Salary Loans
Talem Credit provides short-term credit facilities to employees of Companies that enter into a Memorandum of Understanding (MOU) for payroll deduct loans with Talem Credit. We offer superior service with a short turnaround time. The process is simple, and funds are disbursed within 24 hours of receiving a complete application. 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 6 months
- Top-ups available after 3 months of performance on the initial loan No collateral required
- Loan size depends on the Employee’s salary and tenure of the loan approves facility
- Our standard affordability criteria is 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 Talem Credit
a) Employer agrees to facilitate Talem Credit loan deduction from payroll
b) Employer agrees to remit deduction schedule and payment to Talem Credit
Employee Application
a) Three (3) latest pay slips
b) Preapproval document from HR/Finance
c) Three (3) latest bank statements
d) Introductory letter
Talem Credit Review of Application
a) Check that employees’ pay is within MOU conditions
b) Credit reference Bureau check
c) Reconfirms employment status
d) Loan approved
e) Loan disbursed within 24 hours
Month End Repayment of Loan
a) Talem Credit submits loan repayment schedule on agreed
b) Employer uploads deductions on payroll
c) Employer transfers consolidated deductions with deduction schedule to Talem Credit
d) Talem Credit uploads repayments on the system and the loan is fully paid off
You can start your application here
Click button below, Fill in the form and we shall get back to you within the shortest time possible