SSS members facing short-term financial needs can now borrow as little as P1,000 through a new digital microloan facility, with qualified borrowers able to access up to P20,000.
The Social Security System (SSS) said Thursday that its SSS Micro Loan Program, also called SSS LoanLite, is open to qualified employed, self-employed, voluntary and overseas Filipino worker members with at least 12 posted monthly contributions.
SSS President and Chief Executive Officer Robert Joseph M. de Claro said the program aims to provide members with accessible, secure and affordable short-term financial assistance.
Loan amounts range from P1,000 to P20,000, depending on the member’s average Monthly Salary Credits (MSCs) over the latest 12 months.
“Available repayment periods are 15, 30, 60, or 90 days, with an interest rate of 8% per annum, equivalent to approximately 0.67% per month,” de Claro said.
Members with at least 12 total contributions may borrow an amount equivalent to 11% of their average MSCs over the previous 12 months.
For instance, a member with an average MSC of P20,000 and only 12 total contributions may borrow P2,200, equivalent to 11% of the average MSC.
Members with at least 36 total contributions, including at least six posted contributions within the 12 months immediately before the application, may qualify for higher loan amounts of up to P20,000, depending on their average MSC.
To qualify, members must be at least 18 years old when applying and below 65 years old at the end of the loan term.
Applicants must also have no past-due Short-Term Member Loan, such as a Salary, Calamity or Emergency Loan, and must have no active SSS Micro Loan.
They must have no pending or settled final benefit claim, such as retirement or permanent total disability, unless the claim was previously cancelled because of re-employment, resumption of self-employment or recovery.
Applicants must also have no active Restructured Loan. If a restructured loan has been fully paid, the required restrictive period must have already lapsed.
SSS members must also have an account enrolled in the online facility of a participating financial institution and must have fully paid any previous microloan refinanced by a participating financial institution.
Members with a record of fraud against SSS are not eligible.
Existing Salary, Calamity or Emergency Loan borrowers may still apply for LoanLite as long as their existing Short-Term Member Loans are not past due and they have no active SSS Micro Loan.
Repayments will be collected according to the agreed schedule through an automatic debit arrangement, which SSS said is the default collection method. Deductions will primarily come from the account where the loan proceeds were credited.
Members may renew their LoanLite after fully paying their current microloan, subject to the participating financial institution reporting the payment to SSS.
SSS LoanLite is currently available through the UnionDigital Bank mobile application.
SSS said it is also working with Rizal Commercial Banking Corporation, Land Bank of the Philippines and Union Bank of the Philippines to make the facility available through their respective digital platforms.
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