MONTPELIER, Vt. – As the partial federal shutdown enters its 34th day, the list of CUs lending a hand gets longer.
CUToday.info has compiled a list of more than 100 credit unions offering some form of assistance, which can be found below. Most of the assistance offers assume the shutdown, now the longest on record, will ultimately not last longer than one or two missed paychecks. At least 800,000 federal employees are affected, as are a countless number of contractors and small businesses.
Some credit unions have introduced assistance programs that have terms out to four years and offer loan amounts of up to $35,000.
As CUToday.info reported here, the furlough has made clear just how few Americans have any type of rainy day fund.
The Latest CUs To Offer Assistance Or Increase Support
Vermont State Employees CU here said it is increasing the amount of assistance available for members. VSECU said members on federal furlough, or who are working without pay, can now take out a low-rate loan of up to $3,000 through the Member Emergency Loan (MEL). VSECU began offering the loan in December 2018 at an amount of $1,500, “with the intention of helping to replace the lost wages of furloughed federal employees, including military personnel. Since the announcement of the MEL, members have utilized the offering and VSECU responded to requests for the Credit Union to provide more assistance,” the credit union said.
“As the federal shutdown continues, the financial pinch it originally caused is becoming more like a financial vice grip,” said Valerie Beaudin, head of consumer and residential lending. “VSECU will continue to look for opportunities to ease people’s financial stress, and will work with everyone impacted to help give some relief.”
VSECU said members may be eligible for the MEL if they are in good standing with the credit union and have proof of federal employment/furlough status. Members who have already taken out a MEL are still eligible to take out another identical loan to obtain the full $3,000 now available.
In addition, individuals on federal furlough who are not currently members may join VSECU and apply to take advantage of this loan, the CU said.
VSECU noted all members may also be eligible to take advantage of the Skip-A-Payment program, which can allow borrowers to defer a month’s loan payment on consumer loans without incurring financial penalties. The fee will be waived for furloughed federal employees.
Separately, in Capitola, Calif., Bay Federal Credit Union said members affected by the federal government shutdown can apply for a special emergency loan with no minimum credit score or income documentation needed. The credit union is also offering assistance to members who receive direct deposit from a department or agency affected by the shutdown.
Other programs or options for affected members include the ability to skip a monthly auto loan payment with no processing fee required, programs to assist members concerned about making their monthly mortgage payment, and free financial education and counseling services, Bay FCU said.
“This historic shutdown is affecting people all over the country,” said Bay Federal President and CEO Carrie Birkhofer. “In the credit union’s tradition of ‘people helping people,’ we want to be sure we are there to assist affected members during this difficult time.”
In Medford, N.Y., Suffolk FCU announced it is offering members a personal loan of upto $5,000 with their first payment deferred for up to 90 days.
In addition, it said members can:
- Request a 90-day extension for payments on consumer loans.
- Request to pay accrued interest only on lines-of-credit.
- Request to skip a Credit Card payment.
- Request Mortgage payment assistance.
Credit Unions Offering Assistance
- At True Sky Credit Union in Oklahoma City, Okla., nearly 150 members had already taken advantage of its relief programs. CEO Sean Cahill told NewsOK.com the CU, which serves a significant number of Federal Aviation Authority employees, is allowing two skip payments on auto or signature loans, waiving penalties on early withdrawals from certificates of deposit, and offering no-interest and low-interest loans.Cahill said True Sky is also offering free credit counseling.
- As CUToday.info reported earlier, Navy Federal Credit Union in Vienna, Va. said it has enrolled 11,000 members in a program that offers a 0% loan on amounts up to $6,000 and made deposits into the accounts of more than 1,000 members who missed their checks last week. Navy Federal said it expected to make deposits into the accounts of approximately 9,500 members yesterday.
- NCUA, meanwhile, has joined with the Fed, Conference of State Bank Supervisors, CFPB, FDIC, and Office of the Comptroller of the Currency in issuing a statement calling on federal and state regulators to encourage financial institutions to work with consumers affected by the federal government shutdown. “…The agencies encourage financial institutions to consider prudent efforts to modify terms on existing loans or extend new credit to help affected borrowers,” the agencies said in a statement. Among the workers affected are employees of many federal departments, the IRS, the Coast Guard (with paychecks due Jan. 15), the Transportation Safety Administration, federal parks and museums and many others. NCUA and the CFPB, as independent agencies, are not affected by the shutdown.
- In at least one case, that of Traverse Catholic FCU in Michigan, it has partnered with local Bayside Market to help members of the Coast Guard and their families with free groceries. An account into which people can make donations to cover the costs of the groceries has been set up at the credit union.
- One credit union offering an especially attractive deal is Honolulu FCU, which has introduced a 0.5% APR loan with a nine-month term for all federal government or military personnel affected by the government shutdown.
- In Westbury, N.Y., Nassau Financial Credit Union said it is offering a special Federal Employee Assistance Program. The program offers federal employees options to manage their finances by skipping loan, credit card, or real estate loan payments up to 90 days, withdrawing funds from certificate accounts without penalty, or applying for a personal loan up to $5,000 with payments deferred up to 90 days. Federal Government Employees who are non-members within its field of membership are welcome to apply.
- In South Bend, Ind., Teachers Credit Union has announced a package of relief measures available to members impacted by the federal government shutdown, including a 90-Day Member Assistance Loan, Loan Payment Deferment Assistance, Delinquent Loan Collection Solutions, and the wwaiver of early withdrawal penalty on certificates.
- In Birmingham, Ala., Avadian Credit Union is offering furloughed federal government employees 0% loan for 60 days, plus an additional 30-day loan upon request if the shutdown is ongoing at that time.
- PenFed Credit Union is offering skip-a-payments, a Furlough Loan product and direct deposit assistance to affected members. The furlough loan is anunsecured, fixed-rate installment loan offers a 2% discount off of an approved applicant’s standard interest rate (determined at the time of approval) and otherwise functions as a standard PenFed Signature Loan. In addition, existing members with PenFed who have an existing direct deposit into a PenFed deposit account were told they may qualify for its Direct Deposit Assistance program, which allows the member to take a 0% advance on an overdraft line of credit in the amount of their most recent direct deposit from a qualifying government agency, up to $6,000.
Hawaii’s CUs Offer Help
- Aloha Pacific FCU in Honolulu is waiving early closure fees for CDs, offering loan assistance on an individual basis, offering payment deferrals, interest deferrals and modifications depending on the situation. The CU’s FOM includes the Hawaii National Guard and Department of Defense.
- Hawaii State FCU is offeringloan payment deferrals for members affected by the government shutdown.
- HawaiiUSA FCU, also in Honolulu, is offering a Payroll Relief Program with two options. The first is a personal loan in which the member can borrow up to one month’s amount of pay at fixed 6.00% APR with terms out to six months. There are no annual fees or prepayment penalty. Option two allows the deferment of one month's payment on a current HawaiiUSA term loan up to two times.
- In Pearl City, Hawaii,Hickam FCU is offering affected membersbudget counseling, loan extensions and due-date changes, refinancing options, waivers on any penalty charge for early termination on time certificates. Members will be offered assistance for as long as is needed, the credit union said.
- Honolulu Federal Credit Union is offering a0.5% APR loan with a nine-month term loans to all federal government or military personnel affected. The maximum loan request will be $5,000.
- In Waipahu, Hawaii,Pearl Hawaii FCU is offering a 12-monthpersonal loan at 3.00% APR. Loan payment deferments are also available.
- Hawaii First Federal Credit Union on the Big Island said it is offeringloan extensions are available along with the Pathways financial coaching program. The CU said its Community Resource Centers are also gathering information on resources available from our non-profit partners and a small benevolence fund may be used to assist in these instances.
- Also on the Big Island in Hilo, HFS FCU is offering payment deferments, waiving fees, and granting loans, saying “each members’ situation is assessed and help is tailored to individual needs.”
- In Wailuku, Maui County FCU said it is offering members the option of skipping a loan payment or taking out an emergency loan.
- Also on Maui, Valley Isle Community FCU is offering a$1,000 emergency loan program in addition to a faster track loan modification for current members who are federal employees and who currently have loans with the credit union.
- Gather Federal Credit Union in Lihue on Kauai is offering affected members loan payment extensions. If a member has elected Involuntary Unemployment Coverage in their Debt Protection package, it said it is filing a claim for them through CUNA Mutual.
- Kauai Government Employees FCU is offering to membersa loan amount up to one month’s net pay (two most recent paystubs must be provided) priced at 4% APR with no credit check required (past history with KGEFCU may affect the applicant’s ability to be approved), with a 12-month repayment. Loan must be paid with direct deposit.
- Kauai Teachers FCU is offering an“Emergency Loan” program with a limit of $1,000 (the approved limit since 2000). Higher loan amounts require board approval, the credit union said.
Members Expected to Begin Applying
- In Maine, Town and Country Credit Union said it is offering several types of loans, with terms out to 12 months, to assist members. The credit union said it is expecting several-dozen members to look for assistance once they miss their first paychecks.
- In San Diego, North Island Credit Union is offering Loan Payment Assistance, allowing members to skip a payment with all fees waived on their consumer loan account (excluding Home Equity Lines of Credit); Penalty-free certificate withdrawals, and a reduced rate signature loan that is priced four percentage points below the current lowest rate offered by NICU. Members may receive up to two times their most recent net paycheck, up to $3,000.
- In Alabama, Redstone FCU is offering affected members loans of up to $5,000 (or their net monthly pay) at 2%. The first loan payment is delayed for 60 days. Members may also request Skip-a-Pay on certain Redstone loans to free up cash for other expenses. That loan payment can be deferred for one month. There are approximately 5,500 furloughed workers in Alabama.
- In Bettendorf, Iowa, R.I.A. FCU said it is offering members affected by the shutdown several options, including loan deferments and/or reductions in rates and payments. It is also offering members eligible for a payroll-impaired loan for up to $3,500 at a special low rate for up to 18 months, with up to 60 days before the first payment is due.
- In Los Alamos, N.M., Zia Credit Union has activated its member assistance programs and is offering 60-day loan payment due date extensions; waiver of early withdrawal penalties on withdrawals up to $10,000 from a CD, and a low-rate signature loan for members who have a current direct deposit of their affected government payroll.
- Associated Credit Union, which is offering a Federal Furlough Relief Loan, featuring 0% interest for six months up to $750. Members with an existing loan can be granted a two-month deferment or a lower alternate payment while the shutdown is active. After three days of offering the Federal Furlough Relief Loan, Associated said it received 45 applications and funded $16,500 worth of loans. “This is a situation that is mostly out of our members’ control,” said Associated SVP-Lending Chad Evans. “Therefore, as a cooperative, it is important for us to assist those in a temporary hardship with the proper resources we have available. We feel that is the right thing to do and it is what our membership, as a whole, expects us to do.”
- Atlanta Postal Credit Union, which is encouraging members who have been impacted by the partial government shutdown to call the loan department to review their options.
Lifeline Loans & Other Assistance
- CDC Federal Credit Union, which several years ago developed a Lifeline Loan designed to help its largely federally-employed membership in the event of a government shutdown. Furloughed members will be pre-approved for a Lifeline Loan in the amount that matches their previous direct deposits. Members can also request more or less than that pre-approved amount, the credit union said.
- Delta Community Credit Union, which serves many TSA employees and which assembled a centralized team to respond to inquiries from members who are affected by the government shutdown. It said it will offer fee waivers, payment holidays on existing loans and/or expedited personal loans for bridge financing when needed.
- GeoVista Federal Credit Union, which serves both military and civilian personnel at Fort Stewart and Hunter Airfield as well as community members in Bryan, Bulloch, Chatham, Effingham and Liberty counties. To aid members affected by the shutdown, GeoVista is offering 0% interest on loans for the next 90 days. The credit union will also be offering 60-day loan skips or interest-only payments for 60 days on existing loans.
- Glynn County Federal Employees Credit Union, which is allowing members to delay loan payments for a month if the government shutdown extends to Jan. 14.
- Kinetic Credit Union, which is offering to civilian members employed at Fort Benning during the government shutdown to furlough loans, amounting to up to two weeks of net pay, to members set up with direct deposit. These loans feature 0% APR for the first 60 days and will default to the same rate as shared secured loans, about 4.1%, after that 60-day period. Furloughed members who are not set up with direct deposit may apply for extensions on current loans or for new personal loans. They also have the option of penalty-free withdrawals on certificates.
- United 1st Federal Credit Union, which serves members who work for federal agencies, which is offering a 30-day extension on outstanding vehicle or signature loans to furloughed government employees. The normal fee to skip a monthly payment will be waived.
Pay Disruption Assistance Program
- Golden 1 Credit Union has announced a new program designed to assist members who are experiencing a disruption in pay due to the federal government shutdown. Golden 1’s Pay Disruption Assistance Program is offering mortgage loan forbearances, consumer loan and credit card payment deferments and short-term low rate loans for eligible members.
- Golden 1 said it has approximately 3,000 members who may be eligible for assistance.
- Frontwave Credit Union continues to provide support for government employees affected by the shutdown. Frontwave is offering government shutdown loans and penalty free loan extensions or skip-a-payments. Frontwave said it remains committed to working with members to find solutions that will help them stay financially stable during challenging times.
- Service Credit Union in Portsmouth, N.H. has offered to post payroll credits to those members with direct deposit, stating once the government resumes posting payrolls, it will reverse this special one-time posting. For members who do not receive the automatic direct deposit posting, Service Credit Union is offering a no-interest, six-month loan up to $3,000 to those who qualify.
- In Olympia, Wash., WSECU, noting there are approximately 54,000 federal executive branch employees in the state, said it is offering a number of programs, including: loan modification: In many instances, WSECU can work with members to adjust the terms of a WSECU loan; Q-Cash: A short-term emergency loan of up to $700 with a better rate, longer term and lower fees than storefront payday lenders; Q-Cash Plus: A longer term (up to 36 months) for up to $4,000 with approval based on the borrower’s relationship with WSECU; Referrals to free financial counseling and budgeting assistance; Work stoppage loan: Special loans for gaps in employment, and loan consolidation: Consolidate debt for easier bill management.
- In Arizona, where roughly 55,600 Arizonans work for the federal government Credit Union West in Glendale is allowing affected members with mortgages at the credit union to skip a payment at no cost. It's also offering personal loans of up to $6,000 that feature interest rates of 0% and no initial payment for 60 days.
- In another Glendale, California Credit Union is offering a number of relief offers, including loan payment assistance, skip-a-pay, and fee waivers; penalty-free certificate withdrawals; and a signature loan priced four percentage points lower than the CU’s lowest-priced loan under which members may receive up to two times their most recent net paycheck, up to $3,000.
0% APR Loan
- In Edwardsville, Ill., Scott Credit Union said it is offering a six-month, 0% APR Government Shutdown Loan to members who are government and civil service employees working without pay during the government shutdown. Members who receive the loan also will not have to make any payments for 30 days.
- In Redding, Calif., Members 1st Credit Union is offering qualified members a 0% Federal Employee Payroll Assistance Loan with funds of up to $3,000 and terms out to 12 months; assistance that includes modified payments and skip-a-payments on loans, and on cards, expedited review and approval for line increases or new credit lines for a Members 1st credit card.
- In Jacksonville, Ark.,Arkansas Federal Credit Union is offering members with checking accounts in good standing with a direct deposit from the U.S. federal government a short-term, interest-free loan. “We don’t want our members to worry about their financial well-being due to circumstances beyond their control,” said Rodney Showmar, president and chief executive officer of Arkansas Federal.
- In Pleasanton, Calif., Patelco CU said it has activated its Government Shutdown Response Program to aid its 10,000 to 25,000 members potentially affected by the federal government shutdown. Patelco said its Government Shutdown Response Program provides immediate access to financial resources to any member in good standing that works as a federal employee. This program includes access to low interest loans, reversal of non-sufficient-funds (NSF) fees or late fees, and more.
- AmeriCU Credit Union in Rome, N.Y., which is offering interest-free furlough loans, fee refunds, and penalty-free certificate withdrawals. "We want to help alleviate the financial stress that a shutdown like this could cause our members,” Ron Belle, chief experience officer for AmeriCU, told local media. “We’re doing everything we can to make sure we’re here for our members with the right assistance and services when and where they need it.”
National Forest Employees Affected
- Mid Oregon Credit Union in Bend, Ore., which reported it has several hundred members who are employees of the Deschutes National Forest, Ochoco National Forest, the Fremont-Winema National Forest, BLM and US Fish and Wildlife Service. Mid Oregon is offering short-term loans, “skip-a-pays,” as well as a willingness to work with members on mortgage and auto loan payments.
- Vermont State Employees Credit Union is offering a Member Emergency Loan (MEL), with a low rate on amounts up to $1,500. “It’s a frightening prospect to suddenly lose income at any time of the year, but winter in Vermont is an especially difficult time to find yourself suddenly without funds,” Valerie Beaudin, head of Consumer Residential Lending, told local media. Members may be eligible for the MEL if they have been in good standing with the credit union for at least six months and have proof of federal employment/furlough status. Loan applications can be completed online at www.vsecu.com or at any of VSECU’s nine branch locations.
- In Michigan, Traverse Catholic Federal Credit Union has partnered with the local Bayside Market to help members of the Coast Guard and their families with free groceries. An account into which people can make donations to cover the costs of the groceries has been set up at the credit union.
- Radcliff, Ky.-based Fort Knox FCU,which is offering affected members a personal loan with no payments due for the first 90 days, or the option to withdraw up to $10,000 of certificate deposits early without penalty by visiting their local branch. FKFCU is also offering the opportunity to extend the payment due date on their current loans by 30, 60 or 90 days, depending on need as determined by the credit union, or applying for a new low-rate VISA credit card or instant cash line of credit to ease financial stress during the shutdown.
- Keesler FCU in Biloxi, FCU., which is offering a payday advance for members who have federal payroll direct deposit established with the credit union.
- In Maine, Northeast Credit Union has announced the availability of several special programs to assist federal workers, including deferments for up to three months on NECU consumer loans, a special low-rate on a 12-month Signature Loan with deferred payments, and continuation of direct deposit pay at the member’s request.
- In Chantilly, Va., Justice Federal Credit Union is offering special assistance in the form of an unsecured, low interest rate loan and deferred payments to members of the Department of Justice and the Department of Homeland Security and other members furloughed as a result of a shutdown. Members with a minimum of six months of membership with Justice Federal may apply for a Special Assistance Loan up to member’s net pay, not to exceed $3,000 at an annual low rate of 2.94% for 24 months.
The actual loan amount is based on the member’s net pay deposit, with direct deposit required. Members may opt to defer their first loan payment for up to 90 days. In addition, existing members in good standing with a Justice Federal consumer loan, or credit card may request to defer payments, and request assistance with a Justice Federal First Mortgage Loan.
- In Massachusetts, Hanscom FCU, which serves Hanscom Air Force Base, said some of its members are eligible for a “LifeLine loan” during the time the government is shut down and paychecks are not being issued. In addition, Hanscom FCU said it will waive penalties for premature withdrawals on term share certificates and allow qualified members to skip consumer loan payments with no fee. Members whose paychecks are affected by a shutdown or a furlough are also able to apply for a 0% APR LifeLine loan with a 60-day term, up to 100% of one’s net monthly pay or $5,000, whichever is less. For those needing more than 60 days to repay, the loan will be converted into installment payments over a 12-month term at a low fixed rate of 8.49% APR.
- The world’s largest credit union, Navy FCU, has announced a plan to cover direct deposit for eligible members during the government shutdown. Coverage for this loan begins if a shutdown extends into the next pay period and pay is interrupted. The credit union is offering assistance to Federal government employees and active duty members of the Coast Guard whose pay has been disrupted by the shutdown, and have an established direct deposit account. Navy Federal will also continue to accept registration for the program until three days after the scheduled pay day.
- In New York, Dannemora Federal Credit Union is offering members—many of whom work at the federal prison--deferred loan payments.
- In Lubbock, Texas, Alliance Credit Union is providing “Shut Down Relief” loans to federal employee who has been furloughed. The loan is offered at a standard qualifying rate and payment, with the first payment not due until April 15, 2019 or 90 days after loan funding.
- Awakon FCU, in Onaway, Mich., is offering a 0% loan with payments deferred until the worker is being paid again and reimbursed for lost pay.
- In Nebraska, Cobalt Credit Union reported it has received “dozens” of phone calls in recent weeks from members concerned over how they will make payments on loans. To that end, Cobalt said it has put together a "Furlough Relief and Assistance Program" on which payments are deferred up to 90 days. It is also offering rate reductions and extensions on other loans.
- In California, CoastHills Credit Union said it is offering financial assistance to affected members. The credit union, originally founded to serve Vandenberg Air Force Base, is encouraging members to contact it directly regarding how it might help.
- In Lubbock, Texas, Alliance Credit Union has introduced a “Shutdown Relief Program” offering loans on which payments will not need to be made until approximately April 18 the CU said,
- The American Federation of Teachers, which reported approximately 5,000 of its members are affected by the shutdown, said it has partnered with AFL-CIO Employees FCU to offer a one-year interest-free, no-credit-check loan of up to $1,500, with no payments due until after the shutdown has ended.
- Wescom Credit Union, noting approximately 41,500 Californians have been furloughed, is offering 0% interest loans with three month terms following a “quick qualifying” process, and also offering deferred payments on real estate loans.
- In Colorado, Elevations Credit Union is offering a Government Furlough Assistance Plan that includes a skip-a-pay on loans in good standing and an interest-free personal loan equal to the member's monthly net pay that is available through the furlough and payable after the furlough ends.
- In Connecticut, Nutmeg State Credit Union has introduced an Emergency Furlough Loan that offers as much as $10,000 with terms out to 48 months at 5.99%, with a 45-day deferment option and no early payoff penalty. It is also offering a one-time skip-a-payment.
- In Fayetteville, Ark., UArk FCU said it is waiving late fees and also offering a couple of low-rate loan options, and urging affected members to contact it.
Help Across the Dakotas
According to the Credit Union Association of the Dakotas, the following CUs have also extended offers of assistance:
* GEM Federal Credit Union in Minot is offering a six-month loan at 0% interest, up to $7,500. The 0% loan program is reserved for those who are not receiving a paycheck because of the shutdown.
* In Rapid City, S.D., Minuteman Federal Credit Union has extended a “Government Life Line of Credit” for federal employees and active military affected by the government shutdown. It is waiving any penalties for premature withdrawals on savings certificates, allowing members to skip one month’s payment on any existing loan without incurring any fees, and also offering a line of credit at 0% for 30 days under certain restrictions.
* Sentinel Federal Credit Union, which serves Ellworth AFB in South Dakota and the surrounding community, is offering loan payment assistance; special loans for 30 days with no interest or up to 18 months for 1%; and early withdrawal fees are being waived on certificates and other special savings accounts. The credit union is also promoting their free financial counseling where trained staff can help members stay on track during this challenging time.
* In Huron, S.D., M-O Federal Credit Union is offering a 0% loan for affected members, with a promise of “funds deposited within minutes” during this emergency. In addition, loan officers there are standing by, ready to add to vehicle loans, extend payment dates, waive late fees, and provide access to funds in Christmas Savings Club accounts, according to the CUAD.
* Oahe Federal Credit Union in Pierre, S.D. is offering deferrals on their loan payments at no charge, as well as unsecured loans to affected members.
* North Star Community Credit Union in Maddock, N.D. has introduced “Operation Shutdown Safety Net," which includes no-hassle loan extensions and low interest loans. The credit union has also asked each branch manager to pull their team members together to identify what additional resources and options are available in their specific communities that members can access, such as food banks, churches, and other charities. They also developed a list to remind members to inform utility companies, landlords, and other creditors that they have been temporarily negatively impacted by the government shutdown, the CUAD said.
* Black Hills Federal Credit Union has implemented a government furlough program through which it said it meets with affected members to evaluate their loans, accounts, and finances, as well as find "creative solutions to their individual financial needs."
* In Chicago, National Police Credit Union, a division of Chicago Patrolmen’s FCU, is offering loans of up to $5,000 to qualified members, with the first loan payment deferred for 90 days.
Benefits Fairs & More
- A number of credit unions in the Seattle/Tacoma market participated in a benefits fair hosted by the Port of Seattle at the Seattle Tacoma-International Airport. Among the credit unions represented were BECU and Washington State Employees Credit Union. Assistance options from WSECU are outlined above.
- In Houston, JSC Federal Credit Union, which serves Johnson Space Center, is assisting NASA workers, and those who contract with NASA. It is offering a 0% loan to help members pay bills.
- In Eugene, Ore., Northwest Community CU said it has teams in place at all of its branches to help employees on furlough with various options.
- In Colorado, Ent Credit Union is offering a 90-day loan of up to $7,500 at 0% interest.
- Also in Colorado, Elevations Credit Union is offering interest-free personal loans equal to the member’s monthly net pay, while Credit Union of Denver is providing payment deferrals and loans with 0% interest.
- Sunwest Educational Credit Union is allowing payment deferrals, as well as loan on which there is 0% interest for the first 30 days.
- Metrum Community Credit Union in Centennial, Colo. has introduced a 0% loan with a six-month term.
- In San Diego, San Diego County Credit Union and Cabrillo Credit Union are both offering existing members a no-interest loans.
- Idaho Central Credit Union in Boise said it has already made some 0% loans so that members can borrow against future paychecks. Idaho Central said it is offering financial help to any federal worker in Idaho, regardless if they’re a member. There are approximately 5,700 federal workers in Idaho.
- Also in Boise, Icon Credit Union has created a 90-day loan with no payments on amounts up to $5,000.
- In Oregon, Rogue Credit Union said it is offering assistance to any furloughed federal employees.
- U.S. Employees Credit Union is offering a 60-day loan at 0% interest with loan amounts determined by the worker’s current pay.
- In Moline, Ill., I.H. Mississippi Valley Credit Union is offering members a 12-month payroll assistance loan, up to $5,000. Affected members may also defer one monthly payment of any consumer loan, excluding mortgages, with no additional fees or interest.
Loans of Up to $35,000
- In Washington, Congressional FCU, which noted in 2013 more than 600 of its members obtained Furlough Relief Loans, is now offering a Relief Line of Credit with an initial rate of 0.00% during the 60 day draw period; thereafter, the rate is 4.00% APR* on the remaining balance for 36 fixed equal monthly payments. It is also offering personal loans, line of credit limit increases, payment deferments on existing loans, and other benefits.
- 122 Financial Credit Union in Florida is waiving fees for skip payments, offering 90-day deferments on loans, and an emergency loan up to one month’s gross income with a $5,000 maximum and terms to 24 months, with a deferred first payment for 60 days and a rate of 8.25%.
- America’s First FCU in Alabama said it is offering assistance, including deferments on loans.
- In South Florida, BrightStar Credit Union has introduced a Government Employee Furlough Loan that offers up to 60% of monthly gross income with a maximum of $5,000, a maximum term of 60 months and a deferment on the first payment of 90 days.
- At Community First Credit Union of Florida in Brevard County, is it offering assistance to employees of numerous agencies, including loan modifications, skip-a-pays, interest-free loans and penalty-free CD withdrawals.
- Jax FCU is offering 60-day skip-a-pay extensions on loans and VISA payments, 30-day extensions on a JAXFCU HELOAN or first mortgage; 0%, 60-day, persona
- Legacy Community FCU said its Lifestyle Loan offers no payments for 90 days.
- North Alabama Educators said it is offering a free skip-a-payment on loans, is reducing loan payments to interest only, and has also introduced a low-cost 5% APR 90-day note up to one-times normal gross monthly Income. It is also waiving courtesy pay fees.
- Pen Air Credit Union in Pensacola, Fla., is offering up to $4,000, 0% loan for any government furloughed employee (amount is based on normal paycheck amount). It said it will also consider loan deferments and waiver of early withdrawal penalties on CDs.
- Priority One CU of Florida is waiving any penalties on early certificate withdrawals, offering no payments for up to 90 days on new loans, extending existing loans for 60 days with no penalty, and more.
- In Tampa, Suncoast FCU said it is offering a Life Line Loan with a maximum amount of $2,500 at a fixed 5% APR and maximum term of 48 months. No payments are due for 90 days. It is also offering skip-a-pay on current loans.
- VyStar Credit Union Jacksonville is offering a short-term deferment on mortgage payments, and a 0% Emergency Relief Loan. It has also expedited approvals for credit cards and line increases.
- Lafayette FCU in Kensington, Md. is offering a Paycheck Relief Loan of up to $35,000 with terms out to 36 months, offering to help consolidate debt payments, and more.
- Also in Maryland, Signal FCU said it is offering to advance up to 90% of furloughed federal employees regular monthly pay, and making case-by-case deferments on loan payments, as well as waiving some fees for affected members.
- Miami FCU has a furlough relief loan that includes 60 days with no interest. If the member elects not to pay the loan in full, the remaining balance will convert to a signature loan with a repayment set at 24 months with rates as low as 12% annual percentage rate (APR). Members with existing loans can defer up to two monthly payments, the credit union said.
- Area Community Credit Union in Grand Forks, N.D. said it iscurrently assisting members of the Border Patrol/Homeland Security with two month extensions for any government employee that has been temporarily out of work with a letter to support it from Homeland Security.
- Fort Randall FCU in Pickstown, S.D. is encouraging members that need assistance during the government shutdown to contact them for personalized extensions of loan payments during this time.
- United Savings CU in Fargo, N.D. is offering loans for six months at 0% with government employment payroll direct deposited into an existing account in last 45 days. For members impacted by the government shutdown with loans but no direct deposit, a two month extension on loans is available with no fees.
- In Los Angeles, Southland Credit Union is offering a Furlough Relief Loan Program with a 0% interest line of credit to assist federal workers. The loan officer is available through April 1 with the first payment deferred to March 25, 2019.
- Greater Texas Credit Union, Austin, launched a Furlough Assistance Loan, with 0% interest and with a one-time payoff due at 60 days after funding. A loan of $500 can be funded without underwriting. Loans above $500 will undergo normal underwriting criteria. A loan maximum will be capped equal to the member’s net monthly government payroll. The credit union is offering skip-a-pays on loans and waiving withdrawal fees on certificates.
- In California, Redwood Credit Union is offering help in a variety of ways, including direct deposit coverage; 0% loans for 60 days, or up to 12 months; deferred payments on RCU loans and credit cards, early withdrawal of funds from RCU certificates of deposit (CD’s) without penalties, and money management and budgeting information and tools.
- In Tennessee, ORNL Federal Credit Union has created a Furlough Assistance Loan Program that offers effected members the opportunity to apply for an unsecured loan at 0% interest for the first six months and 3% interest for the remainder of the term.
Help in the Buckeye State
According to the Oho Credit Union League, a number of CUs across the Buckeye State are offering relief to furloughed federal workers. Credit unions providing assistance include:
* Cincinnati Interagency Federal Credit Union (CIFCU) in Cincinnati, which serves employees (federal, contractor, civilian, or military) working at the Cincinnati locations of the U.S. Environmental Protection Agency, U.S. Public Health Service, and National Institute for Occupational Safety & Health, is offering a 0% APR Furlough Loans, Skip-A-Pay loan offerings, and reviews of member circumstances to determine customized options.
* Day Air Credit Union in Kettering, is offering a Government Shutdown Signature Loan to members and non-members. This loan waives all interest for the first 30 days and defers the first payment for 90 days.
* FirefightersCommunity Credit Union in Cleveland is offering loan deferments for 30 day periods, as well as allowing affected members to withdraw from share certificates with no early withdraw penalties.
* Sun Federal Credit Union in Maumee is offering many emergency funding opportunities, including a 0% APR line of credit up to $5,000. In addition, the credit union is offering existing members the opportunity to defer loan payments, with no fee, for up to 90 days.
* Sharefax Credit Union in Batavia is offering automatic loan extensions, upon request, to any government employee not receiving payroll. It is also offering those affected members a 2.5% APR line of credit up to $2,500 with the first payment deferred for three months.
* Towpath Credit Union in Fairlawn is offering skip-a-pay options, with no fees, on current loans. It is also offering low-interest rate loans for up to one month’s gross income for affected members.
* Wright-Patt Credit Union in Beavercreek is offering a Shutdown Loan to members left without a paycheck. This loan waives all interest when paid back in the first month. The credit union is also offering skip-a-pay options, with no fees, on current loans
Others Providing Support
* In Glendale, Calif., Los Angeles FCU said it is offering emergency loans, emergency savings, savings-secured loans, share-certificate secured loans, skip a loan payment, free credit counseling, debt-consolidation, credit-repair, and a debt-protection plan for loan payments. It said it is also considering other options to help members on a case-by-case basis.
* In Albany, N.Y., CAP COM FCU said in addition to its financial offerings, it has launched an expanded effort to help workers affected by the partial government shutdown, with the credit union supporting a food drive that is to run through Feb. 28.
Support Across Maine
The Maine Credit Union League compiled a list of credit unions in the state that provided assistance during the federal shutdown. Among the credit unions that provided assistance were:
- Members who have not been paid due to the shutdown may qualify for a 12 month loan at 0% interest rate for up to 1X monthly pay
- Members who have paid their loan as agreed for the last 6 months will have the opportunity to move up to 3 payments to the back of the loan at no cost
- Provided a local Boy Scout troop (Troop 61) Bangor Federal grocery bags and donated a $25 Bangor Federal Visa gift card for each grocery bag to support the Scouts’ food drive to fill bags for 20 FFA and 41 TSA employees at Bangor International Airport.
- Created a program that does the following: waives the early withdrawal penalty on certificates; and extends current loans two additional months, if needed.
- Created a Federal Employee Relief Loan as detailed below:
- 0% interest for 90 days.
- Maximum financed is the amount of their furloughed take home pay, supported by a pay stub.
- First payment will be the maturity date, and the loan will be re-evaluated at the end of 90 days, depending on need.
- Loan offering also pertains to members reliant on Federal government contracts. We will work with the members on a case-by-case basis
- Individualized assistance based on member need.
- Hardship extensions and/or short-term loans (reviewed on a case-by-case basis)
- Skip-a-Pays, loan extensions, budgeting advice from CUNA Certified Financial Planners, and short-term loans with no payments for 60 days
- Offering up to 1x monthly pay at 0% for 12-months
- Offering unsecured personal loans at a special sale rate (as low as 6.95% based on credit worthiness) and offering extensions on consumer loans with no fee to effected members
- Scheduling free personalized financial assessments with one of DECU's Certified Credit Union Financial Counselors
- Access money saved in Share Certificates with the early withdrawal penalty waived
- Members can apply for a short-term, no interest payroll advance; apply for low rate, longer-term Furlough Loans;
- Skip-a-Payment on eligible installment loans (auto loans, personal loans, recreational loans)
- During the government shutdown, no fee Skip-A-Pay is available on any existing consumer loan with Evergreen
- Up to $3,000 for 12 months with a rate of 1.00%
- Loan extensions
- Offering individualized assistance based on what the member’s needs – this may include personal loans and/or loan extensions
- Offering members a short term loan with no payments for 90 days and loan extensions
- Offering personalized solutions for those in need such as extensions on existing loans and/or reduced rates on new loans.
- A loan of one month’s net salary at 0% (paystub or direct deposit info required) for a loan term of up to 24 months
- Free Skip a Pay for 1-3 months
- Fee refunds for ODP for basic needs such as groceries, on a case by case basis
Northeast Credit Union(which has branches in both Maine and NH)
- Offeringto defer up to three months of consumer loan payments and to provide short-term, low-interest loans with no payments for 90 days.
- Offering individualized assistance that may include loan extensions on existing loans, consolidating debt, and waiving early withdrawal fees
- Shutdown Loan - up to one month’s income for up to 12 months at 0%
- Skip-A-Pay at no charge
- 60 day signature loan for 0%, up to two Skip Payments, and financial counseling
- No penalty for early withdrawal on CDs
- 0% Personal loan for 3 months. We will immediately bump the loan due date to the maturity date, so the member will not make any payments until the loan is due. The loan amount will be limited to the employee’s historic take home pay for the same time period.
- Bump existing loan due date up to 2 months.
- For members who are dependent on Federal Government contracts, but are not directly employed by the U.S. Government, we will work with members on a case by case basis, with management approval.
- Furlough Loans - 1%, 12-month term, up to $5,000
- Loan deferment, Skip-A-Pay, and loan modifications
- Fresh start loans
- Financial coaching
- Payment deferment, loan access, late fee and overdraft fee forgiveness