Salary Advance
Product Description
This is a loan meant to meet members’ most immediate needs.
Features
- Qualifying Loan is pegged on the members’ ability to repay and must be within the member’s free deposits, subject to a maximum amount of Kshs. 50,000.
- Full Sacco membership of at least 3 months.
- Maximum loan period is 2 months.
- Interest is charged on reducing balance at 3% per month for loan repayable within a period of 1 month or 5% per month for loan repayable for 2 months.
- Security options: member deposits and salary. No guarantors are required.
- Approved within 3 working days.
