Digido will help pensioners to get a loan!

In this article, you will learn all the most important information about a loan for pensioners in the Philippines. If you are of retirement age, what requirements you need to meet for a loan and how much money you can get. People who are retired but have a stable income and are still under the age of 70 can take advantage of Digido loans. There is over 90% chance of approval!

Quick Loans for Pensioners

Last updated: October 25, 2022

Written by: Sean Martin D. Plantado | Reviewed by: Rafael Hular

Key takeaways:

  • In the Philippines, there are many opportunities to get a pension loan both through the government and through private companies.
  • This can be a serious financial support in case of an emergency.
  • Retirees can borrow from a bank, a pawn shop, an online company, or through a government program such as the SSS loan.
  • People who are retired but are still actively working, such as running their own business, and are still under the age of 70 can take advantage of loans at Digido.


As soon as a person retires and becomes a pensioner, his or her income is most often reduced. It becomes more difficult to plan large purchases or expensive treatment.(1)  And even more money is needed, because health costs are increasing, and sometimes you need to help your children. To solve this problem, there are loans for pensioners in the Philippines.

Can I Take a Pension Loan at Digido?

Digido is an online money lending service that provides small loans for people who are still working but not to individuals living on pensioners loan.

However, individuals, who are receiving a pension but are still actively engaged in work like running their own business, and are still 70 years of age or lower, can avail of loans from Digido.

So what is the process of obtaining a loan from Digido? Before actually getting a loan, you must first know what type of loan and how much you need. 

First-time borrowers can only borrow PHP 1,000.00 to PHP 10,000.00 and these amounts are payable within 5-15 days. Now there is a special offer of interest-free loan for a first-time borrower. Repeat borrowers can borrow PHP 1,000.00 to PHP 25,000.00, which is payable within 5-35 days. The interest rate for loans under the short term is 1.5% daily.

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Digido Loan Requirements

Digido provides instant cash loan for pensioners and here are the following requirements.

1. One Valid ID issued by the government such as Social Security System (SSS ID), Government Service Insurance System (GSIS ID), Voter’s ID, Tax Identification Number (TIN ID). Anyone employed, especially in the government, is likely to have some of these.

2. Supporting documents (if needed), payslip, employment ID, utility bills.

3. An applicant must be younger than 70 years, still employed or running a business. He or she must be able to pay back the loan so a regular source of income is a must to guarantee this.

4. For borrowers who are running a business, a photocopy of the business permit is also needed.

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What Loans are Available for Pensioners in the Philippines?

Consider a few ways where a pensioner in the Philippines can take a loan.

Government Lending Programs

The Philippine government offers a lot of opportunities for Filipinos in times of financial need both for the young working demographic and for those who are past their prime already and still have plans to get involved financially. Why would a pensioner need to take out a huge amount? It could be for personal projects that need financing or for health reasons. Regardless of the purpose, getting a loan has been made easier to obtain since October of the last year via the Social Security System (2), a semi-private agency established to help private companies manage the insurance and pension accounts of their workers. We will talk in detail about the SSS Pension Loan Program later. And now let us briefly list its pros and cons.


  • SSS loans for pensioners have been raised to PHP 200,000 from the previous PHP 30,000.
  • SSS loans have a fixed interest rate of 10% per annum.


  • SSS loans demand a handful of requirements for pensioners.
  • Depending on who you ask, some pensioners can say the processing can be slow due to red tape and corruption at these agencies.

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Bank Loans

A pension loan can also be obtained through other means, for instance from a bank, for example quick loan in Union bank. Banks are a bit more straightforward and faster to acquire.


  • The bank may offer an advantageous interest rate depending on the program. Some banks have special credit lines for Filipino pensioners. For example, Penbank, Philippine National Bank, Philippine Veterans Bank have special offers.
  • Bank credit – a reliable and safe type of borrowing. This can be important for older people who value reliability.


  • Depending on the type of loan, it may require collateral.
  • The bank can impose strict requirements on the retired borrower as well as ask for many documents.


Pawnshop loans are a type of loan wherein the borrower pledges items that can be liquidated such as stocks, life insurance, bonds, etc.


  • You can get any amount, it depends on the value of the collateral.
  • A pawnshop guarantees to give you money and approve the loan.


  • An item that is pledged can be lost if the borrower fails to follow through with his or her obligation to pay back what was borrowed on schedule.
  • If you do not have any valuable collateral, you will not get a pension loan.
I want to borrow ₱ 10000
Min: ₱ 1000
Max: ₱ 20000
Payment Terms 10 days
7 days
21 days
My Monthly Gross Income ₱ 20000
You return*: 10 000
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We recommend taking a loan!

* Interest payments are approximate. The final loan amount and interest rate must be confirmed in your loan agreement after loan approval.

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Quick Lending Companies

Money lending services are not only limited to banks and government agencies, but they also come from smaller financial institutions. These are usually private that run independently, success rates of these pension loan companies can vary and some can be volatile. Such companies are cooperatives, they usually provide small loans to a wide range of clients, including instant cash loans for pensioners.


  • Fast loan companies are more likely to approve applications and transfer money faster. In general, they have far fewer client requirements compared to banks.
  • At some companies, you can borrow online with a bank card or bank account from home. For pensioners, this can be very important, because it will save their energy and keep them healthy.


  • Fast loan companies may have high interest rates. Study all the terms and conditions in advance before you sign an agreement.
  • Among such companies there may be illegal firms whose activities are not regulated by the state. Be sure to study whether the company has a certificate or license, how long it has been working, study customer testimonials in order not to fall into the hands of fraudsters.
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What is a SSS Pensioner Loan?

SSS Pensioner Loan is a program run by the Social Social Security System that allows retirees to borrow large amounts from SSS. In this case, SSS acts as a lending company for SSS pensioner loan.

What exactly is SSS?  The Social Security System is an agency set up to handle insurance for employees who are not working in government (GSIS handles insurance for government employees) so every employee of all privately owned businesses must adhere to the monthly contributions. The contributions are also sourced from volunteer contributors, i.e., self-employed and private individuals. Overseas Filipino Workers (OFWs) also pay a certain amount.

SSS members who fail to pay their monthly contributions are not required to pay the missed months, however, to be approved for a instant cash loan for pensioners, the borrower must have 36 posted contributions and the last 6 should be within the last 12 months before applying for the loan. 

Who Can Become a Member of the SSS Pension Loan Program?

All retirees who are SSS members should be:

– 85 years old by the time the loan term ends;-

– still receiving their monthly SSS pension in full without deduction;

– receiving pension with an active status and not for less than 1 month;

– SSS pension is not being used to pay off an earlier loan under the SSS calamity package.

How Can One Apply for the Pensioner’s Loan Program (3)?

1. Go to your local branch of SSS;

2. Fill up the application form;

3. Submit a government-issued ID like the Unified Multi-Purpose ID or UMID or Social Security ID (issued by SSS);

Submit any of these documents and undergo the biometric data capture process:

  • Alien Certificate of Registration from the Bureau of Immigration (for foreign applicants);
  • Driver’s license (if applicable);
  • Nation Bureau of Investigation (NBI) Clearance;
  • Firearm Registration Permit (if applicable);
  • Postal ID (issued by Philippine Postal Corporation);
  • Passport (issued by the Department of Foreign Affairs);
  • Seafarer’s ID (if applicable);
  • Voter’s ID (issued by the Commission on Elections).
  1. At this point, you will just have to wait for the agency to process your data. It is at this point where the agency will determine if you are eligible to take out a loan. If you have all the necessary documents and meet the qualifications then you should be qualified for it.
  2. Once the application is cleared, you must now decide on the amount to borrow and the length of the payment term.
  3. You will be presented by the agency with the terms and conditions for the loan so make sure to read them and understand them in full.
  4. You will be given a cash card or Quick Card by your chosen bank (Union Bank is recommended) and enroll your UMID card as an ATM card to an ATM kiosk.
  5. You must now sign 3 copies of your “Pension Loan Application and Disclosure Statement”, and 3 validated ID photos.
  6. You will be given a Supplemental Information Sheet that you must fill up, read, and sign.
  7. Wait for 5 working days since the day of approval before withdrawing the amount to the Cash Card or UMID card.

How Much Can a Pensioner Borrow from the Social Security System?

It all depends on the Basic Monthly Pension (BMP) plus PHP 1,000.00. Dependent’s Pension is not included. The higher the pensioner’s Basic Monthly Pension, the higher the amount that can be borrowed but there is a maximum cap of PHP 200,000.00 at the highest end.


  • Can a pensioner apply for a loan?
    Yes, some companies give loans to pensioners. For example, Digido gives loans to Filipinos up to age 70, as long as they have extra income.
  • Can a pensioner get a loan from SSS?
    Yes, a pensioner can do it online if he/she meets all the requirements.
  • Are Online Pension Loans Legit?
    Yes, many companies in the Philippines issue loans legally and have a registration number in the government registry.

GSIS Pension Loan

Now we’ll tell you about the GSIS loan. The GSIS pension loan is similar to the SSS, but it’s only for government employees.
To use the GSIS pension loan, you need to fill out an application. Then you must send it to the officer in charge at the GSIS office where you are duly registered. Provide your ID card and other documents proving that you are a senior citizen.

The maximum loan you can get is 500,000 pesos, and the interest rate on the GSIS senior citizen loan is 10% per year. You can repay the loan in 24 equal monthly payments. This amount will be deducted from your pension each month.

Next, let’s talk about the GSIS survivorship pension loan. The Board of Trustees has decided to pay back the survivorship loan. This means that spouses and children can receive the GSIS pension of a deceased member, even if they are working themselves. The survivor loan is called a BSP or basic survivor pension. The government, through GSIS, will pay the surviving spouse of the member. The total amount is 50% of the member’s minimum basic pension. If there is no spouse, the children will be the beneficiaries.

The Advantages of a Loan to Pensioners

  1. Borrowers do not worry about catching up to pay the loan back since it’s already covered by their monthly pension.
  2. Retirees who still want to invest in their dream business venture now have the chance to do this.
  3. For large emergencies like medical ones, the loan can help offset some of the expenses of the retiree.
Apply now

Articles Sources

  1. Social Security Programs Throughout the World  https://www.ssa.gov/policy/…
  2. Republic of the Philippines Social Security System https://www.sss.gov.ph/
  3. SSS launches online applications for pension loan  https://www.rappler.com/bulletin…

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Written by: Sean Martin D. Plantado

Author pages:
Sean Martin Plantado is the head of Customer Care Dept. and Online Sales Dept. of Digido Finance Corp. creating articles, blogs, and other learning mediums that helps Filipinos struggling on their financial literacy. Sean also loves Cycling, Photography, Cinematography, Online gaming, Fine Arts, and dreams of becoming a Doctor of Veterinary Medicine.

Reviewed by: Rafael Hular

Author pages:
Rafael “Raffy” L. Hular is, the Finance and Accounting Manager. of Digido Finance Corp., monitoring and controlling the flow of cash that comes in and out of the company to meet the company’s business needs, preparing the financial reports and analysis of income and expenses, and monitoring tax compliance.  Raffy loves reading Japanese comics called manga and watching Japanese animated cartoon series. He dreams of establishing his own Accounting and Auditing Firm and teaching in a University.