloan facility

The Social Security System on Friday urged qualified members to apply for its new digital microloan facility, SSS LoanLite.

SSS President and CEO Robert Joseph de Claro said the program offers short-term loans ranging from ₱1,000 to ₱20,000 for immediate financial needs.

Loans may be repaid over 15, 30, 60 or 90 days at an interest rate of 8 percent per year, or about 0.67 percent per month.

To qualify, members must have at least 12 posted monthly contributions, be at least 18 years old upon application and below 65 at the end of the loan term, and have no past-due short-term SSS loans.

Eligible employed, self-employed, voluntary and overseas Filipino worker members must also have an account enrolled with a participating financial institution, no active SSS Micro Loan and no fraud record with the agency.

Members with at least 12 contributions may borrow an amount equivalent to 11 percent of their average Monthly Salary Credit over the past 12 months.

For example, a member with an average MSC of ₱20,000 and only 12 total contributions may borrow ₱2,200.

Those with at least 36 total contributions, including at least six posted within the 12 months before application, may qualify for higher amounts up to ₱20,000 depending on their average MSC.

Members with existing salary, calamity or emergency loans may still apply as long as these are not past due.

Repayments will primarily be collected through automatic debit from the account where the loan proceeds were credited.

LoanLite is currently available through the UnionDigital Bank mobile app. SSS said it is also working with RCBC, Land Bank of the Philippines and Union Bank of the Philippines to expand access.