Salary Advance Loan

Purpose

This product is for salaried employees who would like to take an advance which is recoverable in the next payroll cycle from their employers.

Features:

  • Maximum repayment period is 3 months.
  • Maximum loan limit is dependent on ability to pay.
  • Interest rate is 10% per month on reducing balance.
  • Security options: Member deposits.
  • Full Sacco membership of at least 6 months and evidence of ability to pay.