Policy:
The Employee Emergency Loan Fund provides loans to UCSB employees who have an immediate need for funds as the result of an emergency and have no other source of money available within the time necessary to act, or who have a dire personal financial hardship and cannot obtain a loan from a credit union or comparable lending institution.Loans will not normally be granted for predictable bills such as:
- Taxes (IRS attachments)
- Automobile repairs
- Insurance premiums
- Housing expenses (rent, mortgages, utilities)
- Food
- Bills in collection.
Monthly bills/expenses do not qualify for the loan program.
Employees are eligible for no more than one emergency loan per year. Loan repayment, which is accomplished by payroll deduction, is scheduled in minimal time frames to ensure continued viability of the loan program.
Procedures:
Employee loan application forms can be obtained in the Human Resources Department, Employee & Labor Relations Office.Applicants are required to seek loans at the Golden 1 Credit Union or their bank and provide letters of denial before their loan can be processed. To complete your loan package, you must submit the following:
- Completed loan application.
- Denial letter from your bank or credit union.
- Bills, receipts or estimates to verify your request.