An emergency loan fund for regular employees has been established to provide assistance when severe financial strain occurs which jeopardizes an employee's ability to provide for certain basic survival needs such as food, shelter, medical care, and transportation. An employee may apply for an interest-free loan of up to $500, to be paid back through payroll deduction over a period ranging from 2 to 20 pay periods, depending on the size of the loan and the employee's financial situation.
Since the funding available for loans is limited, funds must be applied directly to an employee's personal emergency need and are not available to extended family members or friends. Also, in order to be considered for an emergency loan, an employee must have no other source of readily available personal funds that can be used to cover the financial emergency. A loan request will not be granted within six months of the granting of a previously approved Biola emergency loan. The loan application forms are available in Human Resources.