Family Bank is one of the banks in Kenya that offer salary advance to members. If you have an account with the bank, you’ll be allowed to take up to 50% of your previous month’s salary.
Salary advance is a good product if not abused. Sometimes you might seek for a soft loan from a friend and get no help, the only place to turn to is your bank.Family bank processes the advance within two working days, sometimes the money is credited the same day you apply.
Features of the salary advance by Family Bank
- Access up to 50% of your net salary
- Loan repayment period of up to 45 Days
- Commission charged – 10% (+ Excise Duty – 20% of Commission)
- Top-up on existing salary advance available up to maximum limit
Benefits
- Easy application process – no forms needed
- Amount advanced is immediately available in the account
- Applicant eligible for a new loan immediately outstanding advance is settled
- Available on Pesa Pap mobile banking app
Requirements
Salary payment to be processed through an account held with Family Bank.The bank will assess your account and give you the advance based on the facts obtained.
