Credit Unions Offer a Hand for Government Workers During Shutdown

Government workers throughout the region are inquiring about getting loans or paycheck advances to cope with the federal government shutdown.

Dozens of workers have sought information on Northeast Credit Union’s offer to front their paychecks for up to a month or until government funding is restored — whichever comes first — for members who already have direct deposit there, according to Andrea Pruna, Northeast’s senior vice president, chief marketing and retail officer.

The credit union is also offering to defer up to three months of consumer loan payments and to provide short-term, low-interest loans with no payments for 90 days.

The New Hampshire Federal Credit Union announced Wednesday it would offer loans ”to help bridge gaps in receiving paychecks” as well as provide relief for loan payments that may become overdue.

Service Credit Union is offering a zero-percent loan for up to $3,000 for six months and other assistance.

Dover Federal Credit Union has programs to assist members with missed paychecks and is providing extensions on existing loans to relieve members’ worries about their ability to make payments.

DEXSTA Federal Credit Union has also received calls from worried members and is helping with loan extensions and additional services.

Stepping Stones Community Federal Credit Union will offer loans/advances on direct deposits during the shutdown and waive penalties on any early CD withdrawal. Those members missing a paycheck would be eligible for an advance up to $5,000, with payments not starting for 90 days.

Hanscom Federal Credit Union’s Lifeline Program stands ready to support federal workers during the shutdown. In addition, Hanscom FCU will waive penalties for premature withdrawals on term share certificates and allow qualified members to skip consumer loan payments with no fee. Hanscom FCU also offers tools to help members manage a drop in income. The Financial First Aid Kit is a free, downloadable guide containing worksheets and advice for prioritizing expenses and evaluating resources.

People should contact their organizations for more details and eligibility.

« RETURN TO ALL NEWS