As part of efforts to ensure equitable credit lines for ordinary Filipinos, the Social Security System (SSS) recently launched its SSS “LoanLite” program for its members and pensioners.
At a press conference held at the SSS San Pablo City office last Tuesday, September 30, SSS officials led by Vice President for Luzon South One Division Engr. Edwin Igharas said LoanLite aims to provide microcredit services for members, especially those who are in need of cash for immediate needs.
“Usually po kasi, ang ating mga members, during emergencies, nagre-resort sila sa mga informal lenders o di kaya sa mga ‘5-6’ kung saan may excessive interest rates at abusive collection practices,” officials pointed out.
Launched last September 17, the SSS LoanLite program, in partnership with UnionBank, is designed to provide accessible, secure, and affordable credit to millions of SSS members, especially those vulnerable to predatory lending practices.
“SSS LoanLite is more than just a loan. It's a lifeline to reimburse like medical expenses, party leaves, or urgent needs. Loan terms are clear, upfront, and transparent,” officials added.
Under the program, SSS members can avail of small loans amounting from P5,000 to P20,000, which can be repaid from 15 to 19 days, tailored to emergency and urgent needs.
The program is part of SSS’s broader digitalization and financial inclusion strategy, ensuring that members can access credit without falling prey to loan sharks.
The plan is to grow the loan book for SSS LoanLite to P40 billion within the next two years.
Among the features of SSS LoanLite that makes it “borrower-friendly” include:
- Fast application and approval, done online
- Affordable interest rates (8 percent, plus minimal service fees)
- Accessibility to all SSS members, including overseas Filipino workers
SSS officials target the full rollout of the SSS LoanLite program by the end of the year, as well as the MySSS identification card, which will replace the current Unified Multi-Purpose ID (UMID) system.
Members are encouraged to stay tuned for the official rollout (targeted by end-2025) and application details via the SSS website and UnionBank Online App.
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