Salary Advance Loan

Emergencies happen. Maybe you need a quick loan until your next payday. Our Salary Advance Loan is 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 access to financial counseling to help you avoid a monthly borrowing cycle.

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 Loan features

  • Maximum loan $500.
  • No fees.
  • Balance and accrued interest must be repaid by Funds Transfer from an LGFCU deposit account on the member's next pay date.
  • Must already have a paycheck on direct deposit with LGFCU.
  • Salary Advance Cash Account.
  • Self-serve process by phone or through Member Connect.

Salary Advance Cash Account

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.

  • The account earns dividends.
  • Access is restricted.
  • If a withdrawal is approved, borrowing privileges on the Salary Advance Loan may be suspended for a period of time.

There is a required deposit to the Salary Advance Cash Account as follows:

  • 5% if the balance is less than $500.
  • 7% if the balance is $500 or greater.

Next Steps

Choose a way to request your Salary Advance Loan.