Quezon City, Philippines —- In aim of providing financial assistance for the most immediate needs, the Social Security System is encouraging its members with at least 12 monthly contributions to apply on their new Micro Loan Program, also known as SSS LoanLite.
SSS President and Chief Executive Officer Robert Joseph M. de Claro highlighted that SSS LoanLite is mapped out to provide a more digitally “accessible, secure, and affordable short-term financial assistance” to its qualified members.
Qualified members may apply for loans from P1,000 to P20,000, depending on the average of their Monthly Salary Credits for the last 12 months.
Members with at least 12 monthly contributions can loan an amount equal to 11% of their average MSCs in the last year.
“For example, if a member’s average MSC over the last 12 months is ₱20,000 but the member has only 12 total contributions, the loanable amount is ₱2,200 (11% of ₱20,000),” De Claro explained.
Meanwhile, members with at least 36 total contributions—including at least six posted within the 12 months immediately before applying—may qualify for higher loan amounts.
“Members with at least 36 total contributions, including at least six posted monthly contributions within the 12-month period immediately preceding the application, may qualify for the maximum loan amount of up to ₱20,000, depending on their average MSC,” SSS added.
Members that are eligible for SSS Loanlite must:
• Be at least 18 years old at the time of application and below 65 years old at the end of the loan term
• Have at least 12 posted monthly contributions
• Have no past-due Short-Term Member Loan (e.g., Salary, Calamity, or Emergency Loan)
• Have no pending or settled final benefit claim (e.g., retirement or permanent total disability), unless
previously cancelled due to re-employment, resumption of self-employment, or recovery
• Have no active Restructured Loan (or, if fully paid, the required restrictive period must have lapsed)
• Have an account enrolled in the online facility of a participating financial institution (PFI)
• Have no active SSS Micro Loan and have fully paid any prior microloan refinanced by a PFI
• Have no record of fraud against SSS
Repayment can be done in 15, 30, 60, or 90 days, with an interest rate of 8% per annum. This is equivalent to approximately 0.67% per month.
Members with existing Short-Term Member Loans, like Salary, Calamity, or Emergency Loans, may still apply for the SSS LoanLite, given that these loans are not past due, or that they have no active SSS Micro Loan.
This will be collected in accord to the agreed schedule in an automatic debit arrangement. Deductions will be made from the account where the loan were credited.
Presently, SSS LoanLite is available through the UnionDigital Bank mobile application.
De Claro noted that SSS is currently in the works and coordination 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 digital platforms.