If you have been looking forward to getting a salary advance in Zambia, we have compiled a list of salary advance institutions in Zambia where you can get a salary advance.
A salary advance is a cash loan against your next salary. It comes handy when there’s an emergency or unforeseen expense that you haven’t budgeted for.
List of salary advance institutions in Zambia
1. Unity Finance Salary advance
Unity finance gives salary advances to individuals who are in formal employment and working in the private or government sector.
A Unity Finance salary advance is paid back with interest and a K50 process fee. The interest differs depending on factors such as the loan amount. For example, if you borrow K1 000, you could pay back K1 250.
The salary advance amount depends on your net (take-home) pay, but first-time clients could qualify for a maximum loan amount of K3 000, and repeat clients can get up to K8 000.
In order to apply for a Unity Finance salary advance, visit your nearest Unity Finance branch with your NRC, latest two months’ payslips, and a stamped bank statement.
2. Zambia National Building Society Salary advance
Now you can get a Salary Advance of up to K15,000. To qualify for a ZNBS salary advance, you need to open a salary account at any ZNBS branch.
3. Public Service Pensions Fund (PSPF)
The Public Service Pensions Fund was founded in 1997 as a direct result of the Laws of Zambia.
The Public Service Pensions Fund Board(PSPFB) established a Micro Finance lending scheme to provide loans to serving members of the Fund. The scheme provides loans ranging from K1,000.00 to K50,000.00. What makes this loan scheme more attractive is the competitive interest rate of 30% per annum and the loan repayment period which ranges from six months to 48 months