SSS LoanLite microloans now available to MySSS cardholders via RCBC DiskarTech app

Social Security System (SSS) members who hold an RCBC-issued MySSS card can now apply for short-term microloans through the bank's DiskarTech app, according to a Mindanao Times report on the SSS announcement.

The SSS Micro Loan Program, branded SSS LoanLite, offers loans from ₱1,000 to ₱20,000, depending on the average of a member's 12 most recent Monthly Salary Credits (MSCs), SSS president and chief executive officer Victor Alfonso A. Limlingan Jr. said. For RCBC clients, the loans carry an interest rate of 8 percent per year, or roughly 0.67 percent per month, payable over 60 or 90 days.

Limlingan said 12 contributions are enough to qualify. Members at that level may borrow up to 11 percent of their average MSC over the past year. In his example, a member with an average MSC of ₱20,000 and only 12 total contributions could borrow ₱2,200.

Members with at least 36 total contributions, including at least six posted in the 12 months immediately before applying, may qualify for larger amounts up to the ₱20,000 ceiling, depending on their average MSC.

Applicants must have no past-due RCBC loan. Members with existing SSS salary, calamity or emergency loans may still apply, provided those loans are not past due and they have no active SSS microloan.

Repayments will be collected by automatic debit, mainly from the account where the loan proceeds were credited. Borrowers may renew once the current microloan is fully paid.

RCBC is the second participating financial institution to offer SSS LoanLite. Limlingan described the expansion of partner institutions as part of the agency's digital transformation agenda. RCBC executive vice president Lito Villanueva said the service gives qualified cardholders "an affordable financing option to meet their immediate needs."