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Unc Cash Advance Agreement

Unc Cash Advance Agreement

UNC Cash Advance Agreement: A Complete Guide

When you need some extra cash, a cash advance can be a convenient solution to help you get through tough times until your next paycheck arrives. The University of North Carolina (UNC) system offers a cash advance program to its employees, which provides a short-term loan to help employees cover unexpected expenses.

In this article, we`ll take a closer look at UNC`s cash advance program, how it works, and what you need to know before applying.

What is a UNC Cash Advance?

A cash advance is a short-term loan that you can get to cover unexpected expenses. UNC`s cash advance program is designed to help employees who need financial assistance due to an emergency situation or unexpected expense. The program is available to regular full-time and part-time employees who have worked for the University for at least 12 months.

How Does the UNC Cash Advance Program Work?

To apply for a cash advance through UNC`s program, you`ll need to fill out an application form and submit it to your department`s human resources representative. They`ll review your application and forward it to the Office of Human Resources for processing.

If your request is approved, you`ll receive a check for the amount of the loan, which you`ll need to repay through payroll deductions. The amount you can borrow depends on your pay schedule and employment status, but it typically ranges from $50 to $500.

What Are the Eligibility Requirements for a UNC Cash Advance?

To be eligible for a cash advance through UNC, you`ll need to meet the following requirements:

– You must be a regular full-time or part-time employee of the University of North Carolina system.

– You must have worked for the University for at least 12 months.

– You must not have any outstanding balances from previous cash advances.

– You must not have a current payroll deduction for an outstanding cash advance.

What Are the Repayment Terms?

Repayment terms for a cash advance through UNC`s program are based on your pay schedule and employment status. Generally, you`ll need to repay the loan within six months through payroll deductions.

What Are the Fees and Interest Rates?

Unlike traditional loans, a cash advance through UNC`s program does not charge interest. However, a $10 administrative fee will be deducted from the amount of the loan.

What Happens If You Can`t Repay the Loan?

If you`re unable to repay the loan according to the terms of the agreement, you`ll need to contact the Office of Human Resources to discuss your options. Failure to repay the loan may result in wage garnishment, which could negatively impact your credit score.

Final Thoughts

The UNC cash advance program can be a helpful resource for employees who find themselves in need of financial assistance due to an emergency or unexpected expense. However, it`s important to remember that a cash advance is a short-term loan that must be repaid promptly.

If you`re considering a cash advance through UNC`s program, make sure you meet the eligibility requirements and understand the repayment terms. And as always, be sure to budget responsibly and only borrow what you can afford to repay.

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