How to Get a Salary Advance Loan in Kenya

How To Get A Salary Advance Loan In Kenya

Getting a salary advance loan is a great way to supplement your savings. In many cases, you’ll need the loan to fund an unexpected expense or a special purchase. It’s not uncommon to need financial assistance in the workplace. In some cases, you might need to advance your salary for a few weeks.

If you are thinking about getting a salary advance loan, you’ve come to the right place. Here’s everything you need to know about salary advance loans.

What is a Salary Advance Loan?

A salary advance loan (also known as salary check-off) is a loan that is drawn from your salary. You can use the money to pay for certain expenses that are not covered by your employer’s benefits.

Your employer will release your paycheck in advance. You can then take out a loan against your paycheck. Once you’ve paid off the loan, you simply return the original amount to your employer.

Online salary advance providers in Kenya

Mwananchi Credit Ltd is the top online salary advance provider specialized in helping people get salary advance loans in Kenya. If you’re looking to get a salary advance loan, you can apply online since we offer a simple online application process. Once you submit your information, you will get a response from one of our customer support representatives in not more than 30 minutes.

How do you qualify for salary advance?

To qualify for a salary advance from Mwananchi Credit Ltd, you must be:

  • 18 years of age or older; an employee with an employer in Kenya; –
  • Have been employed with your current employer for at least six months
  • Have used your complete leave entitlement and vacation time

How much can you borrow through a salary advance loan

If you’re looking to borrow money, it’s important to know how much you can borrow. At Mwananchi Credit Ltd, you can borrow up to Ksh. 100,000 through a salary advance loan.

Why choose Mwananchi Credit Ltd for your salary advance loan in Kenya?

Why Choose Mwananchi Credit Ltd For Your Salary Advance Loan In Kenya?

Mwananchi Credit Ltd offers the best salary advance loans in Kenya because we offer flexible repayment options and a hassle-free application process. Once you apply for your salary advance loan, we will approve your application within 6 HRS and offer an immediate disbursement of the funds.

How much does a salary advance loan cost?

The cost of a salary advance loan is based on your annual salary. The average cost of a salary advance loan is between Ksh 100,000 and Ksh 500,000. The loan amount you receive is based on the annual salary you qualify for.

If you have a monthly salary, the loan will be for the number of months in your salary advance loan period. For monthly salaries, the loan is for the number of months x the maximum salary advance loan amount. The maximum salary advance loan amount is Ksh 2,000,000.

If you have a weekly or daily salary, the loan will be for the number of days multiplied by the maximum salary advance loan amount. The maximum salary advance loan amount is Ksh 50,000 daily, or Ksh 500,000 weekly.

Why Get a Salary Advance Loan?

A salary advance loan is a great way to get funds for an unexpected expense because it is a quick and easy way to get these expenses paid for.

If you are planning a large purchase, you can also use a salary advance loan to fund your purchase. A salary advance loan can be used for other purposes as well. For instance, you may want to use a salary advance loan to cover the cost of your children’s education, or you may want to use a salary advance loan to fund your retirement.

How to Get a Salary Advance Loan in Kenya

Through a simple application process, you can get a salary advance loan online at Mwananchi Credit Ltd, your best salary advance loan provider in Kenya.

How do I apply for a salary advance loan?

To apply for a salary advance loan, you need to complete the Mwananchi Credit Ltd. Salary Advance Loan Application Form and take it to your employer. Your employer will sign the form and give it back to you. You will then return the signed form to Mwananchi Credit Ltd.

  • Original Kenya Identity Card (ID)
  • Salary Slip for at least three months (original)
  • Last three months’ bank statements (original)

How much can you get for a salary advance loan?

The amount you can get for your salary advance loan at Mwananchi Credit Ltd is based on your annual salary. If you have a monthly salary, the loan amount will be for the number of months in your salary advance loan period. For monthly salaries, the loan is for the number of months x the maximum salary advance loan amount. The maximum salary advance loan amount is Ksh 2,000,000.00.

How long will it take to get my salary advance loan?

You will receive your salary advance within 6 hours after the approval of your application. You will receive an SMS alert on your phone once the funds are available in your bank account.

What happens after my application for a salary advance is approved by my employer?

Once your employer approves your application, we will send you an SMS alert on your phone with an approval number. This means that we have received your application from your employer and that we are processing it. Once approved, you will receive an SMS alert on your phone informing you of this approval number as well as instructions on how to proceed with collecting the funds from our branch in Nairobi or across the country.

How much can I borrow through a salary advance loan?

You can borrow up to KES. 20,000.00 per month or KES 200,000.00 per year through a salary advance loan and repay the loan with your next salary payment.

How much will I repay in installments?

The monthly installment is 5% of the amount borrowed and you can pay back the loan in one lump sum after one year or in monthly installments for two years (24 months). The minimum installment is KES 300 and the maximum installment is KES 1,500 per month.

FAQs – Salary advance Loan

What are your interest rates?

Our interest rates are inclusive of VAT and are subject to change depending on market conditions at any time without prior notice. Currently, our rates are from 2%-14% pm. Terms and conditions apply.

When will I start repaying my salary advance loan?

 Your first repayment will be deducted from your next salary payment once you have collected the funds from any of our branches in Nairobi, or across the country.

How Long Does It Take to Get a Salary Advance Loan?

At Mwananchi Credit Ltd, the average time it takes to get a salary advance loan is about 6HRS.

How Long Are Salary Advance Loans Available?

The duration of salary advance loans at Mwananchi Credit Ltd is between one and two months.

How can I repay my salary advance loan?

You can repay your salary advance loan in any of our branches in Nairobi, Mombasa, Thika, Nakuru, Eldoret, or Kisumu. The following methods of repayment are available:
– Direct Deposit into your bank account (that is provided)
– Cash at any of our branches
– M-Pesa deposit

The minimum amount that you can deposit at any of our branches is Kshs. 1,000 and the maximum amount you can deposit is Kshs. 100,000 per day. You are also required to present a valid form of identification (ID). The method of repayment for salary advance loans is through electronic transfer into your bank account on a monthly basis until the loan has been fully repaid.

What is the Maximum Amount I Can Receive as a Salary Advance Loan?

The maximum amount that you can receive as a salary advance loan is Kshs. 2,000,000

Can I Get a Salary Advance Loan for a Smaller Amount of Money?

Yes, you can get a salary advance loan for a smaller amount of money.

What is the Maximum Period that I Can Receive as a Salary Advance Loan?

The maximum period that you can receive as a salary advance loan is 48 months.

Is It Possible to Get an overdraft on my Salary Advance Loan Account?

Yes, you can have an overdraft facility on your salary advance loan account if you want one. You will however be required to pay an additional charge for this facility. The amount of this charge will depend on the type of overdraft facility you want and will be determined by us once we have

Conclusion

If you are struggling to make ends meet, a salary advance loan may be a solution for you.

A salary advance loan is a loan that is drawn from your salary. You can use the money to pay for certain expenses that are not covered by your employer’s benefits.

In some cases, you might need to advance your salary for a few weeks.

If you are thinking about getting a salary advance loan, you’ve come to the right place. Here’s everything you need to know about salary advance loans.

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