There are many benefits of taking a salary loan, these include no credit check, waving of upfront fees, easy application process, and quick accessing and transfer.
When you talk of salary loan, this can often refer to borrowing usually from your employer. it is utilized for sudden and short-term needs such as lack of tuition fee funds for children, house repair, and simply any occasion as needed.
This term can also refer to loans offered by certain banks and money lenders. The requirement by them is usually that the employee has a contract of employment or civil service status and be employed in an acceptable position with their employer. Their salary is account has a hold or deposited in the bank where the lenders can get repayment.
Salary loan in Sri Lanka
A salary advance loan in Sri Lanka is a fast and easy loan to bridge expenses until the next payday. This helps professionals in particular to ride over a short difficult period. Not only is the loan disbursement swift and easy but the documentation required is usually minimum. For an individual with a full-time employment, producing the relevant documents is a matter of a few minutes.
How to get Salary Advance
Often this loan on salary would require documentation pertaining to the salary and employment status. Also, the borrower should be aware that missing a payment or making a late payment can negatively impact your credit score. To protect avoid this and protect your credit history, make sure you only accept loan terms that you can afford to repay. If you feel that you cannot make a payment on time, you should contact your lender immediately and discuss how to handle the late payment.
In the current day and age, FinTech platforms are leveraging technology to deliver flexible loan products that enable salaried professionals to gain financial flexibility.