Salary Advance.

salary advance loan
The Salary Advance is a short term credit facility with a tenor of only 1 month. It is meant to assist clients to meet their short term financial needs(Such as school fees) and then allows them to repay on the next pay day.
 
This product targets clients that are employed by Companies that cannot enter into payroll deductions agreements, due to a specific company policy or third party payroll deductions. Recovery is made through Direct Debit (DDACC) while other clients will have to pay directly to Meanwood Finance office where the loan was advanced.

The requirements are as follows:

  • Minimum K500 – K10,000
  • Tenure 1 month
  • Turn round period; same day
  • Should submit 2 latest original payslips
  • 3 months bank statement and a bank card
  • Age limit for this product is 55years (Retirement age ).
  • The maximum principal installment a client can qualify for is 40% of the net take home pay.
  • Sector – should be in formal employment.