How To Get Salary Advance

 Salary advance is short term loan usually with 30 day tenure provided to the borrower on request.

The loan is also known as Payday loan, meaning it's a credit service whereby the amount is recovered from the borrower's salary at the end of the month. 

Many employers for example the big companies provide payday loans to their employees and deduct the same from their salaries at the end of the month. 

Salary advance amount is usually a percentage of the employees salary amount. The percentage is usually below 50%. For example  a person earning ksh10,000 can get up to ksh 5000 as salary advance. 

In many cases however, salary advances are available from the commercial bank which you have a salary account with. In Kenya there are banks which are known to provide such service and they include; 

• Equity Bank 
• KCB
• Cooperative Bank 
• Family Bank 
• National Bank 

Sometimes these lenders can also provide Salary advances to any customer with an active savings account. All you need to do is to confirm with the bank if you qualify for the advance. 

In this digital era, there have emerged some apps which can provide Salary advances to the employed. Employers can register with the apps. This will then enable employees to the same employer to access loans from the app. 

Currently, these are the few such apps in Kenya ; 

• Salohub 
• Micromobile 
• Okapi
• Getbucks Kenya 

Read here Loan Apps for the Employed 

Salary advance or payday loan is a popular loan product because it helps during financial emergencies to get quick cash.

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