The micro-loan program offers qualified SSS members access to PHP1,000 to PHP20,000 through the UD app, with repayment terms ranging from 15 to 90 days.
UnionDigital Bank (UD), the digital banking arm of Union Bank of the Philippines, has become the first participating financial institution of the Social Security System to roll out SSS LoanLite.
Integrated into the UD app, the micro-loan program gives qualified SSS members access to short-term financing for urgent financial needs. The offering also places particular emphasis on Overseas Filipino Workers, allowing eligible users to apply digitally wherever they are.
“SSS LoanLite is a gateway to financial empowerment for Filipinos,” said Danilo “Bong” Mojica II, president and chief executive officer of UnionDigital Bank. “This product is about giving Filipinos, especially our OFWs, a practical way to move forward when they need it most.”
“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.”
Loans from PHP1,000 to PHP20,000
Qualified members may apply for PHP1,000 to PHP20,000, depending on their eligible SSS record. Repayment terms range from 15 to 90 days, with the applicable loan amount, net proceeds, fees, and repayment schedule presented before the borrower accepts an offer.
SSS LoanLite carries an interest rate of 8% per annum, equivalent to approximately 0.67% per month, plus applicable transaction and add-on fees. Interest and applicable fees are deducted from the loan proceeds before disbursement.
Once approved and successfully disbursed, the net loan proceeds are credited directly to the borrower’s UD Save account for immediate access.
Fully managed through the UD app
Applicants need to open a UD Save account to access SSS LoanLite offers through the UnionDigital Bank app. The same account can also be used for everyday banking functions such as saving, fund transfers, and bill payments.
Repayment can be handled through several channels. Borrowers can fund their UD Save account ahead of the due date for auto-debit, or make payments through InstaPay or PESONet using another bank or e-wallet. Repayment details and schedules are displayed as part of the loan process to help borrowers plan their obligations.
The partnership adds another digital channel for eligible SSS members who need access to small-value, short-term credit, while integrating the entire application, disbursement, and repayment journey into a mobile banking environment.
More information is available through the UnionDigital Bank website.