This plan is for persons that is employed and has an urgent need for cash to cover unexpected event and that the repayment can be by salary deductions. This plan has its best advantage where the borrower is willing to place some of his/her elective expense on hold to facilitate a short term payback on these advances. The usual security/collateral requirements are relaxed in favor of salary deductions by the employer as an assurance to the loan pay-back.


  • No security* required
  • Low interest rate possible as low as 1% approximately
  • Borrow up to 10% of annual gross salary
  • Salary deduction
  • Bank standing order (if wages is paid to a bank account)


  1. Letter from employer stating
    1. Confirming personal particulars of the employee
    2. How long the person has been employed there
    3. Whether temporary or permanent employment
    4. Proof of weekly/monthly/yearly salary
  2. Maximum loan is 10% of gross salary will be lent subject to the applicant
    demonstrating a maximum need, in which case the ceiling will be adjusted down
  3. The employer must be a stable company that have been around for five (5) years
    or more
  4. The monthly payback target (calculated weekly with no compounding if paid on time) must be forty (40%) percent of the monthly net of outstanding deductions from salary*
  5. The monthly payments must be by way of salary deductions and or by way of
    a bank standing order if the company pays salary directly to the staff bank account

OBF Imperatives

1. Time is important, both that of the applicant and Company’s so quick processing is very essential to keep the same day loan slogan a reality. Walk the applicant right into a screening session (filling out of applications can wait) and with the aide of a the loan calculator and on an average time of no more than ten minutes the client should be in a position to know if a loan is possible at a cost beneficial plan

2. If a grant of loan is possible to the client the next steps are

  • loan application form to completed,
  • check-list ticked-off ones of requirements given to the applicant for providing things as required
  • including a salary deduction form/bank standing order,
  • confirm residency by way of field visit,
  • confirm references given with a phone call,
  • confirm employment,
  • verification of employer as a stable company,
  • prepare documentation ahead of time
  • and Head Office cheque clearance requirement.

3. It is very important at the onset that the credit officer makes the applicant in discussion fully aware and told of the importance of not only making their payments on time as the way to enjoy the best interest rates and cost benefits but a listing of all established points to make payments

4. If there is an award of Cash-Back there must be a clear explaining to the applicant how it is applied that they are in the know as to how to extract maximum benefit

5. A systematic processing of applicant and documentation accurately completed will aid to maintain the Same Day Loan advance and reduce applicant frustrations