Media takes notice of shutdown assistance efforts
Relief programs include low-rate loans, skip-payment options.
True to their people-helping-people philosophy, credit unions continue to offer assistance programs to members affected by the government shutdown.
ABC Action News KFSN in California provided news coverage on how Golden 1 Credit Union in Sacramento and Noble Credit Union in Fresno are helping federal workers “weather the storm” during the shutdown. Golden 1 introduced a Pay Disruption Assistance Program and Noble works with members on a case-by-case basis.
At R.I.A. Federal Credit Union in Rock Island, Ill, members with existing loans can defer payment up to 60 days. The credit union will also reduce the loan rate or payment for up to six months, and it introduced a special payroll-impaired loan for up to $3,500 at 5.99% for up to 18 months.
IH Mississippi Valley Credit Union, in Moline, Ill., offers affected members a 12-month, 1.99% annual percentage rate government payroll assistance loan up to $5,000. To qualify, members need to have their government payroll directly deposited into a credit union account or provide a paystub or proof of their furlough from their government agency. If members do not need payroll assistance but have a loan at the credit union, they may defer one monthly payment of any consumer loan at no charge.
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