Nearly all Saccos in Kenya offer salary advance loans. Below we list the best Saccos which offer salary advance loan with low interest rate:
NSSF Sacco
It offers salary advance loan of up to Ksh 50,000 with an interest rate of 6% per annum. The loan is processed immediately the application is done.
AMREF Sacco
Their salary advance is up to Ksh 150,000. Interest rate charged is 3% per month. Their maximum repayment period is 1 month.
The maximum amount paid is equivalent to your salary.
If you take a loan of Ksh 100,000, interest will be Ksh 3,000. This means that you will pay Ksh 103,000 in total.
Defence Sacco
The interest charged is less than 6% per year and repayment period is 6 months. Defence Sacco salary advance loan is a maximum of Ksh 300,000.
Sharia Sacco
They give salary advance loan of up to 3 times your salary. Interest is 3% per month on the outstanding balance.
They also charge Ksh 1,000 processing fee.
Trans Nation Sacco
Their salary advance range between Ksh 5,000 and Ksh 200,000. Interest is 1% to 3 % per month.
Kimisitu Sacco
You will get salary advance loan of up to 80% of your salary. The maximum loan amount is Ksh 500,000.
Kimisitu Sacco salary advance loan attract interest of 6% of the total loan amount and is charged upfront.
Assuming that you take a loan of Ksh 100,000, the interest will be 6% of Ksh100,000 which is Ksh 6,000. The loan you will receive after interest is Ksh 94,000.
UNISON Sacco
They give a loan of up to Ksh 300,000. The repayment period is up to 6 months. Their interest per month is 1%-3% which is on reducing balance.
Mwalimu National Sacco
They give loan of up to 80% of your net salary. Their interest is 5%.
Imarisha Sacco
The Sacco awards loan of up to 90% of your net salary. The interest rate is 10%.I think the interest is higher than interest for other Saccos.
