As you start your job, one of the things that you hope never to learn is how to apply for a salary advance. However, some situations can force you to have money at hand before your agreed date with your employer. In this case, a salary advance is one of the best choices that you have.
The process of how to apply for a salary advance should not be a complicated one. As long as you follow all the necessary details, you can receive an advance for your salary to solve a situation. At mwananchi credit, there is a chance for you to apply for the salary advance in easy steps without having to wait for long to receive the money.
Here is more information about salary advance at Mwananchi Credit and the process to follow before you eventually receive the money in your account.
How to apply for salary advance
What is a Salary Advance?
A salary advance is a loan given to salaried persons to help them meet their emergency needs before they expect to receive their usual monthly salary. This is a loan that you should pay in about 12 months.
When to Ask for a Salary Advance
You apply for a salary advance when you have an urgent financial need, but it is not yet time to receive money from your employer. In this case, mwananchi credit helps you receive the money to handle your emergency and start paying back the loan after receiving your salary.
How to Ask for a Salary Advance
When applying for a salary advance, you need to ensure that this does not affect your relationship with your employer or bank. To ensure this, some of the steps that you need to follow are:
- Consider whether you have other options
- Research your employee’s policies on salary advances
- Prepare your request by getting it in writing
- Wait to receive your request
Some of the benefits of applying for a salary advance at Mwananchi credit are:
- You can easily secure a loan of up to 300,00 with no security requirements
- There is an easy repayment system where you automatically deduct money from your account. However, this deduction is on instruction and as agreed when taking the loan.
- The process of applying for the loan, processing, and finally disbursing the loan is quick. You do not have to wait for long to receive the amount you need.
- There is a value-added feature of the loan against disability and death.
What We Need from You
The documents that we need you to provide when applying for a salary advance include
- Valid Kenyan ID or your passport
- Be an active member of mwananchi credit with a salary of at least three months in this account.
- Provide original pay slip for the last three months
- A confirmation or introduction letter from your employer
Rates and Fees
- Interest rate- 2.5%
FAQs on How to Apply for a Salary Advance
How do I apply for a salary advance?
When you need to apply for a salary advance, you fill the online form and make the application. Apply for a salary advance loan using your phone at any place. The website gives you instructions on the steps to follow to eventually receive the amount.
How can I get a Mwananchi credit salary advance?
To qualify for the loan, you need to be above 18 years and be a salaried person. Additionally, you need to have worked with the bank for at least three months. If you meet these requirements, you can then proceed to apply for the salary advance.
How do I write a letter asking for a salary advance?
You address the letter to your employer explaining the amount of money you need and your repayment plan for the loan. Additionally, you write a thank you note to your employer for their kindness and giving you an advance.
How can I get an online salary advance?
The easiest way to get a salary advance with Mwananchi credit online is by using the Mwananchi Credit Website. Some search online- Mwananchi Credit, go the drop down list on our products at the header and click salary check off loans. It is proximal to the personal loan category.
Have you been wondering how to apply for a salary advance? If yes, there is an easy solution for you at Mwananchi Credit. We offer loans from 150,000 to 25,000,000. Apply for salary advanced loans. Our interest rates start from as low as 2.5% based on salary, loan repayment time, salary, amount to borrow, among other factors.