A Salary Loan (SAL) is a type of short-term loan with no interest, offered to customers who use LOLC’s payroll service, without requiring any collateral. This product is intended for employees of NGOs, companies, or enterprises using LOLC payroll services, such as:
- Individuals are currently employed.
- Individuals need short-term financial.
- Individuals seeking quick and easy loans without collateral.
Key Principles
- Loan Size: Up to 70% of the minimum net salary for the last 3 consecutive months but not exceeding USD 2,000 (or equivalent in KHR). No interest is charged, but a loan approval fee applies.
- Loan Term: From the disbursement date to the customer’s next payroll date, not exceeding 1 month or 31 days and the repayment method as follows:
- 1 time salary credit a month: Full repayment will be automatically deducted on payday.
- 2 times salary credits a month: Repayment will be split into two deductions on each payday.
- Re-loan: Allowed only after full settlement of the previous loan.
- No co-borrower or guarantor required.
#666B, Street 271, Kbal Tumnub Muoy Village, Sangkat Boeng Tumpun 2, Khan Mean Chey, Phnom Penh, Cambodia.
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