UnionBank of the Philippines has signed a memorandum of understanding with the Social Security System (SSS) to roll out a fully digital lending programme known as SSS LoanLite.
This initiative aims to provide consumers with an accessible financial tool to manage their daily expenses.
Under this new programme, active SSS members who are also UnionBank customers can apply for short-term credit.
The facility offers loan amounts ranging from PHP 1,000 up to PHP 20,000 and provides borrowers with repayment terms that span between 15 and 90 days.
UnionBank hosts the entire application process on its mobile app to streamline the borrowing experience.
Upon approval, UnionBank instantly credits the funds to the user’s account, ensuring immediate access to the cash.
Overall, this collaboration between the state-run pension fund and the commercial bank is intended to facilitate a more straightforward and reliable lending process for Filipinos.
In a parallel to the effort with UnionBank to expand this digital credit initiative, the SSS has also partnered with Rizal Commercial Banking Corporation (RCBC), which offers the Loan Lite facility through its DiskarTech application and is deploying physical help desks at select SSS branches to assist unbanked members with their digital onboarding.
Featured image by UnionBank Press Release.
