Next pay period

Loan amount

Maximum of $500

The open-end, variable rate Salary Advance Loan is a low-cost alternative to payday loans. This loan provides you with funds when you need them the most.

With us, you not only get a loan to pay bills, you’ll also get a savings account and access to financial counseling. It’s all meant to help you avoid the endless monthly borrowing cycle provided by payday lenders.

How this loan works for you

To apply, you must use Direct Deposit to place your paycheck into an LGFCU share or deposit account. This loan also has:

  • No fees
  • Maximum loan of $500 per pay period
  • A Salary Advance Cash Account

The full loan balance and accrued interest are repaid by Funds Transfer from an LGFCU share or deposit account on your next pay date.

You can request future advances from the loan using the LGFCU Mobile App, in Member Connect, or by phone.

They trusted me enough to give me the money I needed to help me get back on my feet. That was very valuable to me to know that LGFCU will give people a second chance.
Cynthia B. Durham

Salary Advance Cash Account

To help you begin saving for the future, we include a Salary Advance Cash Account with every SALO. This account serves as collateral for the loan advance. And it earns dividends to help your money grow.

This account has safeguards to help protect it such as:

  • Restricted access.
  • Approval needed for account withdrawals if the withdrawal will drop your account balance to below $500.
  • Suspension of loan borrowing privileges for a period of time after a withdrawal, if the Cash Account balance is below $500.

The required deposit to the Salary Advance Cash Account is 5% of each loan advance, until the balance in the account reaches or exceeds $500. If further withdrawals cause the account to drop below $500, this 5% deposit requirement will resume until the account balance again reaches $500.

Next Steps

Choose a way to request your Salary Advance Loan.

Your resources: Loan Information Checklist

SALO Account withdrawals are subject to approval. APR = Annual Percentage Rate. The rate is 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 0.25%. The index rate cannot be less than 0.25%.