Salary advance loans in Kenya

March 26, 2023

Salary advance loans in Kenya

With expenses increasing consistently, it is understandably challenging for individuals to pull through the entire month with their salary. Receiving a fixed salary at the end of every month should ideally guarantee financial security, but sometimes, there is a possibility of anyone facing a shortage of money due to unseen situations. The sky-rocketing costs in the cities have made making ends meet difficult at times. Sometimes, certain immediate expenses spring up that can’t wait till the salary comes in.

These are the times when you need a bridge to take you through till your salary arrives. Some choose to borrow from a family member or a friend and some take a long-term loan from a bank, but unfortunately, these solutions can prove to be quite inconvenient in the long run. Instead, an advance salary loan can help you meet your financial obligations.You would have received advice on planning in advance and saving 20% of your monthly income as it might probably be enough to meet emergency circumstances. But what if the money you saved is not enough to cover this immediate need?

How would you approach this situation? borrow from a friend or banks?

Stawika Capital Limited deliver flexible loan products that can help you take care of your financial needs without having to wait for the salary credit. You can simply repay the entire amount with the next salary pay cheque or repay the amount in instalments over a specified time span.

What is a Salary Advance Loan?

Salary advance is a short-term loan open to all salaried employees. You can receive up to 70% of your previous month’s net salary. This loan is payable upon receipt of the next month’s salary. A salary advance loan is a quick solution to get a hassle-free loan when you need it without having to go through the embarrassment of asking someone for money. Mombo Sacco app has done away with the tedious and lengthy paperwork that would accompany the loans sanctioned at banks and other saccos in Kenya.

What is the difference with a Salary Advance?

Salary Advance loan is a short-term loan that is extended to salaried professionals. It can be used for any purpose such as medical expenses, covering huge expenditures, or any other emergency.

Features & benefits:

1) No savings required

2) 1-hour processing for new customers

3) 10 minutes processing for existing customers

4) Interest pro-rated based on number of days

5) Access multiple concurrent loans within your limit

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