Salary Advance
Funds advanced to cover emergency and unforeseen expenses and expected to be recovered from the same month’s salary. Also known as pay day loan or a cash advance.
Target Market:
- Salaried employees whose employers have accounts with BOA.
- Salary account holders whose employers are pre-approved by the bank.
Benefits:
- It is a short term unsecured cash advance aimed at meeting a shortfall within the month.
- Reduced processing period.
Requirements:
- One must be a confirmed permanent employee with a monthly income.
- Salary advance not to exceed 50% of net monthly income.
- Salary advance to be repaid within one month i.e. on the next pay day (For more senior staff, we could consider three months repayment on a case by case basis).
- Employer’s confirmation of employment terms and commitment to send the staff’s salary to BOA.
- Applicant and/or employer to have ran an account with BOA for at least three months.
Documents required:
- Three months’ payslips
- Letter from employer
- Salary Advance application form