Scott Credit Union offers zero percent loans to help members during government shutdown
EDWARDSVILLE, IL (January 2, 2019) — Scott Credit Union is offering help to its members who will not be paid because of the government shutdown.
The local credit union will offer a six-month, 0% APR Government Shutdown Loan to members who are government and civil service employees working without pay during the government shutdown.
Members who receive the loan also will not have to make any payments for 30 days.
The government shutdown will mean that many federal workers and civil service employees will not be paid beginning with the new year.
Active duty military members will continue to work during the shutdown. It is estimated that about 800,000 government employees will be working without pay or not working until the shutdown is resolved.
“If congress does not act to prevent it, many of our members could face economic hardships,” said Scott Credit Union President & CEO Frank Padak. “We stand ready to help our members, especially those who work at Scott Air Force Base and could be out of a paycheck until it is resolved.”
Scott Credit Union’s Government Shutdown Loan program will offer members the opportunity to borrow 100 percent of their most recent net two-week pay.
“We are hopeful that this will get resolved quickly,” Padak added. “We really want to help them cover the next paycheck or two and then pay it back over the next six months as they work to get caught up.”
To qualify for the 0% loan, SCU members will need to have had their government payroll directly deposited into a Scott Credit Union account or provide a current paystub.
About Scott Credit Union
Scott Credit Union is a full-service financial cooperative. When someone opens an account at the credit union, they become a member and an owner. Because of its structure, Scott Credit Union has given back nearly $13 million to members through a bonus dividend and loan interest rebate over the past 13 years.
Scott Credit Union currently has 20 area locations: Affton, MO; Ballpark Village in St. Louis, MO; Belleville, IL (two branches); Collinsville, IL; Columbia, IL; Crestwood, MO; Edwardsville, IL (two branches); Fairview Heights, IL; Ferguson, MO; Highland, IL; Ladue, MO; Lebanon, IL; Mascoutah, IL; O’Fallon, IL; Troy, IL; Scott Air Force Base in Illinois; Waterloo, IL; and Wood River, IL.
For details on career opportunities at Scott Credit Union, visit www.scu.org/careers