Checkoff Loan
Short-term financing for employees of companies with a checkoff arrangement with Wemma Fintech.
ABOUT CHECKOFF LOAN
- Wemma Fintech partners with private companies to allow their employees access convenient and affordable loans.
- Monthly loan repayments are deducted directly from the salary by the HR and remitted to Wemma Fintech.
- This loan facility is accessible to employees of companies that have a check-off arrangement with Wemma Fintech.
CHECKOFF LOAN FEATURES
FINANCING
Up to a third of your net salary
LOAN LIMIT
Up to Ksh. 300,000
LOAN PERIOD
Up to 3 Months Period
INTEREST RATE
9.5% Per Month
PROCESSING
Within 2 Hours
CHECKOFF LOAN REQUIREMENTS
The following documents are required to to apply for a salary advance loan:
- 1. Copy of National ID – Front & Back sides
- 2. Passport Photo/Selfie
- 3. KRA PIN Certificate
- 4. Last 1 month payslip
STEPS TO APPLY
1. LOAN APPLICATION
Fill in the online application form.
2. LOAN APPRAISAL
We will determine how much you qualify for.
3. CALLBACK
We will give you a call to let you know how much you qualify for and your monthly repayment amount.
4. DISBURSEMENT
We will send the loan funds directly to your Mpesa.
Apply For A Checkoff Loan
Fill and submit the appropriate form and we will reach out to you asap!
Frequently Asked Questions (FAQs)
How long does it take to receive the funds?
Once the application is received and all documents are submitted, we aim to disburse the funds within 2 hours to your Mpesa.
How will i know about the details of my loan?
Before we disburse the funds to you, we will give you a call and explain to you details about your loan including the approved amount, loan fees, take-home amount and repayment dates. We will also share with you your loan schedule via WhatsApp upon request.
Will my limit increase if i pay my loan well and finish in time?
The loan amount you qualify for is determined by your salary. As long as your salary can afford a higher limit, we will be happy to approve a higher loan amount.
What happens if i leave the company before repaying the loan in full?
Your terminal dues will be used to repay the loan. Your employer will not be obligated or liable for paying the balance beyond the terminal dues. The loan obligation lies fully with the borrower. If you still have a loan balance, we will work with you to establish an alternative repayment arrangement.
Can i save with Wemma Fintech?
Unfortunately not. We are a lending only microfinance. We are not licensed to take deposits or savings.