Emergency Loan Program

  1. Members with a year or more of membership in the SPRA may apply for loans of a minimum $500 to a maximum of $1,000. Members with less than a year's membership in the SPRA may apply for loans only in the amount of $500.
  2. Members are limited to two loans within five years of the date the first loan is issued.
  3. Each borrower will sign a Promissory Note that will include an assignment of wages agreement.
  4. Loans will be repaid only through payroll deduction. Deductions will be taken from the second paycheck of each month.
  5. Payments will be based on principal plus 6% interest per month on the borrowed amount, deducted in equal installments over 18 months.
  6. Members may pay off their loan balance at any time, without any penalty, by making payment to the SPRA office.
  7. If there is any overpayment discrepancy between the last payment and the total amount owed, the SPRA will issue a check to the member for the overpayment.
  8. A member may not apply for a new loan until 30 days after the original loan is paid in full. If a member needs a second loan within one year of the date the first loan is paid in full, written explanation of the nature of the emergency must be submitted with the loan application. The Board of Trustees reserves the right to approve or reject such applications for second loans.
  9. The existing loan balance must be paid in full if a member either leaves employment of the Seattle Police Department or ends membership in the SPRA.
  10. "NSF" or "account closed" checks received by the SPRA will automatically result in a $30 charge to the member.

Violation of any of the conditions of this loan may result in any or all of the following sanctions:

  • The member's payroll check will be picked up by right of assignment.
  • The member will not be eligible for a new loan for two years.
  • The member's membership in the SPRA may be terminated.

The member must be on active duty and not anticipating medical leave, resignation or retirement during the 18-month life of the loan. Should any of these conditions arise, you must contact SPRA immediately to arrange payment.

To apply for a loan, call the SPRA office at (206) 726-9095 or email us.