The first thing to know about check-off loans is that they are a transaction between the company you work for, the financial institution that offers the loan, yourself (as an employee of the company), and your salary.
A check-off loan is the perfect way to get immediate access to funds in case you need money urgently. The loan provider will assess your ability to pay back the borrowed amount and offer you a loan based on your repayment capacity.
When to apply for a salary check loan
• You need money urgently
• You need money for an unexpected expense, such as a medical emergency or sudden car repair
• You want to pay for a wedding, honeymoon or other big events.
• You want to make some home improvements
• You want to start a business.
• You want to pay for education, professional or academic programme
What are the best reasons for a check-off loan?
There are some things that get neglected when you’re living paycheck to paycheck. This is simply because you cannot achieve all of your financial objectives using the only income you have which is from your one salary. In such instances, aside from occasional incentives like an annual bonus, the income flow for salaried personnel is essentially stable throughout the year.
A tailor-made check-off loan for salaried employees can be the perfect solution to meet sporadic contingent or unclassified expenses.
In the current economic situation resulting from the Covid Pandemic, we see more and more people resorting to taking check-off loans to meet their emergent monetary requirements, be it long-term or short-term. In fact, a check-off loan has come to be the one-size-fits-all solution that is helping salaried employees bridge financial gaps in their lives. As the renowned Nelson Mandela once said “There is no passion to be found playing small—in settling for a life that is less than the one you are capable of living.”
Benefits of a Loan for Salaried Employees
i) Easy to apply for.
ii) No collateral required.
Iii) No guarantor required.
iv) You can access mobile loan (Mobi Loan)
v) Flexible Repayment period up to 36 months.
While salary check-off loans are not for everyone, they could be the answer to your financial difficulties. You will find that a check-off loan is easier to pay off due to the fact that you can pay back what was borrowed by using your paycheck as collateral. Just make sure you take care of it so there are not any late fees or bad credit problems in the future!
You can take a salary check-off loan if your workplace has an MOU with Springboard Capital Ltd. Click here to check the requirements.
Springboard Capital has a good track record for offering salary loans (SPRINGSALO) to employees working in various institutions. This means that you can be sure that your employer will pay back the amount owed to Springboard Capital Ltd by deducting it from your salary as agreed upon in the Memorandum of Understanding.
Article written by Richard Mwangi- Marketing Officer, Springboard Capital Ltd, who is passionate about brand and marketing. He is a cross-functional team player, possesses strong project management skills, and is self-motivated.
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