This is a special cash advance facility based on salary. It is available to all members who channel their pay via FOSA.
➢ Interest of 5% per month on reducing balance.
➢ Loan recovery period up to a maximum of 6 Months
➢ The monthly repayment is deducted from the salary payouts.
➢ The member can access up to 80% of his net pay
➢ No waiting period
➢ The member signs irrevocable instructions to have their salary pass through FOSA
➢ The member can apply for the loan online
➢ Incase of default the loan balance is recovered from member deposit