Loans for furloughed employees

Loans for furloughed employees

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No-interest financing and more for federal employees during the government shutdown.

It’s usually difficult to get a loan or put your bills on hold when you’re not getting paid. But if you’re one of the 800,000 workers furloughed over the recent government shutdown, you may be eligible for financial assistance from select credit unions and banks — from 0% APR personal loans to forbearance on current bills. However, that eligibility might not extend to federal contractors.

Where to find a loan during the government shutdown

Credit unions and banks offer assistance programs designed to help federal employees make it through the government shutdown. If you already have a loan you might know some government loan programs have completely stopped during the shutdown, while others are just experiencing delays. If you already have a loan, your repayments likely won’t be affected.

Federal credit unions

Many federal credit unions are extending no- or low-interest loans for furloughed employees affected by the government shutdown.

You must join the credit union to be eligible for a loan. Many allow you to open a savings account online with a minimum $5 balance. You might need to meet other requirements, such as living or working in a specific area or joining a particular organization.

Federal credit union loans for furloughed employees
Credit union Maximum loan Term APR Eligibility requirements Other assistance programs Customer support
ABNB Federal Credit Union
Your last direct deposit amount
2 months or whenever the government processes back pay — whichever is sooner
0%
  • Member of ABNB FCU
  • Federal government employee or contractor affected by the shutdown
Skip a payment on your current loan
757-523-5300
AgFed Credit Union
$30,000
Up to 5 years — with payment deferred up to 45 days
Starting at 6.49%
  • Member of AgFed Credit Union or willing to become one
  • Federal government employee or contractor with proof of furlough
Skip a payment on your current loan
800-368-3552
Congressional Federal Credit Union
Varies for Relief Line of Credit
3 years
0% during the 60-day draw period, then 4% on the remaining balance
Member of Congressional FCU affected by the shutdown
  • Defer payments on new personal loans for up to 60 days
  • Increase the credit limit on your current line of credit
  • Defer payments on your current loans and credit cards
  • Penalties waived for early withdrawal from your CD
  • Free financial coaching
800-491-2328
Democracy Federal Credit Union
Varies
6 months
Starting at 0%
  • Member of Democracy FCU or willing to become one
  • Federal government employee affected by the shutdown
  • Deferred payments on your current loans for up to 90 days
  • Free financial counseling services
800-742-5582
Hanscom Federal Credit Union
$5,000
14 months
0% for the first 60 days, then 8.49%
Member of Hanscom FCU affected by the shutdown
  • Penalties waived for early withdrawal from your CD
  • Skip a payment on your current loans
800-656-4328
Justice Federal Credit Union
$3,000
2 years — with payment deferred for 3 months
Starting at 3.19%
  • Member of Justice FCU for at least 6 months
  • Department of Justice or Department of Homeland Security employee affected by the shutdown
  • Apply within 90 days of shutdown
  • Deferred payments on your current personal loans, auto loans and credit cards for 30 days
  • Mortgage assistance
800-550-5328
Lafayette Federal Credit Union
$35,000
3 years
Varies
  • Member of Lafayette FCU for at least 30 days
  • Federal government employee affected by the shutdown
  • Enroll in autopay for your loan
  • Meet standard underwriting criteria
None
800-888-6560
Launch Federal Credit Union
$3,000
1 year
0%
  • Member of Launch FCU or willing to become one
  • Existing federal or contract employee affected by the shutdown
  • Pay verification and establish direct deposit into Launch FCU account
  • Apply by January 31, 2019
None
800-662-5257
$6,000
Automatically deducted from your account when the government processes back pay
0%
  • Member of Navy Federal Credit Union with direct deposit
  • Existing federal government employee or active-duty servicemember of the Coast Guard
  • Apply 1 day before or 3 days after your scheduled pay date
None
888-842-6328
Space Coast Credit Union
1 month of net pay verified by your direct deposit history
1 year
0%
  • Member of SCCU with direct deposit set up prior to government shutdown
  • Federal government or civilian employee, government contractor with payroll received from federal government or military member
Withdraw up to $10,000 on your CD without an early withdrawal fee
800-447-7228
Transportation Federal Credit Union
$3,000
Up to 18 months
4.5%
  • Member of Transportation FCU or willing to become one
  • Existing federal government employee with proof of furlough
  • Skip a payment on your current loans
  • Free financial counseling
800-368-8432
US Employees Credit Union
Your last biweekly direct deposit rounded down to the nearest $100
2 months or whenever the government processes back pay — whichever is sooner
0%
  • Federal government employee affected by the shutdown
  • Member of USECU with an account in good standing
  • Direct deposit of government pay into a USECU account immediately before the shutdown
  • Apply by January 15, 2019
  • Skip a payment on your current loans
  • Penalties waived for early withdrawal from your share certificate — up to $5,000
312-922-5310

Banks

Some local and larger banks have set up assistance programs for furloughed employees. In addition to loans, many banks offer forbearance on existing mortgages, personal loans and credit cards. You might also find reversed overdraft fees, reduced or waived penalties for withdrawing from a CD early and other benefits.

Not all banks advertise these assistance programs, so you might want to call customer service to learn the options available to you.

Banks that offer assistance for furloughed employees
Bank Assistance offered Customer support line
Bank of America
Fee refunds, waivers, repayment plans and loan modifications for current customers
844-219-0690
Chase
  • Waives or refunds overdraft and monthly service fees from December 24, 2018, until the government shutdown ends. Waiver applies to federal employees signed up for direct deposit into a Chase account in November 2018.
  • Other hardship programs for Chase customers vary depending on your situation.
888-356-0023
Citi Bank
  • Adjusts fees and interest for current customers.
  • Short-term forbearance, adjusted repayments or loan modifications.
800-374-9700
First Command Financial Services
  • 0% APR payroll advance for federal employees signed up for direct deposit into a First Command account.
  • Penalty-free early withdrawals on CDs.
  • Repayment assistance on loans.
  • Increased credit limit and deferred monthly payments on credit card accounts.
  • Low-interest lines of credit backed by a tax-free mutual fund.
  • Free financial counseling.
888-763-7600
Huntington Bank
  • Waives checking account overdraft fees.
  • Refunds overdraft fees backdated to December 23, 2018.
  • Low-interest personal loans available until February 6, 2019, or until the shutdown ends — whichever comes first.
888-697-4682
Provident Bank
  • Up to 2 refunds of late fees on mortgages, home equity loans and credit cards.
  • Up to 3 refunds on overdraft fees on checking accounts.
  • Refund on minimum balance fee for checking and savings accounts.
  • Waives early-withdrawal penalty fees on CDs.
800-448-7768
USAA
Low-interest personal loans and other assistance to members of the Coast Guard affected by the shutdown.
800-531-8722
Wells Fargo
  • Forbearance and other payment assistance for current mortgage, personal loan, auto loan and credit card customers.
  • Waives monthly service, overdraft and NSF fees for customers signed up for direct deposit as of November 2018.
800-869-3557

Online lenders

While most online lenders don’t offer loans specifically for furloughed employees, you might qualify for a loan. These lenders tend to be less strict than banks about credit requirements and can get you funds in as little as one business day. You also might be able borrow more than what banks or federal credit unions are offering furloughed employees.

You must have good credit to get a competitive rate, however. If you’re concerned about qualifying because of your furloughed status, call customer service to explain your situation — they might be willing to work out a loan that fits your situation. Some lenders like Marcus by Goldman Sachs are offering deferment for furloughed customers with current loans.