QUEZON CITY — The Social Security System is encouraging qualified members to use its new digital microloan facility, SSS LoanLite, which offers short-term loans from ₱1,000 to ₱20,000.

The program is open to eligible employed, self-employed, voluntary and overseas Filipino worker members with at least 12 posted monthly contributions, according to the SSS.

Loan amounts depend on a member’s contribution record and the average of their 12 latest Monthly Salary Credits.

Members with at least 12 posted contributions may borrow an amount equivalent to 11 percent of their average Monthly Salary Credit over the past 12 months.

Those with at least 36 total contributions, including at least six contributions posted within the 12 months before applying, may qualify for higher amounts of up to the ₱20,000 maximum, depending on their average salary credit.

SSS LoanLite carries an 8 percent annual interest rate, or about 0.67 percent per month, with repayment options of 15, 30, 60 or 90 days.

To qualify, members must also have no past-due short-term member loan, no active SSS Micro Loan, and no pending or settled final benefit claim such as retirement or permanent total disability, subject to applicable exceptions.

Applicants must also have an account enrolled with a participating financial institution and must have no record of fraud against the SSS.

Members who still have an existing salary, calamity or emergency loan may apply for LoanLite as long as those loans are not past due and they do not have an active SSS Micro Loan.

At present, applications are available through the UnionDigital Bank mobile app, the first participating financial institution to roll out the service.

The SSS said it is also working with RCBC, Land Bank of the Philippines and UnionBank to make LoanLite available through their respective digital platforms.

Loan proceeds are credited directly to the borrower’s account with the participating financial institution, while repayments are primarily collected through an automatic debit arrangement based on the agreed schedule.

The SSS said LoanLite was designed to give members a more accessible short-term borrowing option for immediate personal needs and provide an alternative to higher-cost informal lending.

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