UnionDigital Bank, Inc. (UD), a subsidiary of UnionBank of the Philippines, is set to launch its microloan program with the Social Security System (SSS) this year, with micro, small, and medium enterprises (MSMEs) able to apply for capital, according to a UD official on Friday.
“(As for the) target date, I can’t really say yet. All I can say is it’s coming soon. Very, very soon… within the year,” Kimberly Dy-Tenchavez, head of brand and communications for UD, told reporters during the Hapinoy Caravan.
SSS LoanLite, officially introduced last September, is a micro-lending program for eligible SSS members that offers loan amounts between P1,000 and P20,000. Its repayment terms range from 15 to 90 days.
The program seeks to give members an accessible and convenient way to access lending, as the application and loan disbursement process is fully digitalized and will be available through the UnionDigital banking app. Funds may also be disbursed through the MySSS Card.
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