The product carries a standard interest rate of 12%. A new SALO feature allows members to lower the rate to a share secured rate of 5.5%.  The interest rate will remain at the reduced rate as long as the savings balance is $500 or greater.  SECU believes that among those that currently use the product, the lower share secure rate will save members over $400,000 in interest costs alone.  

In addition to making the loan available, SECU requires that 7% of the loan go into savings—- a requirement intended to eventually reduce the member's need to participate in the SALO program.  A typical $500 loan advance means that $35 of that amount will become a savings deposit.

SECU introduced the Salary Advance Loan program ten years ago as a low-cost alternative to payday lenders.  Since the program's introduction, over 150,000 members have taken advantage of the affordable borrowing opportunity.  .  

Bobby Gardner, SECU Senior Vice President of Loan Systems, states, "When the Credit Union began its SALO Program in 2001, it was designed as an alternative to high-cost payday lenders.  What a wonderful alternative it has been for nearly 150,000 members, as the current program saves SALO participants an unbelievable $63 million each year in interest charges compared to typical payday lenders.  We are pleased to be able to improve the program even further and add to the savings for many SALO users.  SECU is continually looking for ways to help members keep money in their pockets and improve their financial lives.  It's what we were designed to do 74 years ago when the Credit Union was chartered —- and it's what we strive to do today!"