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
- Salohub
- Micromobile
- Okapi
- Getbucks Kenya
Write a comment
Post a Comment
Loans Blog admin will never approve abusive or inciteful comments. In addition, avoid including sensitive or private personal information in your comments for your own online safety.