Salary Advance is a special cash advance facility based on salary. It is available to all members who channel their pay via FOSA. The product is designed to meet one’s short-term financial needs. Whereas one had to apply for the advance and submit together with a current pay slip, the facility is now a mobile based loan applied and disbursed through the Kimisitu mobile banking platform.
- 80% of net salary graduated to loan limit of Ksh.500,000
- One off interest rate of 6% charged upfront
- Repayable in 4 months
- Available to all members who channel their pay via FOSA
- Salary acts as security
- Salary is processed through the FOSA Savings account