- BACK TO: LOAN
Rapid Salary Loan
This is short-term finance designed to meet the personal needs (i.e., emergency, unforeseen bills, or special occasions) of permanent salaried workers of well-established private companies.
Loan Information
Features & Benefits:
Requirements:
Features & Benefits:
- The facility is granted to only confirmed staff whose salaries pass through the bank or other recognised financial institution.
- Applicant to pay loan form fee of GH¢20 and processing fee of 4% of principal.
- 4%-5% interest charge depending on risk profile of employee and employer.
- Loan tenor is 4-12 months.
- Maximum loan amount is GH¢10,000 (unsecured) and GH¢20,000 (secured).
- Collateral for secured loan includes vehicle, land, cash, and household items.
- Loan repayment via monthly source deduction, post-dated cheques, or direct debit from the customer’s account with RapidLink
- Monthly loan repayment shall not exceed 40% of the applicant’s disposable income.
- Past due penalty charge of 4% per month.
Requirements:
- 2 passport-size photographs
- Proof of confirmation of employment
- Recent 3 months’ payslips / salary advice & salaried bank account statement
- Suitable guarantor (1 passport-size photo, ID card, 3 months’ payslips & bank statement)
- Both employer and employee shall sign an irrevocable letter of undertaking