SSS & UnionBank Launch LoanLite to Fight Predatory Lending
The Social Security System (SSA) and Union Bank of the Philippines have joined forces to launch SSS LoanLite, a new micro-lending programme designed to protect vulnerable individuals from predatory lending. The fully digital service is set to be officially rolled out by the end of 2025.
SSA President and CEO Robert Joseph de Claro, who spearheaded the initiative, aims to grow the total loan book to PHP 40 billion within two years. The programme offers loans ranging from PHP 5,000 to PHP 20,000, with repayment terms of 15 to 90 days. The annual interest rate is 8% plus a service fee.
Upon approval, funds are credited directly to the member's UnionBank account or MySSS Card. UnionBank President and CEO Ana Delgado describes SSS LoanLite as a short-term, socially-responsive loan, targeting those most at risk from unscrupulous lenders. The programme is part of SSS's digitalisation and financial inclusion strategy.
SSS LoanLite is set to be officially launched by the end of 2025, offering a secure and accessible credit option for SSS members. With a target loan book of PHP 40 billion within two years, the programme aims to protect vulnerable individuals from predatory lending practices and promote financial inclusion.
