Non-Payroll Loans
Unlock Your Financial Potential with Mikalo Finance: Loans Beyond Income. Discover flexible financing options from Mikalo Finance that go beyond traditional payroll or salary-based loans.
REQUIREMENTS
KYC documents for applicant
Proof of regular income
6 months bank statements
No adverse information on your CRB report
Security (landed property or motor vehicle)
Personal Credit – Corporate payroll
Mikalo Finance Services provides short credit facilities to employees of Companies that enter into a Memorandum of Understanding (MOU) for payroll deduct loans with MiFi. We offer superior service with a short turnaround time. The process is simple, and fund are disbursed within 5 minutes of a complete application being received. The funds are collected via monthly payroll deductions from the employer company.
KEY FEATURES OF OUR LOANS
Short term in nature, meant to finance short term needs that banks typically do not finance.
Loan repayment period is from 1 month to 36 months
Top ups available after 3 months of performance on initial loan
No collateral required
Early loan repayment allowed
Loan size depends employee’s salary and tenure of loan
Our standard affordability criteria are that the employee should remain with at least 40% of Gross pay as take-home pay after all statutory, employer and third-party deductions.
HOW IT WORKS
MOU Signed between Employer and MiFi
- Employer agrees to facilitate Mikalo Finance Loan deduction from payroll
- Employer agrees to remint deduction schedule and payment to Mikalo
Employee Application
- NRC
- Three(3) latest pay slips
- Preapproval document form HR/Finance
- Three(3) latest bank statements
- Introductory letter
Review of Application
- Check that employees pay is within MOU conditions
- Credit reference Bureau check
- Reconfirms employment status
- Loan approved
- Loan disbursed within 5 minutes
Month End Repayment of Loan
- Mikalo Finance submits loan repayment schedule on agreed date
- Employer upload deductions on payroll
- Employer transfers consolidated deductions with deduction schedule to Mikalo Finance
- Mikalo Finance uploads repayments on system and loan is fully paid off
Instant Salary Advances
Mikalo Finance services provide short term credit facilities to individuals in formal employment. We offer superior services with a short turnaround time. The procedure is simple and straightforward in addition funds are disbursed within the short around time of 30 minutes or less upon successful completion application forms. The funds are collected at the end of the month through direct Debit and Credit Clearing (DDACC ) payment system.