RCBC DiskarTech has made SSS LoanLite available in its app, letting qualified Social Security System (SSS) members apply for short-term loans without visiting a branch.
Members can borrow PHP 1,000 to PHP 20,000, repayable over 60 or 90 days, with the money credited straight to their DiskarTech account.
The loan carries an 8% annual interest rate, or about 0.67% a month, plus fees disclosed during the application.
The launch follows RCBC’s introduction of the programme at an SSS branch event in March, after the two first announced a digital microloan for DiskarTech users last year.
Eligibility Requirements
Applicants must be active SSS members aged 18 to 65 at the end of the loan term, with at least 12 months of paid contributions and no past-due SSS short-term loans.
They also need a DiskarTech Regular Savings Account and either an SSS Transaction Reference Number (TRN) or a MySSS Card powered by DiskarTech.
Members with existing SSS or RCBC loans can still apply if those loans are not past due. Employers do not need to certify the application, and repayments do not come out of salary.
Applying With or Without a MySSS Card
Members with a MySSS Card can open the DiskarTech app, select SSS LoanLite, check their eligibility, then choose a loan amount and term.
Those without the card can apply through the My.SSS Portal, select RCBC as their financial institution, then register on DiskarTech using the TRN the portal generates. They can apply for the loan without waiting for the physical card to arrive.
RCBC Joins UnionBank and UnionDigital
UnionBank was the programme’s first partner, and its digital arm UnionDigital Bank began accepting applications in September.
SSS has said LoanLite is open to any bank in good standing with the Bangko Sentral ng Pilipinas (BSP), according to Manila Bulletin.
Featured image: Edited by Fintech News Philippines based on an image by Magnific.
