TYSONS, Va. – Numerous credit unions are announcing programs are that are ready to go to provide members relief in the event of a federal government shutdown.
PenFed Credit Union said it will offer emergency furlough relief assistance, including direct deposit assistance, for qualified members who would be effected should Congress fail to come to an agreement on funding the government.
PenFed said that in cases where the member has their direct deposit with the credit union, they may qualify for an interest-free loan in the amount of their net pay and will be able to request an additional increase for each direct deposit not received during the government shutdown.
“PenFed understands the hardship furloughed employees face when they don’t receive the paychecks they rely on to pay their bills, buy groceries and support their families,” said PenFed Credit Union President/CEO and PenFed Foundation CEO James Schenck in a statement. “We are committed to working with our members to minimize financial impact and ensure their financial security.”
Additional Programs
In addition to direct deposit assistance, PenFed said its furlough relief programs include:
- Skip a payment. Members may receive one-month skip a payment on qualifying loans if affected by a furlough.
- Government Furlough Loan. If an affected member’s pay is not directly deposited into a PenFed account, upon credit qualification, they could receive lowest available rate for a personal loan product, PenFed said.
- Home Loan Hardship Assistance. Depending on the member’s loan type, PenFed has several relief options, to include deferring payments, forbearance plan, repayment plan and loan modification.
Navy Federal Offers Relief
Separately, Navy Federal is also offering relief in the form of 0% loans. The credit union said those eligible for the loans include:
- Those whose pay has been affected by the shutdown
- Those who have direct deposit with Navy Federal
- And those who are federal government employees, active duty service members, or federal government contractors paid directly by the federal government
Florida CU Offers Assistance
In Jacksonville, Fla., VyStar CU is offering:
- Emergency relief loans
- Payment deferment and other payment flexibility.
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