ORNL Federal Credit Union has created a loan program to help members who are federal employees and not receiving a paycheck due to the partial shutdown of the federal government.
The Furlough Assistance Loan Program offers affected members the opportunity to apply for an unsecured loan at 0 percent interest for the first six months and 3 percent interest for the rest of the term, a press release said.
“The special rate is available to ORNL FCU members who meet specific qualifications, including very limited underwriting requirements,” the press release said. “It offers a maximum term of 48 months, members can take up to 90 days to make their first payment, and the limit is based on the furloughed employee’s income.”
“Many of our members are employed by local government contractors or organizations, such as the Transportation Security Administration and the Department of Justice,” said Colin Anderson, president and chief executive officer of ORNL FCU. “Our goal is to make sure our members and their families are taken care of during their time of need.”
Eligible members can take advantage of the Furlough Assistance Loan Program by contacting the credit union at (865) 688-9555 or (800) 676-5328. Members can also stop by any ORNL Federal Credit Union branch for more information, the press release said.
More information will be added as it becomes available.
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