FAQs on Market Place Loan

Frequently asked questions on the market place loan

1. How does the loan work?

To get a loan, you will be required to apply via your Payroll Employee Self-service (ESS) dashboard.

Your application will be reviewed and can either be approve or declined.

When your loan application is declined, you will be provided with reasons why it was declined. When you meet the requirements for the loan, you can reapply.

When your loan application is approved, you will get the approved amount in your designated bank account. You will then repay the loan, with interest, in equal monthly installments for the length of the loan.

2. How do I access my Payroll Dashboard?

If you have not gotten an email to create a password on SeamlessPayroll, kindly contact HR.

If you had created a password, but you cannot remember it, click on the forgot password link on the SeamlessPayroll login page to reset your password and create a new one.

3. How Much Money can I Borrow?

For Term Loan, you can borrow up to a maximum of #10 million subject to the value of your net monthly salary.
For Flexi Loan, you can access up to N5million subject to value of your salary.
For Salary Advance, you can access maximum of N1million subject to 50% or 75% of your salary or value of accrued earned wages respectively.

The minimum loan that can be borrowed is #5,000.

4. How Long Can I Borrow Money for?

You may only choose a loan tenor ranging from 1 month to 12 months. The tenor of various products are detailed below:

Salary Advance: 30 days or upon receipt of next monthly salary, whichever is earlier.
Flexi Loan: Maximum of 3 months
Term Loan: Maximum tenor up to 24 months

5. What Determines Eligibility for the Loan? Do I need any Documentation?

You may only apply for either a Flexi Loan or Term Loan if you are a confirmed staff of organization on the payroll service of SeamlessHR.

Salary Advance requires that you would have worked with your current employer for at least 2 months.

If you have an ongoing disciplinary process or you are exiting the company, you will not be able to get a loan.

If you have active loans in other financial institutions and you have been reported as non-performing on those loans, you will not be able to get the loan.

6. How long does it take to get the Loan?

The loan application will typically not take more than 2 minutes to complete. Upon acceptance of the offer and terms and conditions, you will get the money in your account instantly.

7. How will the Loan Affect My Salary?

Your loan repayments will be automatically deducted from your salary until the loan term is completed.

The monthly loan repayment shall not exceed one-third of your net monthly salary.

8. Can I Pay Off My Loan Early?

If you have an active loan and will like to pay it off early, contact loansupport@seamlesshr.com .

9. How does Interests Work?

Flexi Loan and Term Loan attract an interest of 24% per annum. This means that you will pay an interest of 2% per month.
Salary Advance attracts a flat interest rate of 4% of loan amount per month.
Term loan attracts 1% administrative charge and 1% insurance charge.
Flexi Loan attracts 1% administrative charge and 0.5% insurance charge.

10. I received a mail with the subject “ You are now eligible for multiple loans on SeamlessHR”. What does it mean?

Answer: This speaks to the employee's ability to take more than one loan provided that they have taken all their maximum eligible amount in the first loan.

For example, if the maximum amount is 2000 and the first loan application taken is 1000. Then you can take another 1000 loan.

11. Employee got an error message of ineligibility due to debt to income ratio while trying to apply for loan
Answer: The error message means that the employee have a pending loan repayment which is up to 33% of the employees’ salary. The employee can either reduce the amount they are trying to apply for or liquidate the pending loan then retry.

12. I am unable to apply for a new loan after getting an email that I can apply for more than one loan at once.

Answer: Make sure you have not taken your maximum eligible amount in the previous loan application and if you get the error message “you eligible due to debt-to-income-ratio” try to reduce the amount you selected.

13. Is the loan service directly given by Seamless? or is it the organization I work with?

Answer: Yes, the loan is given directly by SeamlessHR.

14. Will the deduction show in my payslip?

Answer: Yes, the deduction is meant to show on the employee's payslip.

15. Per my current pay, which I believe you will have access to on your platform, what's the amount of loan that I am eligible for?

Answer: Please note that this is automated, you will have access to this information once the company is registered on Marketplace, depending on the Loan type selected.

16. I am unable to ascertain what exact amount to be paid back per time. I only saw the % interest rate

Answer: When applying for a loan, employees can view their loan repayment plan.

For monthly repayment, the total paid is the interest plus the principal which is already calculated for you on Marketplace, except in the case of loan liquidation.

17. I want to apply for salary advance and when I click on take this loan the system pop up "employee belongs to a company which has payroll batch" thus denying applying for loan. What is the solution?
Answer: This implies that your company has completed payment twice for the month. Kindly contact the HR Admin within your organization for further assistance.