Instant Emergency Cash
SALARY ADVANCE
Fast Salary-Secured Advance with Automatic Payroll Deductions
SALARY ADVANCE
Salary & Payroll Advance
Interest Rate
5.0% p.m. reducing balance
Repayment Horizon
10 months
Borrowing Limit
Determined by Member's Net Pay
Annual Equivalent
Short-Term Rate
Product Name
SALARY ADVANCE
Interest Rate
5.0% p.m. reducing balance
Repayment Period
10 months
Security / Multiplier
Determined by Member's Net Pay
Purpose & Description
The purpose of a salary advance loan is to provide a member with quick access to funds for immediate, short-term needs, using their future salary as security. The loans are typically disbursed quickly and repaid through automatic deductions from the member's salary as it is received, making them a convenient way to bridge a temporary financial gap.
Features & Qualification Criteria
The following are the exact mandatory specifications for SALARY ADVANCE:
i) Applicant must be an active SACCO member.
ii) Loan amount determined by member's net pay.
iii) One-third (1/3) of basic salary should remain after all deductions.
iv) One (1) guarantor required if repayment exceeds one (1) month.
v) One (1) original pay slip required.
vi) Monthly repayments commence not later than the month following disbursement.
Frequently Asked Questions
How fast is the Salary Advance processed?
Disbursements are typically executed within 24 hours of form verification.
Are guarantors needed for a 1-month advance?
Advances repaid in a single month need no guarantors; 2 to 10 month advances need only 1 guarantor.
Apply for SALARY ADVANCE
Please Visit Chuka University SACCO to Apply
To apply for the SALARY ADVANCE, please visit our Chuka University SACCO Main Office to complete the official loan application form and submit your supporting documents (guarantor forms & payslips) with our credit desk.
Office: Chuka University SACCO Offices, Main Campus
Telephone: 020 231 0512
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.