St. Jean’s Credit Union Aids Members Impacted by Government Shutdown
St. Jean’s Credit Union embodied the structure and mission of “people helping people” to ensure members affected by the recent government shutdown have access to low-or no-interest loans with generous repayment terms. An estimated 800,000 federal employees and their families have faced financial uncertainty because they weren’t being paid during the shutdown.
St. Jean’s stepped up to the plate, offering loan assistance to impacted members and their families; and will continue to serve their financial needs in good times and bad, especially when faced with a crisis.
“Several members have expressed how appreciative they are of our efforts,” said St. Jean’s Vice President of Lending, Jim Metcalf. “Even a slight disruption in someone’s finances can be stressful, especially when it concerns their job. St. Jean’s institutes relief programs like this so our members can breathe a little easier when times become uncertain.”
Under this special relief program, St. Jean’s Credit Union instituted member benefits including:
- No Fee Skip-a-Pay – For each month (or part thereof) that the federal government is shut-down due to the budget impasse, borrowers / co-borrowers who are federal government employees can opt to skip-a-pay at no charge.
- Interest will continue to accrue on the outstanding balance
- Eligible loan types – all closed-end consumer loans (real estate secured loans and lines of credit are ineligible)
- No Interest Personal Line of Credit (available for existing members only)
- 0.00% APR personal line of credit where the limit is set to the amount of a members’ last net pay. Additional advances may be requested at each subsequent pay day that the shutdown persists.
- No payment is required until seven (7) calendar days after member receives their retroactive pay.
- Waived credit check and underwriting
St. Jean’s Credit Union encourages members to request assistance by reaching out to Jim Metcalf, Vice President of Lending, or by visiting one of the branches.
“It is our hope that our members who are federal employees will not suffer financial stress,” said David Surface, President/CEO at St. Jean’s Credit Union. “Federal workers should not have to resort to high interest loans or predatory payday loans to make it through a shutdown.”« RETURN TO ALL NEWS