WASHINGTON – As the stalemate in funding the federal government continues and the date gets closer when many federal workers will miss paychecks, credit unions continue to announce offers of help.
The CU Daily had earlier reports on the types of assistance available here and here.
• In Riverside, Calif., Altura Credit Union said it is now offering loans at 0% interest for the first 90 days to federal workers facing delayed paychecks, advancing funds for up to three months of net pay with no payments required during the initial period. After the three months, the rate reverts to Altura’s prevailing fixed rate for personal loans based on the borrower’s credit score.
Federal workers must provide proof of delayed payroll — such as a letter from their employer — and their most recent pay stub.
New members can join Altura for a $10 membership fee to access the program, which is open to anyone who lives, works, worships, or attends school in Riverside County and select areas in neighboring counties.
The program includes no prepayment penalty, allowing workers to pay off the loan immediately once federal paychecks resume without additional cost.
• Sacramento, Calif.-based Golden 1 Credit Union said members who work for federal agencies affected by the current shutdown can apply for Golden 1’s Payroll Assistance Loan.
“Golden 1 recognizes the impact a sudden loss of income can have on individuals and families,” SVP-Community Impact and PR Erica Taylor said in a statement. “Our commitment to members includes providing practical support and resources to help get them through challenging financial times.”
In addition, Golden 1 will waive certificate of deposit early withdrawal penalties for affected members during the shutdown.
• In Huntsville, Ala., Redstone Federal Credit Union is offering financial relief in the form of low-interest loans and temporary payment deferrals. The credit union said members can apply for a 1.5% relief loan up to $5,000 or their net monthly pay, with no payment required for the first 60 days. RFCU said eligible borrowers can also use its Skip-a-Pay program at no cost, allowing them to defer a loan payment for one month.
“Our members are at the heart of everything we do,” President and CEO Joe Newberry said in a statement. “We know this shutdown is creating uncertainty for many families, and we want them to know they are not alone. Redstone is here to provide financial breathing room and personal support to help them through this time.”
