This is a special cash advance facility based on salary. It is available to all members who channel their pay via FOSA.
- Interest of 5% per month on reducing balance.
- Loan recovery period up to a maximum of 6 Months
- The monthly repayment is deducted from the salary payouts.
- The member can access up to 80% of his net pay
- No waiting period
- The member signs irrevocable instructions to have their salary pass through FOSA
- The member can apply for the loan online
- Incase of default the loan balance is recovered from member deposit