Payroll Assistance Loan
We've all experienced it...
The furnace goes out, your car needs repairs, an unexpected medical bill comes up. Whatever the situation, our small-dollar loan is a smarter way to help with some of the unexpected events that require more cash than you may have available.
Through an agreement between your employer and Industrial Credit Union, you have access to a small dollar, Payroll Assistance Loan. Borrow up to $1,500 to help with unplanned/emergency needs and repay the loan through payroll deductions directly from your paycheck.
Quick, Easy and Helpful - To qualify you will need:
- Valid photo ID
- Loans amount up to $1,500
- To establish payroll deduction
- No active bankruptcies or judgments
Compare With an Average Payday Loan
| $500 Industrial Payroll Assistance Loan | $500 Payday Lender Loan |
| 17.99 APR* with no application fee | Fees and interest equal to $15 per every $100 borrowed every 14 days |
| Total cost for 90 days: $16 | Total cost for 90 days: $450 |
| Builds borrower’s credit score | Does not build borrower’s credit score |
| Strengthens savings for the future | Does not build savings |
Employees will be charged interest for the loan at a competitive rate. There are no other fees. After your loan has been repaid your transfer will automatically be deposited in your savings account at Industrial. You may cancel this transfer at any time or allow it to continue as a convenient option for building an emergency savings fund.
Employees must be actively employed in good standing with a minimum of 6 months on the job to be eligible for a Payroll Assistance Loan. This information will be verified by your human resources representative. The loan will be approved by Industrial Credit Union.
The employee must furnish photo identification and open a regular savings account before the loan will be disbursed. Loan proceeds will be disbursed in an Industrial savings account. If the employee has filed for bankruptcy, the bankruptcy must be discharged for a minimum of one year to be eligible for this loan.
If you are a Human Resources Representative, please fill out the form below to submit the request.
