The SALO Cash Account is a savings account that automatically deducts 5% of the borrowed amount and places it in a savings account for the member to establish a "rainy day fund." Members, most with no previous history of savings, have now accumulated over $8 million toward their future economic freedom.Apr 17, 2006
How does a salary advance loan work?
A salary advance is essentially a loan you can give an employee. ... A salary advance is a real loan with repayment terms. To make repayments, you deduct wages from the employee's future wages. You might deduct the full repayment from one paycheck, or you might deduct a smaller amount from several future paychecks.Jun 13, 2018
Can I take money from my SALO Cash Account?
A Credit Union Financial Services Officer must approve all withdrawals from the Salary Advance Cash Account. A withdrawal of funds from the Salary Advance Cash Account may result in a one-year suspension of borrowing privileges on the Salary Advance Loan. APR = Annual Percentage Rate.
How does salary advance loan work?
A salary advance is essentially a loan you can give an employee. ... A salary advance is a real loan with repayment terms. To make repayments, you deduct wages from the employee's future wages. You might deduct the full repayment from one paycheck, or you might deduct a smaller amount from several future paychecks.Jun 13, 2018