Salary Advance Loans

If you have an emergency need for cash and receive your paycheck via direct deposit into one of your Credit Union share or deposit accounts, you may be eligible for a Salary Advance Loan.1 Our Salary Advance Loan is a variable rate, open-end loan that allows for advances up to $500 based on the amount of your direct-deposited paycheck.

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Loan Specifications

  • Maximum loan amount of $500 per pay period
  • Advance funds through our online services or automated Voice Response System2
  • No origination or loan advance fees
  • Loan interest rate decreases once the Cash Account balance reaches $500

Understanding Your Loan Advance

With each loan advance, a percentage of the advanced amount is deposited into a 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.3 The entire advanced amount plus accrued interest must be repaid in a single payment via Funds Transfer from an SECU share or deposit account on your next pay date.

Cash Account Balance
Loan APR4,5
Cash Account Deposit
Less than $500
%
5% of loan advance
$500 or more
%
7% of loan advance

How to Access Your Funds

If you have an existing Salary Advance Loan, process a real-time loan advance for immediate access to funds.2
1 Members must be 18 years of age or older to be eligible for lending services. Lending is limited to residents of North Carolina, South Carolina, Georgia, Tennessee and Virginia.
2 To advance funds, you must have agreed to the terms of our Online Services Agreement, and your loan must be accessible through your online services and authorized to perform online loan advances.
3 A Credit Union Financial Services Officer must approve all withdrawals from the Salary Advance Cash Account. A withdrawal of funds from the Salary Advance Cash Account may result in a one-year suspension of borrowing privileges on the Salary Advance Loan.
4 APR = Annual Percentage Rate. APR is the cost over the loan term expressed as a rate.
5 Variable rate. The APR is calculated by adding the index rate to the loan margin. 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 0.25%. When the Salary Advance Cash Account balance is equal to or greater than $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 APR cannot increase by more than 1% each quarter over the previous quarter and cannot exceed 18%. This product is subject to a minimum index rate of 0.25%.