Understanding your first salary loan
Goodname Finance
What a salary loan costs, how it is repaid and what to confirm before you accept one.
A salary loan is for people with a steady income. It is repaid in monthly instalments, so the repayment should line up with the day you are paid.
How it works
You tell us your employer and your net monthly salary and name someone who recommends you. Staff confirm the recommendation and your guarantors. If the loan is approved, the money is paid to your own mobile money or bank account.
What it costs
Our salary loan carries a 10% flat charge. Flat means it is calculated on the amount you borrowed, not on what is left as you repay. Your quote shows the total you will repay, each instalment and any fees before you accept.
What to confirm
Check that the instalment fits what is left after your regular costs, that the dates match your pay date, and that you understand what happens if you pay late.