It's happened to just about everyone; an emergency comes up and you
need a quick loan until your next payday. The Credit Union offers a Salary Advance
Loan program designed with you in mind. The program includes an inexpensive,
convenient loan along with a Salary Advance Cash Account to assist you in saving
for the future.
Each time a loan advance is processed, five percent of the advance will be placed into
the "Cash Account" and pledged as collateral for the Salary Advance Loan. The Salary
Advance Cash Account belongs to you and earns interest; however, access will be restricted.
A Credit Union Lending Official must approve all withdrawals from the Salary Advance
Cash Account. If a withdrawal is approved, borrowing privileges on the Salary Advance
Loan may be suspended for a period of time.
In addition to the "Cash Account" information and advice on topics such as money
management and credit is available through a partnership with
BALANCE. This financial counseling service is available to you at no cost.
Salary Advance Loan Specifications
Maximum ceiling of $500
% APR
No fees
Balance plus accrued interest must be repaid via Funds Transfer from an SECU
deposit account on the next pay date.
Members must already have their paycheck on direct deposit with SECU.
A Salary Advance Cash Account will be established for every Salary Advance Loan
or advance to provide a means to save money easily and end the payday-to-payday
cycle.
You can apply for a new Salary Advance Loan or request an advance on your
existing loan in Member Access. Our
application form
can also be completed and provided to your local branch or to the Call Center.
