Urgent Mid-Month Liquidity
FOSA SALARY ADVANCE
Quick Cash Advance Between Regular Paydays via FOSA Processing
FOSA SALARY ADVANCE
FOSA Banking
Interest Rate
6% on reducing balance
Repayment Horizon
10 months
Borrowing Limit
Determined by Net Pay
Annual Equivalent
Short-Term Advance
Product Name
FOSA SALARY ADVANCE
Interest Rate
6% on reducing balance
Repayment Period
10 months
Security / Multiplier
Determined by Net Pay
Purpose & Description
The purpose of a FOSA salary advance is to provide a member with short-term financial liquidity to cover urgent or unexpected expenses between regular paydays. These advances are typically granted to members whose salaries are processed through the Sacco's FOSA (Front Office Service Activity) account, allowing them to access funds quickly.
Features & Qualification Criteria
The following are the exact mandatory specifications for FOSA SALARY ADVANCE:
i) Applicant must be a SACCO member.
ii) The salary should have been processed through the SACCO FOSA for at least one month.
iii) The amount to be given is determined by the net pay of a person.
iv) Provided two guarantors and one witness.
v) One latest original pay slip.
Frequently Asked Questions
How many guarantors are needed?
Only two (2) guarantors and one (1) witness are required.
Apply for FOSA SALARY ADVANCE
Please Visit Chuka University SACCO to Apply
To apply for the FOSA SALARY ADVANCE, please visit our Chuka University SACCO Main Office to complete the official loan application form and submit your supporting documents (guarantor forms & payslips) with our credit desk.
Office: Chuka University SACCO Offices, Main Campus
Telephone: +254 772 689 460
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.