PenFed Credit Union Provides Furlough Relief for Federal Employees Affected by Potential Government Shutdown
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PenFed's government furlough Direct Deposit Assistance feature offers interest-free loans in amount of member's net pay, up to
"PenFed understands the hardship furloughed employees face when they don't receive the paychecks they rely on to pay their bills, buy groceries and support their families," said PenFed Credit Union President/CEO and PenFed Foundation CEO
In addition to direct deposit assistance, PenFed furlough relief programs include:
- Skip a payment. Members may receive 1-month skip a payment on qualifying loans if affected by a furlough.2
- Government Furlough Loan. If an affected member's pay is not directly deposited into a PenFed account, upon credit qualification, they could receive lowest available rate for a personal loan product.3
- Home Loan Hardship Assistance. Depending on the member's loan type, PenFed has several relief options, to include deferring payments, forbearance plan, repayment plan and loan modification.
PenFed has supported its members through the past 21 government shutdowns since 1976 and assisted thousands of members with no interest loans during the 2018-2019 shutdown. PenFed serves 2.9 million members with a core membership that includes, among others, those serving in the Armed Forces, the Department of Defense, the Department of Homeland Security, military associations and veterans.
Additional information on PenFed's relief options can be found at PenFed.org. To receive any advertised product, you must become a member of PenFed Credit Union.
1Qualifying members who have their pay directly deposited into a PenFed checking account may qualify for an interest-free advance on an Overdraft Line of Credit account equal to their net pay, up to
2First Mortgage, Fixed Equity Loans and HELOC loans are not eligible for the Skip a Payment program.
3Available for up to one month's net pay for a maximum term of 6 months. Interest rate is currently 7.99% APR. Members must qualify for credit under PenFed guidelines. Members must provide a copy of the furlough letter to verify they are directly impacted by the shutdown.
About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving 2.9 million members worldwide with $35.3 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members' interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.
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SOURCE PenFed Credit Union
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