Summit Credit Union has launched a new financial assistance program for its current members affected by the government shutdown. The new offering includes up to a $5,000 line of credit and interest-free grace period.
“When they start getting paid again, members can start to pay back the loan. They have the option of setting up an automatic payment so the loan is paid right away. The 90-day interest free grace period gives them time to get their finances squared away before any interest even kicks in,” said Kim Sponem, the 17-year CEO & President of Summit Credit Union.
“The last thing we want is for this situation to push people into a long-term debt cycle,” added Sponem.
Summit’s short-term Overdraft Protection Line of Credit includes:
- 0% APR up to receiving their first paycheck after the shutdown.
- The 0% APR will remain in effect for 90 days following the resolution date* allowing members to pay it back quickly with back pay. 18% interest thereafter.
- Overdraft protection line of credit up to $5,000
Summit Credit Union members affected by the government shutdown are encouraged to call (800)-235-5560 or stop by any Summit location to confirm eligibility or discuss their individual situation.
More information is also available at https://www.summitcreditunion.
*Offer only applies to existing Summit Credit Union members in good standing. Proof of government employment that has been furloughed is required. After the 0% interest rate period ends the interest rate will revert to the regular Overdraft Protection Line of Credit rate of 18% APR. Eligibility and credit criteria apply.