Credit unions stepping up to help federal workers without paychecks
By Eileen Ambrose, Baltimore Sun
As the government shutdown continues, credit unions whose members are federal workers offering low-rate loans and other assistance. Here is just a sampling, but check out your credit union if you need money to tied you offer while your paycheck is delayed because of politics:
The National Institutes of Health FCU for instance is offering a 0% introductory rate for the first 60 days on a line of credit of up to $10,000. The rate goes up for the next 12 months, from 1.99% to 4.99 percent. Similar terms are available for a loan.
The credit union also is offering a “skip-a-pay” feature, allowing borrowers to skip up to 3 loan payments over 12 months. Plus, overdraft fees incurred during a disruption of pay and an early withdrawal penalty from moving money out of CDs will be waived.
The APG Federal Credit Union for workers at Aberdeen Proving Ground offers 1-year furlough loans of up to $5,000 at a rate of 4.99 percent. Comes with a 90-day no pay option. Those with Visa credit card from the credit union can get an expedited approval for increases in the line of credit.
Among other assistance, FedChoice allows members to transfer a balance by the end of today – Oct 8 – to its Visa Gold Credit Card and pay an annual rate of 2.99 percent for three years on that transfer.
And the NASA Credit Union is offer a line of credit of up to $20,000 to members until the end of the year at an annual rate of 3 percent.
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