CHANTILLY, Va.—A number of credit unions serving federal workers have announced plans to provide assistance in the event Congress doesn’t pass legislation to continue funding government.
Justice Federal Credit Union said it is ready to offer special assistance in the form of unsecured, low interest rate loans and deferred payments to all members of the Department of Justice and the Department of Homeland Security in the event of a Federal government shutdown or furlough.
Members confronted with a shutdown or furlough may apply for a Special Assistance Loan, unsecured up to $10,000 at an annual rate of 0% for the first 60 days. After that time, the rate will convert to 4.90% for a term of 24 months. The loan amount is based on the member’s net pay deposit, with direct deposit required. Members may defer their first loan payment for up to 60 days.
Members with existing Justice Federal Consumer Loans, or Credit cards, may request to defer one payment per loan. in addition, existing members with a first mortgage may request one payment suspension per mortgage loan, and existing members with a non-IRA share certificate may withdraw funds with no early withdrawal penalty.
Similarly, Navy Federal Credit Union said it is offering a 0% Annual Percentage Rate loan to help offset the disruption for military service (active duty servicemembers of the Army, Marine Corps, Navy, Air Force and Coast Guard; Army or Air National Guard on federal active service; officer candidates of the armed forces); or civilian employees of the DoD who have their net pay deposited directly into a Navy Federal account. These are standby loans available during the government pay disruption, the credit union said.