The Emergency Loan Program (ELP) provides NC State faculty, staff, county employees, and house officers/post docs with financial assistance to borrow money for short-term emergency situations. Eligible employees can apply for a short-term emergency loan which is paid back to the university via payroll deduction in accordance with the program criteria and process.
Examples of situations warranting the use of an emergency loan, may include, but are not limited to: a family medical emergency, threatened foreclosure, eviction, or rent arrears from a primary residence, emergency automobile repairs, or termination of utilities.
- Permanent EHRA faculty & non-faculty, SHRA, county employees, and house officers/post docs employed with NC State University with at least 12-months of continuous university service are eligible to apply for an interest free loan between $100 and $500.
- Furloughed employees will be eligible for this emergency loan program.
- Temporary employees, student employees, graduate students are not eligible for an emergency loan.
- Only one loan will be issued to an employee per calendar year.
- The minimum loan amount is $100. The maximum loan amount is $500.
- The employee has up to 12 installment payments to repay their loan. Note: Funds for the ELP are limited. Employees are strongly encouraged to use the shortest loan payback period possible so that ELP funds are available for use for other employees seeking financial assistance through the program.
- The loan must be fully repaid before a new loan request is considered.
- All loans must be repaid through payroll deduction, in equal installments, not to exceed 12 installment payments beginning with the next payroll cycle, with the exception of full furloughed employees.
- For full and partial furloughed employees only, their repayment schedule will commence on the day they permanently return back to work.
- If an employee terminates employment with the University for any reason before the entire loan is repaid, the outstanding balance will be deducted from the employee’s final paycheck. Any remaining balance owed will then require immediate payment from the employee via check or money order. Failure to repay the loan may result in collection actions.
- A copy of the Employee Emergency Loan Request & Authorization for Payroll Deduction form is transmitted to Payroll Services to establish the payroll deduction.
Loan Application Process
- Employees who need to apply for an emergency loan must submit an Employee Emergency Loan Request & Authorization for Payroll Deduction form along with supporting documentation. The supporting documentation requested could include medical bills, mortgage/rental statement, emergency car repair bill/estimate, or utility statement that are less than 30 days old.
- The loan application can be accessed through MyPack Portal under “Benefit Details.”
- Loan requests are reviewed by the University Human Resources ELP Coordinator. The ELP Coordinator will notify the employee, in writing, regarding the approval or denial of their emergency loan application, once the loan application has received final review approval/denial from the Director of Benefits, or their designee.
- If approved for an emergency loan, the loan amount requested will be processed through accounts payable. Payment to the employee will take approximately one week from the approval date of the loan.
Questions and Assistance
Employees with questions regarding the Employee Emergency Loan Program or requiring assistance to complete the employee emergency loan request and authorization for payroll deduction form should contact University Human Resources – Emergency Loan Program Coordinator at email@example.com.
Confidentiality: All requests for loans from the Employee Emergency Loan Program will be kept confidential. No record of this loan will be placed in the employee’s personnel file unless the employee fails to repay the loan as arranged.