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Loan That Pays Your Salary Well Before Your Employer Does

In essence, this credit facility brings forward your salary by several months depending on how much you are taking

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The temptation was too good to resist. For Maureen Were, the dream for the latest double-door fridge was overwhelming.

So, on a Saturday afternoon she walked into dáaler’s shop in Nairobi’s CBD, checked out a number of brands and settled on a humongous fridge taller than her. In a world where image is everything, Maureen would stop at nothing to get this latest tech-monster to decorate her kitchen.

“I’m a teacher and have a busy schedule from morning to evening. Being in an international curriculum school means we work on tight schedules,” says Maureen, who teaches at a private academy in Nairobi’s Parklands area.

A refrigerator is no longer just a fridge: it acts as a food store for many professionals and thus a must-have item in many urban homes. And the bigger it comes the better for a family. Yet also the bigger the fridge, the pricier it is.

Maureen put up a deposit of Ksh20,000, leaving her with a balance of Ksh105,000 to be cleared in instalments. If she relied on her salary after deducting monthly expenses, she would pay only Ksh10,000 per month, meaning the earliest she could take ownership of the fridge would be after 10 good months.

“I had to think on my toes,” she said. “My husband is not a fan of fringe items in the house so I wouldn’t even ask him to contribute. I just wanted to surprise him. Otherwise, he would certainly oppose the idea given that our smaller fridge is still functional.”

Maureen opted for MCo-opCash Salary Loan, which provided her with lamp sum cash to take the fridge in the second month.  MCo-opCash Salary Loan is available to those who receive their salary through a Co-op Bank account. So, there’s this added advantage when you process your salary through Co-operative Bank.

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The beauty of MCo-opCash Salary Loan is the fact that it doesn’t need your employer’s approval. According to the bank, a borrower can apply for up to two times the net salary as received in the Co-op Bank account. The amount disbursed ranges from a minimum of Ksh1,000 up to a maximum of Ksh500,000.

This Co-op Bank credit facility is attracting more takers from the working-class population, which finds it even more convenient. Regardless of your profession – be it in healthcare, media, manufacturing or real estate and more, Mco-opCash Salary loan can be such a saviour during financial emergencies or those moments when you need quick cash to close a deal or purchase something essential.

In essence, it brings forward your salary by several months depending on how much you are taking. “The fridge is working well, it’s been like four months now,” Maureen says. “Meanwhile, I am planning for my next purchase. Hope my husband won’t read this.”

Next Read >> How I Became a Real Estate Magnet at Just 30 Years

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BT Reporter
BT Reporterhttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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