Hanscom Federal Credit Union will once again support federal workers, should a government funding gap occur. Furloughed government employees may be eligible for a LifeLine loan. In addition, Hanscom FCU will waive penalties for premature withdrawals on term share certificates and allow qualified members to skip consumer loan payments with no fee.
Beginning February 12, 2018, members whose paychecks could be affected by a furlough or other shutdown will be able to apply for a 0% Annual Percentage Rate (APR) LifeLine Loan for 60 days, up to one month’s net payroll up to $5,000. For those needing more than 60 days to repay, the loan will be converted for easy repayments over a 12-month term at a low fixed rate of 8.49% APR.
“We supported our members throughout the furloughs in 2013,” said Hanscom FCU Chairman of the Board Paul Marotta. “Once again, we are here to provide access to funds so members can cover their expenses. This is part of our mission to be the best possible financial partner.”
Hanscom FCU also offers tools to help members manage a drop in income. The Financial First Aid kit is a free, downloadable guide containing worksheets and advice for prioritizing expenses and evaluating resources. For details, visit www.hfcu.org/lifeline or call 800-656-4328.
