SAL Loans is the first of many features added to SAL Pay, which allows employees to instantly borrow money from a variety of lenders. Loans do not require approval, and funds borrowed are immediately credited to the employee’s SAL Pay account, which can then be withdrawn. Loan repayment is automatic, and will be deducted from the employee’s next salary disbursed through SAL Pay.
Currently, employees can borrow amounts of 500, 1000 and 1500 PHP, and can only borrow if it is 5 or less days before their next salary disbursement. Employees will be charged a small service fee, and this will automatically be deducted from their SAL Pay account along with loan repayment when their next salary is disbursed. Employees will be notified via email when they have successfully borrowed money, and when the loan has successfully been repaid.
Employees will only be able to borrow money in the following cases:
- The employee does not have an active loan. SAL Loans only permits one loan at a time.
- It is less than 5 days before the employee’s next salary disbursement
- The employee does not have a termination date within the next 30 days
- The employee has had at least 2 salary disbursements via SAL Pay
Instant Loans is the first loan product we have on offer. Additional loan products will be available soon.