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| SSS President Robert Joseph M. de Claro poses with SSS chairman and Finance Secretary Frederick D. Go at the anniversary celebration and press con |
The Social Security System has launched SSS LoanLite, a micro loan facility that allows members, including OFWs, to borrow from P1,000 to P20,000 within minutes of applying, to mark its 69th anniversary.
The SSS LoanLite will be among the subjects to be discussed
by SSS officials when they visit Hong Kong on Sept. 13, the first leg of a caravan
that will also take them to Madrid, where an SSS branch will be reopened, and other
parts of Europe.
It is part of SSS efforts to expand access to financial
assstance, SSS President Robert Joseph M. de Claro, said during a press
conference today at the SSS headquarters in Quezon City.
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| PINDUTIN PARA SA DETALYE |
De Claro said the effective cost of borrowing, which includes
the 0.67 per cent SSS interest per month plus charges imposed by participating
banks, should not exceed 1 per cent per month – a huge improvement from the rate
imposed by 5-6 lenders who charge up to 20 per cent per month.
At present SSS LoanLite is available only through the Union
Digital online banking app. Three more banks – Land Bank, RCBC and Union Bank—will
soon incorporate the facility into their own online banking apps.
SSS senior vice president Joy Villacorta said more banks are
expected to participate.
To qualify for SSS LoanLite, a member must:
- Be at least 18 years old at the time of application and below 65 years old at the end of the loan term.
- Have at least 12 posted monthly contributions.
- Have no past due short-term member loan.
- Have no pending or settled final benefit claim (e.g., retirement or permanent total disability).
- Have no active Restructured Loan.
- Have an account enrolled in the online facility of a participating financial institution.
- Have no record of fraud against SSS.
