SSS LoanLite offers P1K to P20K loans for qualified members' immediate needs - GMA Network

The Social Security System (SSS) on Friday called on its members to avail of the pension fund’s new digital microloan facility, the SSS Micro Loan Program, also known as SSS LoanLite.

In a news release, SSS president and CEO Robert Joseph de Claro said SSS LoanLite is designed to provide qualified members with accessible, secure, and affordable short-term financial assistance for immediate needs.

De Claro further said qualified members may apply for loans ranging from P1,000 to P20,000, depending on the average of their 12 latest Monthly Salary Credits (MSCs).

“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,” he added.

READ: EXPLAINER: What is the SSS microloan, and how can you apply for it?

De Claro said that while 12 contributions are enough to be eligible for the SSS LoanLite, members with at least 36 total contributions—including at least six posted within the 12 months immediately before applying—qualify for higher loan amounts up to the P20,000 ceiling.

The SSS chief added that members with at least 12 monthly contributions can borrow an amount equal to 11% of their average MSCs over the last 12 months.

“For example, if a member’s average MSC over the last 12 months is P20,000 but the member has only 12 total contributions, the loanable amount is P2,200 (11% of P20,000),” he said.

Meanwhile, members with at least 36 total contributions, including at least six posted monthly contributions within the 12 months immediately preceding the application, may qualify for the maximum loan amount of up to P20,000, depending on their average MSC.

Members with existing Short-Term Member Loans (Salary, Calamity, or Emergency Loans) may still apply for SSS LoanLite, provided those loans are not past due, and they have no active SSS Micro Loan, de Claro said.

The SSS chief said repayments will be collected according to the agreed schedule through an automatic debit arrangement, which is the default collection mode.

Deductions will primarily be made from the account where the loan proceeds were credited.

Loan renewal is allowed after full payment of the current microloan, as reported by the participating financial institutions.

At present, SSS LoanLite is available through the UnionDigital Bank mobile application.

De Claro said SSS is also working with Rizal Commercial Banking Corporation (RCBC), Land Bank of the Philippines (LBP), and Union Bank of the Philippines (UBP) to make LoanLite available through their respective digital platforms. –NB, GMA News