MOLINE, Ill.–Vibrant Credit Union said it has set aside $5 million to help furloughed federal government employees, including non-members.
The funds are being used to underwrite 0% loans, with the loan amount to equal the affected workers’ last pay stub. Vibrant said it will provide the loans for the amount for as long as the shutdown continues.
“We have an obligation to help those in need in our community,” shared Matt McCombs, Vibrant’s CEO and president. “The Rock Island Arsenal is the second largest employer in the (Quad Cities). This government shutdown is hitting close to home. Our neighbors, family and friends are the ones being hurt by this and if we can help make this time a little easier for them, we will.”
Vibrant CU said its “Payroll Loan Program” initiative is open to all community members affected by the shutdown. The credit union said it estimates they will be able to help more than 500 families with the $5 million set aside.
“Bring in your last pay stub and Vibrant will get you taken care of” said Steve Ducey, Vibrant’s chief experience officer. “As a credit union, we have the ability to truly help these people. Their bills don’t stop just because their paychecks did.”
Qualifications around the program include a credit check, direct deposit, and repayment stipulations. Loans must be paid back within 30 days of furlough ending or interest and back interest will accrue. As long as members pay back loans within 30 days of being paid by government, no interest or fees will be charged, the credit union said.