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Zero-Percent Loans to Help Members Hit by Government Furlough
Northwest Federal Credit Union offers special relief loans to affected members
HERNDON, VA (February. 26, 2013)– Northwest Federal will provide loans up to $10,000 at zero-percent interest to members who may be adversely affected by the impending Federal Government furlough. Should the Government sequestration take effect, this special interest rate will be available for members who meet minimum qualifications for a period of up to 90 days after their furlough period ends. In addition to the zero percent loans, Northwest Federal will also waive the early withdrawal penalties on any Certificate of Deposit for members who may need immediate access to their funds.
Many believe the sequestration–which will impact nearly all government agencies through a series of across-the-board, automatic budget cuts–could have far-reaching consequences. Should this happen, Northwest Federal will be ready, said Colleen Daly, Senior Vice President of Lending at Northwest Federal. “We’re here to offer some peace of mind to our members who may be worried about how government furloughs might affect their personal financial situations.”
In addition to the special Furlough Relief Loan Program, Northwest Federal also offers members two financial assistance programs: BALANCE Financial Fitness, which provides certified financial counselors to help with money management, debt reduction and establishing financial well-being; and the Member Solutions Program, which helps members facing financial difficulties in meeting their payment obligations.
“We realize that the sequestration may create tough times for some our members and others in the community,” said Chris McDonald, Northwest Federal’s President and CEO. “Our credit union has been serving this community for more than 65 years, and our commitment to help our members will continue through this challenging time.”
For information on Northwest Federal’s financial assistance programs, visit www.nwfcu.org/furlough or call (703) 709-8900.
About Northwest Federal Credit Union
Northwest Federal Credit Union is a full-service financial institution ranking among the largest credit unions in Virginia and in the top 50 credit unions in the nation. Established in 1947 and headquartered in Herndon, Va., Northwest Federal is dedicated to providing financial services and education to its members and the community. The Credit Union currently serves more than 125,000 members and has assets in excess of $2.5 billion. For more information, visit www.nwfcu.org.