CENTENNIAL, Colo.—Federal workers affected by the government shutdown will miss their first paychecks on Wednesday, Oct. 15, and credit unions continue to extend relief efforts.
In Colorado, the $77-million Columbine Credit Union said in a message through channels that included social media, “We know the government shutdown has created real challenges for many of our members. If you’ve been impacted, please know—you’re not in this alone. Columbine is here to help you find solutions and keep your finances on track during uncertain times.
“Give us a call or stop by and know that when others don’t, Columbine gives a damn,” the message adds.
CU SoCal Offers Three Options
In Anaheim Hills, Calif., Credit Union of Southern California (CU SoCal) said it is offering three primary relief options for affected members:
• Emergency loans. Quick, flexible loans designed to help members cover essential expenses.
• Loan payment deferrals. Temporary relief for members unable to make loan payments.
• Waived early withdrawal penalties. Members can access funds from their share certificate accounts without penalty.
“At CU SoCal, we exist to build better lives for our members and communities, and that purpose guides us especially in times of crisis,” President and CEO Dave Gunderson said in a statement. “We understand the stress the government shutdown is creating for many families. That’s why we’re making it easier for members to access the financial support they need right now.”
FreeStar Financial Offers Multiple Programs
In Clinton Township, Mich., FreeStar Financial Credit Union is offering:
• Skip-A-Pay program: Members may skip up to three monthly payments on eligible loans, freeing up funds for essential expenses.
• Special Assistance Signature Loan: A “no credit pull” loan of up to one month of take-home pay (maximum $10,000), with no payments for 90 days and a special low rate of 9.24%.
• Standard Signature Loan with 90-Day No Payments: For those with less than six months of government direct deposit or for new members on furlough, this loan provides flexible terms and the same 90-day payment deferment.
Congresswoman Promotes CU Help
In El Paso, Rep. Veronica Escobar (D-Texas) held a press conference during which she highlighted credit unions offering assistance, including Navy FCU and FirstLight FCU.
0% Loans in Iowa
In Sioux City, Iowa, Siouxland Federal Credit Union is now offering 0% interest recovery loans to federal employees who are temporarily without work.
The loans are for up to $5,000 with terms to four months, with modifications made on a case-by-case basis.
“Thought about it, and we thought we don’t want to charge them any interest because we know they’re in maybe a financial difficulty and so, being the credit union we are, we thought we’d be able to offer this and not charge them any interest,” President Joel Steenhoven said in a statement. “So, it’s a lot less expensive for them to repay.”
