SSS LoanLite Now Accessible via UnionDigital App

THE SOCIAL Security System’s (SSS) LoanLite is now available on the mobile app of UnionDigital Bank, Inc. (UD) as the state pension fund expands the distribution of its micro loan program. “Qualified members can now apply through the UnionDigital Bank mobile application, making access to short-term financial assistance more convenient and secure,” SSS President and Chief Executive Officer Robert Joseph M. de Claro said in a press release on Tuesday. “We are also working with our other PFIs (partner financial institutions), which will soon make SSS LoanLite available through their respective digital platforms.” The microloan facility is designed to provide qualified members with accessible, secure, and affordable short-term financial assistance for immediate needs as an alternative to informal and potentially predatory lending arrangements. The SSS also partnered with Rizal Commercial Banking Corp. last month to boost the distribution of the microloan program, with plans to partner with more banks to expand its microloan offerings “SSS LoanLite is part of our broader effort to expand access to formal financial services and protect our members from predatory lending. Through our partnership with UD, we are supporting faster, safer, and more convenient access to credit for qualified members,” Mr. de Claro said. The program offers loan amounts starting at P1,000 up to P20,000 with repayment terms ranging from 15 to 90 days and carries an interest rate of 8% per annum. — Aaron Michael C. Sy