SSS, UnionBank launch LoanLite to fight loan sharks

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CEBU CITY — The Social Security System (SSS) has launched LoanLite, a digital micro-lending program powered by Union Bank of the Philippines, to provide accessible, affordable credit for millions of SSS members vulnerable to predatory lenders.

The launch took place during Serbisyong NextGen – Celebrating 40 Years of SSS and UnionBank Partnership at NuStar Hotel and Resort, Cebu, on Sept. 17, 2025.

SSS President and CEO Robert Joseph Montes De Claro and UnionBank President and CEO Ana Aboitiz Delgado led the ceremonial unveiling of the program.

“We’ll be launching something new — a micro loan program for our members powered by UnionBank. This will really help each Filipino, members of SSS, not to fall victims to loan sharks,” De Claro said in his keynote address.

Delgado reflected on the 40-year partnership and said, “We are also proud to be the first banking partner for SSS’ upcoming micro loan program — a short-term, socially responsive loan designed to support members in times of financial need.”

SSS LoanLite offers short-term loans with repayment terms of 15 to 90 days, targeting urgent needs of Filipino workers, including Overseas Filipino Workers (OFWs).

The program supports SSS’s ongoing digitalization and financial inclusion strategy to protect members from exploitative lending practices.

SSS aims to grow the LoanLite portfolio to PHP 40 billion within the next two years.

“Through our partnership with UnionBank, we are taking a bold step toward protecting our members from exploitative lending and enhancing their access to responsible financial services,” De Claro added.

“SSS LoanLite is more than just a loan — it’s a lifeline for our members during times of need,” he said.

LoanLite key features include loan amounts ranging from PHP 5,000 to PHP 20,000, repayment terms from 15 to 90 days, and an annual interest rate of 8 percent plus a reasonable service fee.

Applications will be fully digital, with direct crediting to UnionBank accounts or the MySSS Card.

The loan is designed to shield members from informal lending systems and high-interest loan sharks.

SSS and UnionBank said the launch marks a significant milestone in public-private collaboration and advances their shared goal of inclusive, technology-driven financial services.

SSS members are encouraged to watch for the official rollout by the end of 2025, with application details to be announced via the SSS website and UnionBank Online App.