Scott Credit Union offers zero percent loans to help members during government shutdown
(October 1, 2013) — 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 employees, active duty military and civil service and will be 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, active duty military and civil service employees will not be paid starting October 1.
Active duty military members will continue to work during the shutdown, but their pay will be delayed until after the shutdown. It is estimated that more than 783,000 government employees will be furloughed from their jobs 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.
Scott Credit Union is a not-for-profit financial cooperative that is member owned. At the end of 2012, the credit union gave about $1.2 million back to members through a bonus dividend and loan interest rebate.
Scott Credit Union is open to anyone who lives or works in a 17 county area, including Madison, St. Clair, Monroe, Randolph, Perry, Franklin, Jefferson, Washington, Clinton, Marion, Bond, Macoupin, Montgomery, Fayette, Effingham, Williamson, and Jackson counties. Anyone who lives or works in St. Louis County, Missouri also can open accounts at SCU. Additionally, anyone active or retired military also can have accounts with Scott Credit Union.
Scott Credit Union currently has 15 area locations: Scott Air Force Base, East Belleville, Fairview Heights, Collinsville, O’Fallon, Edwardsville, Waterloo, Highland, Caseyville, West Belleville, Millstadt, Mascoutah, Troy, East Alton and its Home Office in Edwardsville.
For details about SCU’s Government Shutdown Loan Program or on opening accounts at Scott Credit Union, visit www.scu.org, call 1-800-888-4728, or stop by any of the credit union’s branches.