FINANCE | UnionDigital Bank rolls out SSS microloan program
Qualified members may borrow from P1,000 to P20,000, depending on their eligible SSS record. Repayment terms range from 15 to 90 days.
UnionDigital Bank has launched the Social Security System’s (SSS) Micro Loan Program, or SSS LoanLite, becoming the first participating financial institution (PFI) to offer the program through a digital banking app.
SSS LoanLite is available to qualified SSS members through the UnionDigital Bank (UD) app, with an emphasis on Overseas Filipino Workers (OFWs), according to the bank.
Qualified members may borrow from P1,000 to P20,000, depending on their eligible SSS record. Repayment terms range from 15 to 90 days.
The loan carries an interest rate of 8% per year, or about 0.67% per month, plus applicable transaction and add-on fees. Interest and fees are deducted from the loan proceeds. Borrowers can review the loan amount, net proceeds and repayment schedule before accepting an offer.
Once approved and disbursed, the net proceeds are credited to the borrower’s UD Save account.
Borrowers can repay through the UD app or other payment channels. They can fund their UD Save account before the due date for automatic debit or make payments through InstaPay or PESONet using another bank or e-wallet.
Danilo “Bong” Mojica II, president and chief executive officer of UnionDigital Bank, said the service is intended to provide SSS members with easier access to short-term financing.
“SSS LoanLite is a gateway to financial empowerment for Filipinos,” Mojica said. “This product is about giving Filipinos, especially our OFWs, a practical way to move forward when they need it most. We know how important it is to have access to timely financial support. By integrating SSS LoanLite into the UD app, we are making that support simpler, more accessible, and within reach wherever they are in the world.”
To apply, qualified members must open a UD Save account through the app. The account also provides access to other digital banking functions, including savings, fund transfers, bill payments and financial management.
UnionDigital Bank is the digital banking subsidiary of Union Bank of the Philippines and is regulated by the Bangko Sentral ng Pilipinas. The bank said it provides digital financial services and lending products intended to expand access to financial services.
Full disclosure: All news articles published on the TechSabado website are written by human journalists, unless otherwise specified. Final text editing is also performed by human editors, with artificial intelligence (AI) used only to assist with additional grammar and style guide corrections..
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