Home/Payroll Loan
Salaried employees
Payroll Loan
Borrow against your salary, repaid by deduction from your payroll each month.
The rate
8% per month, fixed on the amount borrowed
Who this is for
You are in formal employment and your employer will deduct the repayment from your salary each month. You will need your NRC, three recent payslips and a letter from your employer.
A worked example
Borrow K10,000 over 6 months. The arrangement fee is K1,800, so K8,200 reaches you. Interest is K800 a month, K4,800 over the term. You repay K2,466.67 a month and K14,800 in total — a total cost of credit of K6,600.
| Interest rate | 8% per month, fixed on the amount borrowed |
| Arrangement fee | 18%, deducted before the money reaches you |
| Amount | K1,000 – K100,000 |
| Loan term | 3 to 12 months |
| Repayment | Monthly, by payroll deduction |
| Late payment | 10% per month after a 7-day grace period |
| Early settlement | Permitted — ask for a settlement figure in writing |
What this loan will cost you
Live estimate
K
1,000100,000
Repayment period
The whole amount falls due on this date.
Monthly repayment
K0.00
Amount borrowed—
Arrangement fee—
Amount you receive—
Interest—
Total interest over the term—
Total cost of credit—
Total you repay—
Loan term—
Repayment—
First repayment—
Final repayment—
Early Settlement Discount
Available
K
Affordability check
Within policy
| No. | Due date | Principal | Interest | Repayment | Balance |
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What you will need
Documents for this loan
Other products
Not quite right?
Next step
Apply for a Payroll Loan.
Two minutes to enquire. No documents needed until we have confirmed the amount works for you.