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.