Deduct any amount from your paycheck to make payments on personal loans and mortgage loans. You also can have deductions deposited into Share, Money Market, IRA and Checking accounts. Deductions can be divided among as many accounts as you wish.ave more money. Some LGFCU loan payments made by payroll deduction are given a 1/2% lower interest rate. This is a great way to get the loan you need at the best rate, which saves you even more money.