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.
Salary Advance Loan Specifications
- Maximum ceiling of $500
- APR2 based on Salary Advance Cash Account Balance
- If Account Balance is less than $500: %3 Salary Advance Loan APR2, 4
- If Account Balance is $500 or greater: %3 Salary Advance Loan APR2, 4
- 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.
Salary Advance Cash Account Specifications
- 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
- 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 $500 or greater
- As the balance in the Salary Advance Cash Account increases and reaches a $500 balance, the Credit Union will decrease the interest rate on 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.
- Lending is limited to residents of North Carolina, South Carolina, Georgia, Tennessee and Virginia
In addition to the "Cash Account" information and advice on topics such as money management and credit is available through a partnership with
. This financial counseling service is available to you at no cost.
1Loan must be pre-approved for online advances, in good standing, and accessible through Member Access and/or ASK SECU. To request your loan be made accessible through
Member Access and ASK SECU, send a secure message via Member Access or call the Contact Center.
2 APR = Annual Percentage Rate.
3 Rate subject to change. The APR cannot increase by more than 1% each quarter over the previous quarter and cannot exceed 18%.
4 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%.