MANILA – The Social Security System (SSS) has launched a new digital microloan facility offering low-interest, short-term credit to eligible workers, officials announced Friday.
The "SSS LoanLite" program allows qualified members with at least 12 monthly contributions to borrow between P1,000 and P20,000 for immediate cash needs, the state-run pension fund said.
SSS President and Chief Executive Officer Robert Joseph de Claro said the initiative aims to provide members with accessible, secure, and affordable financial relief.
Borrowers can select repayment terms of 15, 30, 60, or 90 days. The microloan carries an interest rate of eight percent per annum, equivalent to approximately 0.67 percent per month.
Loanable amounts are determined by a member's contribution history and average Monthly Salary Credit (MSC). Members with 12 contributions can borrow up to 11 percent of their average MSC, while those with 36 or more contributions may qualify for the maximum 20,000 pesos cap.
To qualify, applicants—including employed, self-employed, voluntary, and overseas Filipino workers—must be aged 18 to 64, have no past-due SSS loans, and have no active microloans or records of fraud against the agency. Existing borrowers with good standing on salary, calamity, or emergency loans remain eligible, the SSS said.
Repayments will be collected automatically via auto-debit arrangements linked to the member's bank account.
The service is currently accessible through the UnionDigital Bank mobile application. SSS is expanding the facility to partner platforms, including state-owned Land Bank of the Philippines, Rizal Commercial Banking Corp. (RCBC), and UnionBank.