Salary Advance Agreement, Letter & Form | Repayment Policy of Employee Loan

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Salary Advance Agreement

Templates to create a salary advance agreement for employees who need extra cash until a future payday.

The generic policy, agreement, letter and form provided below may be downloaded and edited to include the terms you want to put in place for an employee receiving and also repaying the loan agreement.

Employee Loan Agreement

An agreement that was drawn up for employees taking out a loan from their employer.

Creating A Salary Advance Policy

When developing your company's salary advance policy, answer these four questions to define the limits of the terms that you will have for the employee to establish a loan agreement.

How much money may be advanced?
How much time until repayment is required?
How many times can an advance be made?
Who approves and distributes payment?

Sample Salary Advance Policy

Our company recognizes that employees at times will encouter emergencies or difficult circumstances where they need an advance of payment for the time they have worked before the scheduled payday.

Each employee may request payment for time already worked and receive payment prior to payday up to one time per twelve month period.

Repayment of the loan made will be automatically deducted from the next scheduled paycheck.

Employee salary advance payments must be approved by the department manager and can only be issued by payroll.

Employee Request For Salary Advance

Name of Employee

________________________________

I am requesting an advance payment of my salary in the amount of $ ______.

Select Repayment Terms

[__] I agree that this salary advance will be repaid in full by making a deduction from the next scheduled paycheck

[__] I agree that this salary advance will be repaid by making equal deductions from the next ____ paychecks.

I authorize, if employment ends prior to full repayment is made, that the remaining balance due will be deducted from the final paycheck.

_______________________ Date_____
Employee Signature

_______________________ Date_____
Manager Signature

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