Hela Pesa Salary Loan

Tag: salary advance loan

  • 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.

  • Simple financial tips to keep in mind this festive season

    Simple financial tips to keep in mind this festive season

    Personal, according to the Advanced English Dictionary, means something that affects or concerns a particular person in their private life and personality. Since the topic of this blog involves the word personal and finance it thus means that when it comes to the management of personal finance, you get the last word. What you do with your money is your business, and thus out of the privy of the general public since personal finance is, well, personal.

    But since the moment humans learned to communicate through language, advice has been more or less bundled into that communication. Thus, although personal finance is, well, personal, I could tell you a thing or two that I feel you could adopt to ensure that you manage your finances to provide maximum utility.

    Skills You Need talks of personal finance as involving being aware of your position financially and then undertaking steps to ensure that you have meaningful outcomes that you can be proud of in the end.

    Some things that you could do to manage your finances better might include:

    Be aware of the limits of your income

    Money is a resource. And like all resources used in satiating limitless and sometimes needless human wants, it is scarce, for scarcity is what confers value and thus utility. However, this last one is highly subjective. Thus, this scarcity dictates that money should be managed prudently and effectively to provide the highest utility values.

    Since they pay you in currency, which is money, it means that what they pay you is probably not enough to cover all the exposed parts of your financial anatomy. This, therefore, means that you must know how far you can stretch your income before it snaps and hit you right between the eyes in the form of debt. To avoid the embarrassment of debt, you must be able to prudently manage your money, ensuring that you exercise financial brevity for brevity is the soul of wit. Using your money correctly will make the world see you as a smart person indeed.

    Save whenever and wherever

    A lot of literature, both online and offline extolls the virtues of saving. Saving refers to the act (you must do it, not just think about it) of setting aside some portion of your income to cover unprecedented outcomes, mostly negative, in the future or to accomplish a given task in the future. On the battle of whether you should save before or after, I do not know enough to actually form an opinion. Do as you see fit.

    Now, saving has been difficult even in the best of times, and now with the advent of Covid-19, the level of difficulty is far above the reach of most ordinary folks. This smacks true for us in Kenya, where inflation is in a hurry to reach its teens while wages, not in a hurry to catch up, are sticky flowing with the grace of bitumen. It barely moves and if it does you never see or feel it.

    Evil, as Stephen King says, has a way of popping up full-blown and ready to go. Saving, which is the direct opposite of evil (that title goes to wastage), takes time, slowly dragging itself into use. But like all things good, the pain usually comes before the gain. This means that no matter what happens, you must strive to save.

    But like all things in life, you cannot plan for the future and sometimes misery brings along its distant relatives into your life to keep it company. Sickness and other crazies can wipe out your savings no matter how prudently you save. If this happens to you, head over to our website or download our app for a quick salary advance to sort yourself out in case your savings run out. We got your back.

    Try to invest

    Investment, an offshoot of savings, is the act of purchasing assets, which might be in the form of land, for example, to earn a return on the money you invested. The sole aim of investing, as opposed to saving, is to increase an individual’s wealth.

    To better manage your finances, you are better off if you learn to invest prudently. One of my favorite lines in investing is by Warren Buffet, the CEO of Berkshire Hathaway. He said, “I do not look for six-foot poles to jump over, but rather one-foot sticks to walk over”. This means that it doesn’t have to be complex. But like all things good, investment can be difficult and mind-boggling at first. Dogged determination can get you far, and might go a long way in helping you dodge the glaring blunders that novice investors make. Time spent on the internet, or on books will go a long way in helping you figure out the best investment vehicle.

    However, if it’s all a conundrum to you, you can look for brokers and do your investments through them for they might be well versed in these matters. Remember, the goal is to invest.

    Have an Extra Income

    This might not be traditional in the financial management camp, but extra money has never hurt anyone. My thinking might be convoluted, but sometimes money can be so tight that no matter how prudently you manage it, it just never cuts it.

    To loop around this, I think you should look for extra income if you can get it, that is. A side hustle will give you the peace of mind to better manage your affairs, for that too is the purpose of financial management. This side hustle, be it a business or a skill that you’re good at, will provide that extra oomph you need to live comfortably.

    If you need funds to start your side hustle, you could head over to our website or download our app to get funding to unlock your potential.

  • 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.

  • 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.