Salary Advance Loans

The Credit Union offers a Salary Advance Loan program that includes an inexpensive, convenient loan along with a Salary Advance Cash Account to assist you in saving for the future. Lending is limited to residents of North Carolina, South Carolina, Georgia, Tennessee and Virginia.

Salary Advance Loan

  • Maximum ceiling of $500
  • APR1 based on Salary Advance Cash Account balance
    If account balance is less than $500: % / Salary Advance Loan APR1, 2
    If account balance is equal to or greater than $500: % / Salary Advance Loan APR1, 2
  • 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
  • Members must be 18 years of age or older to be eligible for lending services

Salary Advance Loan - Cash Account

  • Required deposit to the Salary Advance Cash Account:
    5% if the balance in the Salary Advance Cash Account is less than $500
    7% if the balance in the Salary Advance Cash Account is equal to or greater than $500
  • Once the balance in the SALO Cash Account reaches a $500 balance, the interest rate on the SALO loan will be decreased
  • Belongs to you and earns interest; however, access will be restricted3

Obtain a Loan Advance from an Existing Loan


For an existing Salary Advance Loan, process a real-time loan advance for immediate access to funds.

1 APR = Annual Percentage Rate.
2 Rate subject to change. The APR cannot increase by more than 1% each quarter over the previous quarter and cannot exceed 18%. The APR is calculated by adding the index rate to the loan margin. When the Salary Advance Cash Account balance is at least $500, the loan margin is 5.25%. When the Salary Advance Cash Account Balance is less than $500, the loan margin is 11.75%. The index rate is the 26 week Treasury Bill Rate set at the first auction held on or after the 15th day of the second month of the previous quarter adjusted up to the nearest ¼%. The index rate cannot be less than 0.25%.
3A Credit Union Lending Officer 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.