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Salary Advance Loans

When an emergency arises, it’s crucial to have quick access to cash. Avoid the predatory nature of payday loans with an alternative option from SECU.

Obtaining a salary advance

If you receive your paycheck via direct deposit in one of your SECU accounts, you may be eligible for a Salary Advance Loan.1 A Salary Advance Loan can provide advances up to $500 that will be directly deposited into your account.2,3 The loan is open-ended, so you can continually access money as payments are made on your payday and only pay interest on what you use. The interest rate is variable, meaning it is subject to change.4,5

  • Maximum loan amount of $500 per pay period based on the amount of your direct-deposited paycheck

  • Advance funds through Member Access, our Mobile App, or ASK SECU, our automated voice response system that allows you to perform transactions using voice commands3

  • No origination or loan advance fees

  • Salary Advance Cash Account established to help save for the future6

  • The loan interest rate decreases once the account balance reaches $5004,5

Understanding your loan advance

With each loan advance, a percentage of the advanced amount is deposited into your Salary Advance Cash Account to help you save for the future. Funds in the Cash Account belong to you and earn dividends. Cash Account funds are held as collateral for your Salary Advance Loan and can only be accessed under certain conditions.6 The advanced loan amount, plus any interest, must be repaid in a single payment via Funds Transfer from an SECU account on your next pay date.

Cash Account balanceLoan APR4,5Cash Account deposit
Less than $50017.00%5% of loan advance
$500 or more10.50%None