Procedure Form:  Request for Employee Emergency Loan Form Instructions Word Form

1.    Requests

 To initiate a loan request, the employee completes Request for Employee Emergency Loan form (ACG  05.110) as per instructions and forwards to Comptroller's Office.

2.    Approvals and Availability of Funds
 

·     Upon approval by Comptroller, the loan request will be forwarded for processing.

·     The employee (borrower) will be notified once the funds are available (check or direct deposit).

·     If the loan request is disapproved, the Comptroller's office will notify the employee by 5:00 pm on the next business day.

3.    Repayment of Loan
 

·     Payroll will deduct the amount of repayments from the regular pay as authorized by the employee on the Request for Emergency Loan Form.

·     If the employee separates from the university before final repayment of the loan is made, the total loan balance will be deducted from the final pay.

This form is used by an eligible university employee to request an emergency loan.

Click here to access a Microsoft Word form ready to complete and print..

·        The employee requesting the loan sends the completed form to the Comptroller's office  for approval/disapproval.

·        If the loan is approved, the request will be processed on the next scheduled check cycle or within 3 business days

 

Items 1-5 are to be completed by the university employee requesting the emergency loan.

 

1.    Name of Employee. Self explanatory.

2.    Social Security Number. Self explanatory.

3.    Loan Amount Requested. A loan may be requested in increments of $50, up to a maximum of $250. Only one loan per twelve months is allowed for an employee. Exceptions to the maximum amount or frequency must be approved by the Associate Senior Vice Chancellor for Business Affairs.

4.    Reason for Emergency Loan. Give a brief description of the reason (e.g., medical emergency, death in the family, or other circumstances that require financial assistance).

5.    Deduction Authorization Section: The employee must sign, date, authorizing the payroll deduction(s), deduction dates, employee's department and phone extension.

6.    Approved Not Approved: (For Accounting Use Only)  This section is completed by Comptroller and Payroll departments