Family Bank Salary Advance Loan Features and How to Apply

Are you in a cash crunch or just require some cash boost for that emergency or event? Well, you might consider a salary advance loan from Family Bank. This loan facility is available only to Family Bank’s customers whose salaries are processed through the bank.

Family Bank offers salary advance loans up to 50% of your net salary. If you meet all the loan’s requirements and qualify for an advance, you will usually get the money instantly credited to your account.

Here are the Features of Family Bank’s Salary Advance Loan

• Borrow up to 50% of your net salary.
• The loan repayment period is up to 45 days.
• You can top up your previous salary advance loan up to the maximum limit provided.
• You’ll be charged a commission of 10% plus an Excise Duty fee of 20% of the commission.
• No paperwork or filling out forms is required.

Let’s say you qualify to borrow KSh. 40,000. Here’s the breakdown of the charges:

It’s quite expensive but if the need exceeds the expenses, then a salary advance from Family Bank can assist.

See also: KCB Bank Salary Advance Loan Features, How to Apply

How to Get Family Bank’s Salary Advance

To qualify for this loan, you need to be an existing Family Bank customer with an active account and your employer needs to deposit your salary directly into your Family Bank account.

And remember, if you’re a new customer you’re unlikely to get a salary advance loan right away. You’ll have to wait for your salary to pass through the bank for at least a month.

You can apply for a salary advance loan through Family Bank’s ATMs, PesaPap online banking app or USSD code *325#.

Before using PesaPap, you’ll need to download it from the Google Play Store and link it to your Family Bank salary account.

Conclusion

While Family Bank offers fast emergency salary advance loans, but their rates are quite high for a short-term loan and the amount you can borrow is also limited.

You might consider other options like Equity Bank Salary Advance, which offers up to 4 times your net salary with a more flexible repayment period, or even other banks’ offers. While their rates are still high, you might find better terms elsewhere.

Remember, your paycheck is at risk. Only borrow what you can comfortably repay within the timeframe given by the bank.

Read also:

1. KCB to M-Pesa Transfer Charges (Mobile and Internet Banking)
2. How to Send Money from MPesa to Equity Bank Account