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Salary advance loans letter
When emergency circumstances come into our lives, we are more likely to carry out rash actions to find the needed money. Some people tend to take payday loans even with an average credit score. But some lenders will charge you extra and make it only worse.
The best alternative to such unreliable methods is a Salary Advance. With this type of loan, you will be able to repay your debt safely and fastly. Moreover, salary advances give you an opportunity to make beneficial savings and may be found in your local credit union.
Salary advance loans nigeria
Salary Advance by itself is a newly introduced financial option that lets you have your salary earlier than the official payday set by the employer. It is presented by the wage advance companies and lets you borrow money from your own salary by just taking it gradually, as you earn it, and not as a single paycheck.
Here are the distinctive features of the Salary Advance loan:
- By having the loan approved, you also get access to financial counseling along with the savings account, to which the funds transfer is made
- The maximum loan amount is 500 dollars throughout one paycheck period
- It includes no fees at all
- Interest rate percentage decreases each time the deposit sum is covered
- Free all-day access and self-serve of the account
- To be eligible to take the advance, an employee should be not less than 18 years old
However, each withdrawal should be discussed with a credit union officer. It is a drawback of a salary advance loan, yet it helps to monitor your funds balance. Taking the cash away without letting the officer know may cause a one-year delay in your borrowing privileges. As follows, you should make a request each time you want to take out some cash.
Salary advance meaning
With each new loan advance, some part of the advanced payment is converted into a deposit for your savings account. You will have access to these funds in the future, which is very helpful since the loan terms help you save this money and be able to use them. Thus, your account gives you stable dividends, which improves your balance.
Talking about the APR and required deposit, since each loan has to be no more than 500 dollars each month, you have to commit investments to cover the borrowed sum. If the salary advance cash account balance is less than 500 dollars, the APR equals 12%, and the cumulative percentage for the initial deposit comes to be only 5%.
In contrast, when you have more than 500 dollars, the APR decreases to 5.50%, and the deposit comes up to 7% of the loan advance.
Your Salary Advance Cash Account
In addition, your salary advance cash account is not so easy to access since the funds work as collateral for the advance loan at the same time. It is a guarantee that the accrued interest and the amount of the initial loan will be repaid. Also, note that the payment should be produced on the established pay date and by one payment process.
Salary advance memorandum template
You have to remember that there is no access to the accumulated salary advance. And even if the request to withdraw funds is accepted, the borrowing privileges will be delayed for about a month.