Hela Pesa Salary Loan

Category: salary advance

  • Why you should take a CHECK-OFF LOAN now if salaried

    Why you should take a CHECK-OFF LOAN now if salaried

    What comes to mind when you hear check-off loan?

    The first thing to understand about check-off loans is that they are a transaction between the company you work for, the financial institution that gives the loan, yourself (as an employee of the firm), and your income.

    If you need money quickly, a check-off loan is the best option.

    The loan provider will examine your ability to repay the borrowed amount and provide you with an offer based on your repayment capability.

    When to apply for a check-off loan:

    • You need money urgently
    • You need money for an unexpected expense, such as a medical emergency or sudden car repair
    • You want to pay for a wedding, honeymoon or other big events.
    • You want to make some home improvements
    • You want to start a business.
    • You want to pay for education, professional or academic programme

    ALSO READ: REVEALING The 5 Top Loan Apps in Kenya in 2026

    What are the best reasons for a check-off loan?

    There are some things that get neglected when you’re living paycheck to paycheck.

    This is simply because you cannot achieve all of your financial objectives using the only income you have which is from your one salary.

    In such instances, aside from occasional incentives like an annual bonus, the income flow for salaried personnel is essentially stable throughout the year.

    A tailor-made check-off loan for salaried employees can be the perfect solution to meet sporadic contingent or unclassified expenses.

    READ ALSO: “I had 12 loan Apps” – TV host shares her experience borrowing money from digital lenders

    In the current economic situation resulting from the COVID-19 pandemic, we see more and more people resorting to taking check-off loans to meet their emergent monetary requirements, be it long-term or short-term.

    In fact, a check-off loan has come to be the one-size-fits-all solution that is helping salaried employees bridge financial gaps in their lives.

    As the renowned Nelson Mandela once said “There is no passion to be found playing small—in settling for a life that is less than the one you are capable of living.”

    Benefits of a check-off loan for Salaried Employees

    • Easy to apply for.
    • No collateral is required.
    • No guarantor is required.
    • You can access mobile loan
    • Flexible Repayment period of up to 24 months.

    While salary check-off loans are not for everyone, they could be the answer to your financial difficulties.

    You will find that a check-off loan is easier to pay off because you can pay back what was borrowed by using your paycheck as collateral. Just make sure you take care of it so there are not any late fees or bad credit problems in the future!

    You can take a salary check-off loan if your employer has an MOU with Hela Capitals. Click here to check the requirements.

    Hela Capitals has a good track record for offering salary loans to employees working in various Counties, Parastatals and other government institutions. This means that you can be sure that your employer will pay back the amount owed to us by deducting it from your salary as agreed upon in the Memorandum of Understanding.

    Additional Reading: 5 IMPORTANT Rules To Consider While Lending Money To Family And Friends

  • 5 IMPORTANT Rules To Consider While Lending Money To Family And Friends

    5 IMPORTANT Rules To Consider While Lending Money To Family And Friends

    When your relatives or friends are struggling financially, lending money to them can be a kind gesture. However, it can become troublesome if your efforts to assist result in conflicts or you encounter financial problems as a result.

    Truth is, we have all found ourselves in a situation where we could not say ‘no’ to our loved ones when they sought monetary assistance. Unfortunately, this is an emotional decision that comes with its consequences.

    So, what do you do when loved ones borrow money from you?

    Here are 5 tips you need to follow while lending money to friends or relatives:

    1. Ask yourself if you can afford it 

    Before lending money to a friend or a relative, you must first consider your financial circumstances.

    How far can it stretch your existing financial situation? Therefore, it is best to refrain from lending under these circumstances. On the other hand, if you have extra money or no debt, you could assist your friend.

    Also Read: Helapesa Survival Guide: How to raise your C.R.B status in 6 Months

    2. Ask for collateral and charge interest

    Relations can be ruined by money. Therefore, it is best to keep things clear from the start to preserve the relationship.

    It’s also a good idea to keep your emotions under check around friends and family because they can take things too lightly. Asking for collateral and negotiating a fixed interest rate against the loan amount are the preferable options to prevent this.

    3. Always have a written agree

    Although it may seem strange or challenging to implement, a written agreement can help both parties understand each other’s obligations and resolve any misconceptions.

    This written agreement may be helpful to you if an unpleasant situation arises where you are left with no choice but to sue them to recover your money.

    4. Don’t be led by emotions

    If you believe your friend or family member’s condition to be genuine, you can lend them money. However, you should also take into account their capacity for repayment.

    To do this, you must learn how much money they make and what other financial obligations they have. Particularly in these circumstances, you need to maintain your composure when it comes to your emotions.

    Unfortunately, because there are no strings of interest obligation tied to these loans, some borrowers can take them casually without risking any legal repercussions.

    Additional Reading: Personal finance institutions in Kenya

    5. Be prepared for the worst

    Keep in mind that you shouldn’t lend money merely out of a sense of obligation. Don’t lend money if it doesn’t make sense to you, plain and simple.

    Additionally, you must accept that the borrower won’t repay if you are aware of their debts or poor credit history. Therefore, it is best to refrain from lending money to them.

    Additionally, you have every right to know how the money will be used as a lender. The choice to lend the loan is fully up to you, so if the justification appears unjustified, you can simply nod and refuse.

    Also Read: Borrowing like a Pro: Tips to help you secure loans

    In conclusion

    If you follow the above tips, you will surely protect both your money and your relationship with your family member or friend. In case, your friend or a family member is in dire need of cash, you can suggest a quick credit facility from Hela Pesa.

    Hela Pesa offers Instant Salary Advance Loans through its Hela Pesa Loan App.  Your friend or relative can download the App, register for free and apply for quick cash.

  • The role of the employer in facilitating check-off loans

    In Kenya, check-off loans, also known as salary-deduction loans, are a common form of credit offered by employers to their employees. These loans are deducted directly from the employee’s salary, making them a convenient way for employees to access credit. The employer plays a key role in facilitating check-off loans for their employees and is subject to certain legal requirements and obligations under Kenyan law. In this report, we will explore the role of an employer in facilitating check-off loans in Kenya in more detail.

    Legal Framework for Check-off Loans in Kenya

    The legal framework for check-off loans in Kenya is set out in the Employment Act of 2007 and the Credit Reference Bureaus Act of 2007. These laws establish the legal framework for check-off loans in the country and set out the rights and responsibilities of employers and employees in relation to check-off loans. Under these laws, employers are allowed to facilitate check-off loans for their employees but are subject to certain requirements and obligations.

    Employment Act of 2007: The Employment Act of 2007 sets out the rights and obligations of employers and employees in relation to check-off loans. According to the Act, employers are required to provide employees with clear and accurate information about the terms of the loan, including the interest rate, repayment period, and any fees or charges. Employers are also required to ensure that the terms of the loan are fair and reasonable and that the employee is able to afford the loan based on their salary.

    The Regulations on Employment and Remuneration, 2010 further specify that the maximum amount that can be deducted from an employee’s salary for a check-off loan is 10% of the employee’s gross salary. This means that, for example, if an employee has a gross salary of KES 50,000 per month, the maximum amount that can be deducted for a check-off loan is KES 5,000.

    Credit Reference Bureaus Act of 2007: The Credit Reference Bureaus Act of 2007 establishes the regulatory framework for credit reference bureaus in Kenya. Under the Act, credit reference bureaus are required to maintain accurate and up-to-date information about the creditworthiness of individuals and businesses. Employers are required to report any check-off loans that they facilitate to the credit reference bureaus so that the information can be included in the borrower’s credit report.

    The Role of the Employer in Facilitating Check-off Loans in Kenya

    Under Kenyan law, the role of an employer in facilitating check-off loans and their potential obligations can vary depending on the specific terms and conditions of the loan. However, there are some general principles that apply to the employer’s role in facilitating check-off loans:

    Facilitating the loan process: An employer may facilitate the loan process by offering check-off loans as an employee benefit, providing information and assistance to employees who are interested in taking out a check-off loan, and collecting loan repayments from the employee’s salary. The employer may also be responsible for communicating the terms and conditions of the loan to the employee and ensuring that the employee understands their obligations under the loan agreement.

    Intermediary: As mentioned above, the employer serves as the intermediary between the employee and the lender. The employer is responsible for collecting the loan payments from the employee’s salary and forwarding them to the lender.

    credit Check: In some cases, the employer may be responsible for conducting a credit check on the employee before approving the loan. This can help the employer to determine whether the employee is a good candidate for a check-off loan and can also help to protect the employer from potential default risk.

    Counseling: The employer may also play a role in providing counseling or financial education to employees who are considering taking out a check-off loan. This can help employees to understand the terms of the loan and make informed decisions about whether a check-off loan is the right financial option for them.

    Compliance: The employer is also responsible for ensuring compliance with the Employment Act of 2007 and the Credit Reference Bureaus Act of 2007, as well as any other applicable laws or regulations related to check-off loans. This includes providing employees with clear and accurate information about the terms of the loan, ensuring that the terms of the loan are fair and reasonable, and reporting the loan to the credit reference bureaus.

    Obligations

    • Protecting employee rights: An employer has a duty to protect the rights of its employees, including their financial rights. This means that the employer should ensure that the terms and conditions of the check-off loan are fair and reasonable and that the loan is not being used to exploit the employee’s financial situation.
    • Complying with employment laws: An employer has a legal obligation to comply with employment laws, including laws relating to salary deductions. This means that the employer must ensure that the check-off loan repayments are deducted from the employee’s salary in accordance with the applicable laws and regulations.
    • Ensuring confidentiality: An employer has a duty to protect the confidentiality of its employee’s personal and financial information. This means that the employer should not disclose the details of the employee’s check-off loan or the loan repayments to third parties without the employee’s consent unless required to do so by law.

    Overall, the role of an employer in facilitating check-off loans and their potential obligations can vary depending on the specific terms and conditions of the loan. It is important for employers to carefully review the terms and conditions of check-off loans and ensure that they are complying with all relevant laws and regulations, in order to protect the rights of their employees and avoid potential legal liabilities.

    Risks for Employers in Facilitating Check-off Loans in Kenya

    There are also risks for employers in facilitating check-off loans for their employees in Kenya:

    Default Risk: If an employee default on their check-off loan, the employer may be held liable for the unpaid balance. This can be especially risky for employers who have a large number of employees taking out check-off loans, as the potential default

  • Check Off Loan

    Check Off Loan

    What is a check-off loan?

    A check off loan is a type of loan provided by an employer to an employee, with the loan payments being deducted directly from the employee’s salary. The employer acts as a facilitator of the loan, as they are responsible for deducting the loan payments from the employee’s salary and forwarding the payments to the lender. This type of loan can be convenient for employees, as the loan payments are automatically deducted from their salary, making it easier for them to manage their finances.

    Types of check-off loans

    Several different types of check-off loans may be offered by employers, including personal loans, car loans, and mortgage loans. In some cases, employers may offer check-off loans as a benefit to their employees, while in other cases, the loans may be offered through a third-party lender.

    Check-off loans can be an attractive option for both employees and employers, as they offer several benefits. For employees, check-off loans can provide access to credit that may not be available elsewhere, and the automatic deduction of loan payments from their salary can make it easier to manage their finances.

    However, both employers and employees need to be aware of their rights and responsibilities in relation to check-off loans. In many countries, there are specific laws and regulations that govern this type of loan, and it is important for employers to ensure that they are compliant with these laws. This may include obtaining any necessary licenses or permits, and ensuring that the terms of the loan are clearly communicated to the employee.

    There are also potential drawbacks to check-off loans for both employees and employers. For employees, the main disadvantage is that their loan payments are deducted directly from their salary, which can affect their cash flow and make it more difficult to budget. Additionally, employees may not fully understand the terms of their loans and may end up paying more in interest and fees than they anticipated.

    For employers, offering check-off loans can be a time-consuming and administratively intensive process. Employers must negotiate the terms of the loans with the financial institution, manage the payroll deduction system, and ensure that employees are making timely payments. Additionally, there is the risk that some employees may default on their loans, which can create financial problems for the employer

    How check-off loans work

    To obtain a check-off loan, employees typically need to complete a loan application and provide proof of employment and income. The employer then negotiates the loan terms on behalf of the employee with a financial institution, such as a bank or a credit union. Once the loan has been approved, the employer sets up a payroll deduction system to automatically deduct the loan payments from the employee’s salary.

    Check-off loans in Kenya can be used for a variety of purposes, including to cover unexpected expenses, to finance a large purchase, or to consolidate debt. The terms of these loans vary, but they typically have a fixed interest rate and a fixed repayment period.

    It is important for both employees and employers to fully understand the terms of a check-off loan before agreeing to it. Employees should carefully review the loan agreement to ensure that they understand the interest rate, fees, and repayment terms, and should ask questions if anything is unclear. Employers should also ensure that they are able to manage the payroll deduction system effectively and that they are able to handle any potential default issues that may arise.

    Advantages of check-off loan

    There are several advantages to check-off loans for both the employer and the employee. One advantage is the convenience factor. For the employer, offering check-off loans can be a cost-effective way to provide financial assistance to employees without the need for a dedicated HR or finance team to manage the process. For the employee, check-off loans can provide a quick and easy way to access credit, without the need to go through a traditional loan application process.

    Another advantage of check-off loans is that they often have lower interest rates than traditional loans, as they are considered to be low-risk for the lender. This can make check-off loans a more affordable option for employees who may not have access to other forms of credit, or who may have poor credit scores.

    In addition, check-off loans can be a useful financial tool for employees who need to borrow a small amount of money for a specific purpose, such as paying for an emergency expense or making a small purchase. These loans can provide employees with the financial flexibility they need to handle unexpected expenses or make necessary purchases, without the need to rely on credit cards or other forms of high-interest credit.

    Overall, check-off loans can be a convenient and affordable option for employees who need to borrow a small amount of money and can provide valuable financial assistance in times of need.

    Disadvantages of check-off loans

    One disadvantage of check-off loans is that the loan repayments are deducted directly from the employee’s salary, which can cause financial strain if the employee is already living paycheck to paycheck. In addition, if the employee loses their job or experiences a reduction in salary, they may struggle to make the loan repayments, which could lead to default and damage their credit score.

    Another disadvantage of check-off loans is that they may not be suitable for larger purchases or investments, as the loan amounts may be limited. This can be a problem for employees who need to borrow a larger sum of money for a specific purpose, such as a down payment on a house or a business investment.

    In addition, check-off loans may not offer the same level of flexibility as traditional loans. For example, the loan terms and repayment schedule may be fixed, meaning that the employee may not be able to make additional payments or pay off the loan early without incurring additional fees.

    Finally, check-off loans may not be available to all employees, depending on the employer’s policies and the employee’s job status. This can limit the access that employees have to this type of financial assistance, and may make it more difficult for them to obtain credit in the event that they need it.

    Conclusion

    Overall, while check-off loans can be a convenient and affordable option for employees who need to borrow a small amount of money, they also have several disadvantages that should be carefully considered before taking one out.

  • Our Mission to our clients

    The great-souled, Mr. Mohandas Karamchand, once said that the customer is THE most important visitor that a business can ever have. That the whole universe, and by extension, the existence and sustenance of any business, wholly depends on the customer. Without the customer, nothing in a business works, and nothing ever will. Thus it’s our mission to ensure we serve our clients diligently.

    We put you ahead of everything

    In offering our Salary Advance personal loan, we are competing with hundreds if not thousands of firms, and your belief in us means everything to us and is greater than anything we could ever dream of.

    It is a commitment and a rallying call to ensure that we’re at your beck and call to give you the very best that we can offer as a company. For most firms, dealing with customers involves shutting their eyes tightly and drawing deep breaths just to attend to your needs. To them, interacting with you is nothing but obligatory. Something to be done and get over with.

    We, however, believe that it should and, by extension, must be different. For us, this is not an expense but a lofty opportunity to beef up, shore, and uphold a commitment that is integral to our core values and aspirations. Serving you makes us happy. We are willing to do it over and over again because Hela Pesa believes that the real heroes are you, the customer. We, therefore, would like to maintain a relationship with you that goes beyond the Salary Advance Loan.

    We want a relationship that lasts forever because without you, we would not be here and we wouldn’t have our exemplary service team to be at your service.

    Salary Advance is a niche that is almost if not already, flooded by firms and we are cognisant of that fact. We understand that any customer who agrees to do business with us is worth, many times over, their weight in gold.

    As the good professor Theodore Levitt once weighed in, the true purpose of a business is to create and keep a customer, not to make money. Money must come a distant second to how a business must treat its customers. This is because the largest revenue driver in any business is a function of the treatment of its clientele. We believe in the need to put you far beyond and above anything in the firm.

    We believe you are a hero

    In providing you, the customer, with a Salary Advance Personal Loan, we are not merely providing you a loan. Rather, what we are building with you is a relationship. We understand the implications of loaning. When borrowing, one is left somewhat with a feeling of vulnerability.

    We’re here to tell you, though, that that is not the way we view you at all. We feel and believe that we’re building and nurturing a meaningful relationship with you. When you access your Salary Advance Personal Loan, you are a hero, making decisions that will secure your future and those who believe in you.

    In this respect, we aspire not to be merely a vendor of Salary Advance Loans, but instead a partner. We are your partners and we hope and bet on everything that we have that this partnership and friendship will last a lifetime. Vendors sell…things, but partners are with you for life.

    Through the bad and the good, the beautiful and the ugly, the sweetest and the bitterest. Through all of these, a true partner will always be by your side to see you through all events, both in space and time. We want to be this to you.

    We want to be a partner who understands and empathizes, and when the rubber hits the road, there to provide you with a loan to refuel your journey. Our Salary Advance personal loan is an extension of that partnership.

    This partnership with us is something that we could never begin to ever quantify, monetary or otherwise but one that we feel looming large every day, but in a good way, offering comfort and further acting like guidance and beacon to ensure that we offer you the best Salary Advance terms that could ever be offered in the market. In our day-to-day journey, we want to be always there when you need us, providing financial help when you need it.

    One that is like a pillar of cloud by day and a pillar of fire by night, guiding and showing the way ensuring that we not only serve you better but also be loyal to you just as you have been loyal to us.

    You are always important to us

    That is why we are more than happy to go out of our way to build, nurture and maintain relationships that are of massive advantage to both of us. The improvement and refinement of our customer service experience are one of such ways we use to nurture the relationship. We believe we are here to ensure that your life runs as smoothly as possible and that means that promptly resolving your issues surrounding the Salary Advance personal loan adheres to this mindset.

    We believe, and very strongly for that matter, that you, the customer, are not just an important aspect of our business but the only aspect of our business. You are the sole viewport through which we view our business landscape. Without you, we would be nothing but a blind entity. We believe you are our lifeline. The only thing that is keeping us alive and we would also wish more than anything to celebrate you and the trust that you have put in us. We are honored.

    As you head to our website or our app for your Salary Advance Personal Loan, we raise a toast to you and tell you, Asante! for being there for and with us, for believing in us enough to take this financial journey with us.

  • M-Pesa and Hela Pesa Salary Advance: A Smooth Sailing in 2024

    M-Pesa and Hela Pesa Salary Advance: A Smooth Sailing in 2024

    There is a man whose picture is in money. He has half-hippie hair and a ghost smile that makes you think he learned to knit using a walking stick. One day, this man wrote. And said, that the only two things certain in life are death and taxes. He should have added M-Pesa. That old phone logo with the red note in it and the catchy ting ting tone should be the tenth Wonder of the World. Over the years, those old enough have watched M-Pesa grow from a novelty and potentially crazy idea to a great enabler, gracing almost 90% of all financial transactions in Kenya. It has embedded itself into our lives so much that for every two thoughts running through a Kenyan mind, the third must be M-Pesa. It has made life simple, and without it, our commerce would be dry, unlubricated, and possibly painful.

    M-Pesa has changed how people interact with money and as a result, has taken millions out of abject poverty. One way in which M-Pesa has made life easier is that it has brought banking to the palms of the masses. People who could never have access to conventional banking either because they are too far away or banks just don’t like them for some weird financial reasons. It is an iconoclast. It is revolutionary, challenging the status quo and winning big. In this respect, it shares elements with another product that looks to challenge conventional beliefs: Hela Pesa Salary Advance Loan.

    A loan fills the void between human wants, which are almost infinite, and resources, which are very finite. Many quarters have criticized loans and those who use them as short-sighted folks who only think of satiating the immediate. What they fail to understand is that loans offer you on-the-spot solutions that most financial products only dream of. If used properly, loans can offset some of the uncertainties and worries that form the makeup of life. Most loan companies do not understand this.

     You see, conventional loaning requires that you have very complicated relationships with banks. These are frustrating and unrewarding. Hela Pesa understands this and we have worked to give you a seamless way to grow your life without worrying about relationships. After all, most of them are toxic.

    How Hela Pesa Salary Advance is Different

    Hela Pesa Salary Advance Loan strives to be ahead of the pack when it comes to providing a Salary Advance. But we want you to be the engine of that growth. When serving you, we do not just want to be customer-focused. We want to be customer-centric. That is why we are proud that you chose us.

    A Salary loan in Kenya

    A combination of Hela Pesa Salary Advance and M-Pesa makes you legit. These offer you two of the most versatile financial products that are:

    1. Flexible
    2. Affordable
    3. Convenient
    4. Credible.

    Here is why:

    Flexible

    Flexibility is embedded in our core language. You live a fast-paced life, juggling many things at once, and we’re here to subtract your stresses. From needing a loan to taking action and finally getting money into your phone. You do not need to waste any part of your life filling in long forms. Just apply on the app, or our website and within no moment your money will be in your phone. All thanks to M-Pesa and Hela Pesa Salary Advance.

    Affordable

    Most loans come with strings attached. You don’t need that in your life right now. You don’t need to save to borrow. If you had money to save, you wouldn’t need to borrow anyway. All through the application process, from the Hela Pesa Salary Advance Loan App or website that you apply on, to M-Pesa where you receive your money, it is FREE. You don’t pay a single cent.

    Convenient and Credible

    The hardest thing that we know might give you sleepless nights is repayment. But worry not, we understand. That’s why we respectfully deduct it from your checking account. We believe that you are important and for this reason, we would not wish to bother you with trivial phone calls. Further, deducting straight from your checking account ensures that, your credit score is not damaged. Something as trivial as forgetting to make a payment shouldn’t hurt your credit. This makes it convenient for you, in case you want to borrow again, either as a brand-new loan or as a top-up.

    That’s not all…

    From your phone, you can:

    • Pay for your assets
    • Obtain Start-up capital
    • Manage your budget
    • Respond to emergencies
    • Fund your wedding and anything else you can think of.

    Why Choose Hela Pesa

    Hela Pesa Salary Advance Loan is a product that is designed with you in mind. We know that you deserve better. Much better than the dog and pony show that banks put you through to access money that you will pay back anyway. This is the MAJOR reason why you have to make up your mind and put two of the most revolutionary products in your hands. M-Pesa and  Hela Pesa Salary Advance Loan. These two in your hands give you nothing but a big fat peace of mind. On one hand, you can handle all your banking on your phone and never have to hear “Ticket number…counter number 2”, ever again in your life. On the other, you could access your Salary Advance from anywhere straight into your phone without the need to form meaningless relationships. That is what Hela Pesa’s Salary and M-Pesa give you. How cool is that!

    Life is fast, and because of that, you need quick solutions that can cater to your needs quickly and quietly. When you need a Salary Advance, you need service that is not only quick but also versatile, adaptable, and inclusive. Hela Pesa Salary Advance offers that and more. We offer simple but safe and secure loans right there in the palm of your hand. So make the decision today, by registering on our website or App. We promise you will never regret it.

  • Salary advance loan in Kenya

    Salary advance loan in Kenya

    A salary advance loan or simply a salary loan is a short-term loan extended to salaried professionals working in the private or government sector. 

    In general, most loans are pegged on a security that is used to collateralize the amount given out. A salary loan uses the monthly salary of the applicant as both a guarantee and the loan limit you can borrow in a given period.

    Consequently, most salary loans are very short-term. They have a month or less as a payment period and depend on the payment cycle of your employment contract. This can be between a week to a full month.

    Requirements to be eligible for a salary loan

    A salary loan is unsecured, thus the lender does not require any form of collateral from the borrowers. 

    The lender will base their lending decision on the borrower’s salary cap during the period of borrowing. This way the borrower just needs a payslip depending on the lender’s stipulated work period. For example, some lenders require one to have been employed for at least six months before they can borrow on their salary.

    In addition, a company must have a contract or memorandum of understanding (MoU) with the lender before they can issue loans to their employees. 

    It’s always good to check which lenders your company has a contract with to set up a check-off account.

    The check-off system

    A check-off system is an arrangement by which loan repayments are deducted from the wages of the employee and turned over to the creditor of the loan. 

    The check-off system was first adopted by unions to collect their members’ contributions. It worked so well now it has been adopted by various organizations including financial institutions.

    How does a Check-off loan work?

    For a check-off loan to work, first, a financial institution has to have a signed MoU with the employee’s organization. 

    The MoU will allow the organization to collect the loan repayments on behalf of the financial institution through automatic payroll deduction on terms negotiated and signed under the contract.

    In the past, an employee needed to write an authorization letter to his/her employer before being allowed to borrow using a check-off system. But modern technology with the advancement of mobile banking has allowed instant application and approval without the need for permits from an employer. 

    This has supercharged the uptake of salary loans in Kenya over the last 15 years, with the introduction of Mpesa.

    Benefits of a salary loan

    A salary loan can be a great asset when used well. Here are some of its benefits for a salaried profession in Kenya;

    They are unsecured 

    Salary loans are unsecured. This means the lender does not require any security for the loan they issue. Consequently, the loan creditor will base their lending limits on the gross monthly or weekly salary depending on the employee’s pay cycle.

    If an employee resigns with an outstanding loan, the employee will use their back pay as a defaulting measure to repay the loan. 

    This ensures that both the employee and employer are not liable for the loan in case of a default.

    Employees can access emergency funds 

    Check-off loans offer flexible terms thus it’s easier and quicker to access them during an emergency. The quickness in approval of salary advances makes them ideal for use during an emergency. At Hela Pesa, we can approve your loan within 24 hours and disburse your money to Mpesa before the end of the day.

    If it’s a loan top-up, it will be done in less than 5 hours of any given day from the time you apply for it.

    Quick access and disbursement

    Accessing funds quickly is a determinant of how good your lender is. Due to the way salary loans are set up, accessing funds after application should be quick and effortless with the modern banking infrastructure. 

    Mobile banking solutions like Mpesa have made the process more seamless and devoid of bureaucracy that perverts more old-school secured loans.

    Further, a lender with a streamlined application process can process your loan in a matter of hours when all the pre-requirements have been fulfilled. Disbursement is instantaneous with mobile banking.

    Salary based assessment

    Everybody has their abilities and what they are capable of. Salary loans offer one the ability to decide exactly how much they can borrow without red tailing their payslip. 

    By deciding how much of their salary they can commit to a loan, an employee can manage their cash flow better.

    The financial lender can also have an easier time if they are lending to a payslip that is not overloaded with other deductions.

    The largest drawback of a salary loan comes from its greatest strength, it is based on your salary. How much you earn sets the limit on how much you can borrow. 

    Precisely because of this limit, a salary loan is best suited for small, short-term goals that can be repaid within a window of 12 months

    Who is eligible to offer you a salary loan advance

    In Kenya, any financial institution can offer you a salary loan. But there are various differences in how they lend you. Hela Pesa focuses on salaried government employees. We don’t offer loans to private company employees. 

    This does not mean there are no players in the private space. Further from the truth, loan apps in Kenya take care of every sector you can think of so it is a matter of choosing your preferred financial partner.

    Should you choose Hela Pesa, please feel free to register here. We will have you up and running with our app within 24 hours so that you can start borrowing up to KSh 200,000. 

    Conclusion

    So in conclusion, a salary loan is backed by your payslip and is determined by how much you earn in a month or less. It is applicable to both government and non-government employees in Kenya. 

    With so many apps offering salary advances, the choice for Kenyans has increased ten folds and will get better with time. The options are many and you should not hesitate to check them out. In Hela Pesa, we assure you the best service in town and we are willing to die on this hill. 

  • Hela Pesa and the Salary Advance Revolution in Kenya

    Hela Pesa and the Salary Advance Revolution in Kenya

    There comes a time in a human’s life when it is inevitable that they will need help. Financial help to be exact. These are difficult times, especially for ordinary citizens with almost double-digit inflation rates and the price of basic commodities beyond the reach of millions of ordinary Kenyans. During these times, each one of us needs a reliable financial partner who has got your back and won’t turn you down when you need help the most.

    Hela Pesa Salary Advance

    It is in tandem with the above scenario that Hela Pesa Salary Advance personal loan lays its foundation. On the philosophy of a more accessible, reliable, and dignified way when it comes to the availability of credit. Hela Pesa believes that one needs to have a backup in times of crisis and, to be fair, there hasn’t been a crisis like this in a long time.

    Our Salary Advance personal loan boosts your confidence in giving you the power and the knowledge that the door won’t be slammed in your face at the moment of need, setting you apart from the crowd as it goes scrambling around madly, panicking and calling everybody in the phonebook ‘akuangushie kakitu utamsort mwezi ikiisha’.

    Instead, we assure you will always be there for you when the going gets tough, as it more often than not, does.  Instead of the panicked scrambling around, we envision a cool, calm, and collected way, sweat and hassle-free, and painless. We envision you sitting by your phone, tapping your phone calmly knowing that in the end, we will always come through.

    Personal Finance

    Although a Salary Advance is technically defined as a personal loan provided by financial institutions to salaried individuals in borrowing against future earnings, we believe that ours is far superior to what is in the market today. In most cases, this kind of advance is allowed only once on many platforms. However Hela Pesa, through our Salary Advance allows you to borrow multiple times as long as your credit eligibility is intact.

    When you repay your loan, Hela Pesa allows you the leeway to borrow and access our Salary Advance over and over again, ad infinitum. This means that you, as a customer are not restricted at all on the number of times you want to borrow, either as a top-up, or a brand-new loan.

    This, we believe, gives you massive flexibility in planning your finances whilst at the same time giving you the freedom of not being trapped in a vicious cycle of having to depend on your monthly salary alone in making your budgets.

    Also read: A Salary loan in Kenya

    Easy Application

    Hela Pesa is here to make sure that you minimize the number of hassles and headaches that you have to go through in planning your finances. Deep down, we are human and we understand that it’s quite hard, as goings go currently. That is why we are more than willing to be your partner to see you through these tough times. We strongly believe that with our Salary Advance, the possibilities become endless when it comes to spending your money.

    Our Salary Advance package is not restricted to only just emergencies as it has been viewed traditionally. You have the freedom to utilize this loan for any purpose that you feel is right. These include but are not limited to, Holiday and travel expenses, medical expenses, house repairs and renovation, school fees or even starting a side hustle. The list is endless with what you could do with it. The choice is yours.

    Hela Pesa Salary Advance is a personal loan and a salary advance all rolled into one. This gives you massive advantages as our client by offering you the best of both worlds when it comes to credit. One advantage of a personal loan is speed and ease of access to the loan and Hela Pesa is right up there with the best of them if not the best. From registration to application to approval and disbursement, we’ve streamlined the process to ensure that the money gets to your phone as fast as possible.

    We’re here to ensure that your life runs as smoothly as possible and our speed of access ensures that the anxiety and anguish that is more often associated with loan processing is reduced to the very minimum. Our relationship with you, as a client, is defined primarily by how fast we get you the money that you’ve applied for, and we promise that we won’t let you down.

    Ease of Use

    Further, as a personal loan, Hela Pesa ensures that your Salary Advance comes as a lump sum. This essentially means that whatever amount you’ve applied for comes in full. This gives you peace of mind and makes sure that we deliver on your dreams and aspirations as exactly as you envisioned them.

    This makes it easier to start that side hustle that you’ve always wanted to set yourself up financially or buy that dress you’ve always desired or buy her that gift that will bring your romance to its climax. Further, it gives you peace of mind, especially during emergencies, for example, medications that may require fast and lump sum payments. These can be all achieved by the salary advance and our Hela Pesa Salary Advance makes you sure-footed in the slippery road that is money.

    Hela Pesa Salary Advance requires no collateral as a requirement. Unlike traditional loans, our salary advance doesn’t require you to put up your assets to access it. Indeed, unlike other lenders who may also need you to bring in guarantors, Hela Pesa chooses deliberately not to go that route.

    We believe in our clients therefore putting them through hoops to provide credit is not our philosophy. We believe in a working relationship with our clients and an establishment of trust is one of the core ways of establishing that business relationship.

    As a salary advance, on the other hand, our product is thus guaranteed by your government employer. This essentially means that you do not have to go around talking people into backing you when you need a line of credit. For us, your employment says more than enough.

    Once we have an agreement with your employer, that is all the guarantee that we’ll ever need. This gives us an edge and ensures speed in processing your salary advance Accessing our Salary Advance, all you have to do as our client is to furnish us with your details, and voila! That is all it takes to access our products.

    Hela Pesa gives you flexibility and room to choose your credit terms. The amount that you wish to have, the amount of time that it will require you to repay it whether 2 or 24 months it is all in your hands. In further easing your life and especially in repaying your loan, Hela Pesa does all the grunt work for you and simply deducts the amount straight from your check-off account.

    This enables you to focus on the most important and valuable aspects of your life because, frankly, we think that keeping a loan repayment schedule constantly in your mind is not the best way to live your life to the fullest and thus should not be getting in the way of living your life. This, we believe is a win-win for both of us as it gives us both, and especially you, peace of mind. This way when your loan has been repaid, you can borrow again and again to meet your needs and achieve your goals.

    In line with being the best Salary Advance provider in Kenya, we offer a website where you can register for free. No upfront fees or membership fees are applicable. Further, we provide what we think is the best loan app for a Salary Advance loan in Kenya. The Hela Pesa Loan app gives you the ability and authority to take matters into your hands. In addition to application and disbursement, you can track the performance of your loan, schedule your repayments, apply for a top-up, and so much more.

    Part of being a good business partner involves excellent customer relations and that is one of the many fields in which we excel. We recognize that you, the customer are the most important cog in our business. We have therefore pulled all stops to ensure that our interaction with you brings you back again and again. We operate on all platforms, whether on the phone, via email, or via chat to ensure that all your questions are asked. We pride ourselves on being the best by ensuring that you get nothing but the best.