Salary Advance

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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.


  • It is a short term unsecured cash advance aimed at meeting a shortfall within the month.
  • Reduced processing period.


  • 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

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