Emergencies happen. Maybe you need a quick loan until your next payday. Our Salary Advance Loans are an inexpensive way to help.
Developed as a low-cost alternative to payday lenders, the Salary Advance Loan gives you the loan you need plus a savings account and financial counseling access to help those who are in a monthly borrowing cycle.
To help you begin saving for the future, a Salary Advance Cash Account is established for every Salary Advance Loan and serves as collateral for the loan.
There is a required deposit to the Salary Advance Cash Account as follows:
The Cash Account annual percentage rate (APR) is based on the balance in Salary Advance Cash Account and 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 1/4%. The index rate cannot be less than 0.25%.