UnionDigital Bank (UD), the digital banking arm of Union Bank of the Philippines, has become the first participating financial institution (PFI) of the Social Security System (SSS) to launch its Micro Loan Program, or SSS LoanLite, giving qualified members easier access to funds for urgent financial needs.
Integrated into the UD app, SSS LoanLite is designed to provide convenient and timely financial support, with a strong focus on Overseas Filipino Workers (OFWs) who may need access to funds while abroad.
“SSS LoanLite is a gateway to financial empowerment for Filipinos,” said Danilo “Bong” Mojica II, PhD, President and Chief Executive Officer of UD. He emphasized that integrating the program into the UD app makes financial assistance simpler and more accessible to Filipinos wherever they are.
Eligible SSS members can apply for loans ranging from ₱1,000 to ₱20,000, depending on their SSS records. Repayment terms range from 15 to 90 days, while the loan carries an interest rate of 8% per annum, or approximately 0.67% per month, plus applicable transaction and add-on fees.
Interest and applicable fees are deducted from the loan proceeds, allowing borrowers to review their net proceeds and repayment schedule before accepting the offer. Once approved and disbursed, the funds are credited directly to the borrower’s UD Save account.
Repayment can be made through auto-debit from the UD Save account or via InstaPay or PESONet using another bank or e-wallet.
By integrating SSS LoanLite into its digital platform, UD aims to use technology to make financial services more accessible and help Filipinos take greater control of their financial goals.