For most people, saving money or even earning can be challenging. This is because they are salaried employees who are not receiving huge salaries. This can be a problem, especially in the current economy recovering from the coronavirus pandemic. The unpredictability of life on top of this can lead to even further unexpected expenses. All of this can lead to a very distressing experience.
If you are someone in such a situation, we understand entirely. You may likely be anxiously waiting for the month’s end to come so you can get your salary and take care of your expenses. But you may not always have the luxury of time. What do you do in such a situation? The answer is salary checkoff loans. We at Mwananchi Credit Ltd. provide salary checkoff loans at ideal terms to salaried employees. Are you interested in benefiting from this loan facility? Keep reading to find out how you can.
What are salary checkoff loans?
Salary checkoff loans refer to the loans whose repayment is directly taken from clients through their monthly salary. This repayment is done automatically when the time for repayment arrives. In this way, it is simpler to implement and administer. In this case, it is provided to employees whose employers are partnered with the lending company, Mwananchi Credit Ltd.
We strive to provide these loans to as many people as possible in various professions. We work with partnered companies to help reach out to employees who need the extra money the most. We implement strategies that bring positive changes to all our partner’s employees. The repayment does include interest, but we provide low-interest ones. This ensures that you can pay it back with ease while taking care of any pressing expenses.
Why avail salary checkoff loans with Mwananchi Credit Ltd.?
Mwananchi Credit Ltd. has been in the loan providing industry for many years. We have helped many of our clients benefit from our loans by helping eliminate the root cause of their financial stress. This is typically due to a lack of savings and high-interest personal debt. We support a variety of clients with our salary checkoff loans. Some of these are:
- Teachers commissioned by the Teachers Service Commission
- Police officers employed by the National Police Service (NPS)
- Health workers employed by the Kenyan government (including doctors, nurses and clinic officers)
- Civil servants
- Employees of employers partnered with Mwananchi Credit Ltd.
As you can see, our salary checkoff loans benefit the most important members of our society. The client can use it for various expenses as they see fit. Additionally, we do not have any extra or hidden fees associated with our loans that most other lenders tend to have. This means you can pay off your loan earlier without incurring any penalty. The interest rate for your loan will also be fixed throughout the loan duration.
What can salary checkoff loans be used for?
Salary checkoff loans are personal, unsecured loans that can only be used for personal purposes. This includes expenses that pertain to the household and family. Many of our clients use these loans to pay off any higher-cost debts that they may have. Since our loans have much lower interest rates, this can prove beneficial for them. These debts can be related to credit cards, other loans, and medical bills.
Who is eligible for salary checkoff loans?
The criteria that you need to fulfil to qualify for our salary checkoff loans are the following:
- The employer of the applicant must be a Mwananchi Credit Ltd. partner.
- You must be 18 years of age and have a valid social security number, among other similar criteria.
- The approval of the loan will depend on factors like employment information verified by the employer, credit history and other information provided during the application process.
Even if you qualify for this loan, there is a chance that you will be given a lower loan amount than you requested as we could not approve the larger amount. This is because we want to help our clients in any way possible. Small loans are easier to pay, which is an excellent way for you to build credit and qualify for better loans. However, having a previous loan does not guarantee this, as the amount depends on various factors.
What details do I need to know regarding Mwananchi Credit’s salary checkoff loans?
To obtain our salary checkoff loans, you must submit a loan application, which you can do on our website. Once this is taken care of, there will be an approval process. During this process, we may request that you provide further documentation. Regardless, you will be able to get this loan within 6-24 hours after you apply for it. After you have signed the loan documents, you will be able to obtain this loan in your bank account within an hour. While we will take the repayment from your paycheck, we will still require your bank information. This is because if we cannot take repayments from your paycheck, we will securely withdraw them from your bank account.
Additionally, we will also use this account if you leave your employer. This is to ensure that you fulfil the repayment terms of your loan. We will be happy to change the repayment schedule if you change jobs according to your new payment schedule. Additionally, if you are laid off and cannot pay back the loan, we have various solutions to help our clients out in times of financial hardships. Regardless, we offer excellent loan terms with minimum interest rates that we’re sure will benefit you. Typically, we recommend that employers provide 12 month repayment periods.
What are the minimum requirements to obtain salary checkoff loans?
At Mwananchi Credit Ltd., we value your time and understand that you will be anxious to get your loan as soon as possible. This is why we have offices all over the country so that you can visit us with ease. Similarly, we keep our loan requirements as minimal as possible so that you do not experience an unnecessary hassle. As such, these minimum requirements are the following:
- Latest three-month payslips
- Latest six months bank statements from the applicant’s salary account
- Post-dated cheques, which are drawn from the applicant’s salary account.
What other loan can I avail so that I don’t have to wait for the month’s end?
You can avail of our weekend loans if you have an existing loan with us, like a salary checkoff loan. These are loans that we provide only to loyal customers who have an existing loan with us. It can allow you to get up to 100,000 KES in under 10 minutes.
To sum up
Life can be unexpected, which can result in a lack of savings and unexpected expenses. For many people, this can be a distressing time. Mwananchi Credit offers salary checkoff loans that allow you to obtain money quickly without waiting until the end of your month for your payment. This is a short term loan that is repaid through your salary directly as long as you’re an employee of our partner. You can use these loans for various personal reasons and obtain them within 6-24 hours. The amounts will depend on several factors, including your credit history and employment information. We hope you try out this loan so that you can get some much-needed relief from your financial stress. This is where Mwananchi Credit has helped its clients for years!