WASHINGTON — Federal workers are grasping at straws to make ends meet during the longest government shutdown in U.S. history. Small businesses are struggling, essential personnel are at risk of being classified as AWOL and furloughed feds are using resources from local food banks and charities, some even taking up second jobs.
To some outrage, Commerce Secretary Wilbur Ross on CNBC Thursday suggested the more than 800,000 workers should look to borrow from banks and credit unions instead of using food banks.
The American Bankers Association has a list of more than 100 banks offering special help to furloughed workers, but each bank is different.
SunTrust is offering a loan with no interest or payments for 90 days. U.S. Banks and USAA are offering low rate loans. Bank of America, Citigroup, JPMorgan Chase and Wells Fargo don’t offer personal loans at all.
“Credit unions across the country are stepping up to help federal employees and families affected by the government shutdown. Relief programs offering low rates and deferred payments will aid members who are struggling to make ends meet,” said Credit Union National Association Chief Advocacy Officer Ryan Donovan.
WTOP compiled a list, courtesy CUNA, of the shutdown assistance banks and credit unions in D.C., Maryland and Virginia are offering during this time of financial instability.
D.C.
Navy Federal Credit Union is offering a 0 percent APR loan for eligible member with qualifying direct deposit.
Credit union members can get an advance on direct deposit, reports ABC News. This is a tiered program which is essentially a zero-interest loan covering paychecks ranging from $250 to $6,000 in each pay period. For members making up to $500, $250 is deposited. For those making $501 to $6,000, the amount deposited is rounded down to the nearest $500, and maxes out at $6,000. Customers must enroll and need an account that has already enabled direct deposit.
State Department Federal Credit Union is helping furloughed feds obtain an emergency Visa Platinum Credit Card furlough loan at 0 percent interest for the first two months, delay loan payments on a case-by-case basis, refund any late fees on loan payments, eliminate penalty for cashing in Share Certificates early so there’s access to money sooner, and refund cash advance fees for Visa Platinum or Premium Cash Back+ credit cards when using an ATM.
Congressional Federal Credit Union is offering a line of credit loan at zero percent for 60 days, loan deferments, early withdrawal waivers and additional individualized financial solutions.
Democracy Federal Credit Union is offering loan extension for up to 90 days, short-term loans for up to 6 months at zero percent and free financial counseling.
Department of Labor FCU is offering loans at zero percent for the first 60 days and 5 percent for the remainder of 12-month term.
FRB Federal Credit Union is offering a skip-a-payment fee waiver, short term loans and increased credit lines.
InFirst Federal Credit Union is offering personal loans at zero percent for 60 days with direct deposit, skip-a-payment fee waiver and additional individualized financial solutions.
Interior Federal Credit Union is offering a line of credit up to $15,000 at zero percent for 30 days, a waived early withdrawal fee, skip-a-payment and lowered existing lines of credit to 0 percent interest for the duration of shutdown.
NRL FCU is offering free skip-a-pay — skip a monthly loan payment, loan payment extensions for 90 days, and low-rate furlough loan.
The Partnership Federal Credit Union is offering skip-a-payment fee and early withdrawal fee waivers and low-interest loans with direct deposit.
Police Federal Credit Union is offering loans up to $7,500 with no payment for 45 days, early withdrawal fee waivers and additional financial solutions.
Transportation Federal Credit Union is offering personal loans up to $3,000 at zero percent for 45 days and up to 2 months of skip-a-payment fee waived.
United States Senate Federal Credit Union is offering personal loans at zero percent for 3 months and additional individualized solutions.
Maryland
Agriculture Federal Credit Union is offering up to $6,000 line of credit at zero percent for 60 days for members with direct deposit and personal loan deferrals up to 45 days with flexible repayment terms up to 60 months.
APG Federal Credit Union is offering payment deferral up to 90-days, skip-a-payment fee waivers, existing loan modifications, early withdrawal fee waivers and additional information individualized financial solutions.
Andrews Federal Credit Union is offering personal loan up to $5,000 at zero percent for 90 days.
Baltimore Washington Federal Credit Union is offering personal loans of up to $5,000 for up to 36 months at 3 percent.
Cedar Point FCU is offering special loans.
Democracy Federal Credit Union is offering personal loans at zero percent for 6 months and existing loan extension up to 90 days.
Fed Choice Federal Credit Union is offering one month’s pay at 2.5 percent for 6 months with a 60-day repayment delay, waivers of maturity-based withdrawal penalties, skip-a-pay for VISA cards, vehicle loans and personal loans.
Freedom Federal Credit Union is offering low, fixed rate loans with expedited approval process and consolidation loans or lines of credit, waived fees for Skip-A-Pay requests on qualified loans, 90-day deferral options on qualified loans, penalty-free certificate withdrawals and zero percent and expedited credit decisions for line increases on credit cards.
Howard County Education Federal Credit Union is offering personal loans up to $1,500 and loan consolidation.
InFirst Federal Credit Union is offering personal loans at zero percent for 60 days with direct deposit, skip-a-payment fee waivers and additional individualized financial solutions.
Market USA Federal Credit Union is offering skip-a-payment fee waivers.
NASA Federal Credit Union is offering up to $10,000 at zero percent or 60 days, skip-a-payment fee waivers and additional financial solutions.
Nymeo Federal Credit Union is offering skip-a-payment and other individualized financial solutions.
SECU of Maryland is offering payment deferrals on existing loans and additional individualized financial solutions.
Securityplus Federal Credit Union is offering personal loans with no payment for 45 days, early withdrawal fee waivers, skip-a-payment fee waivers and additional personal financial solutions.
Signal Financial Federal Credit Union is offering payroll advances up to 90 percent of regular monthly pay and individualized deferments of loan payments.
Transportation Federal Credit Union is offering personal loans of up to $3,000 at zero percent for 45 days and up to 2 months of skip-a-payment fees waived.
Virginia
ABNB Federal Credit Union is offering skip-a-payment fee waivers and one-time paycheck replacement loans at 0 percent.
Agriculture Federal Credit Union is up to $6,000 line of credits at zero percent for 60 days for members with direct deposit and personal loan deferral up to 45 days with flexible repayment terms up to 60 months.
CommonWealth One Federal Credit Union is offering up to $5,000 with no payment for 90 days and skip-a-payment.
Congressional Federal Credit Union is offering line of credit loans at zero percent for 60 days, loan deferments and early withdrawal waivers.
Democracy FCU is offering zero percent for 6 months and existing loan extensions up to 90 days.
InFirst Federal Credit Union is offering personal loans at zero percent for 60 days with direct deposit, skip-a-payment fee waivers and additional individualized financial solutions.
Justice Federal Credit Union is offering personal loans of up to $3,000 at 3.19 percent for 24 months with 90-day payment deferrals and 30-day existing loan deferrals.
NASA Federal Credit Union is offering up to $10,000 at zero percent or 60 days, skip-a-payment fee waivers and additional financial solutions.
PenFed Credit Union is offering skip-a-payment fee waivers, 2 percent discount on new loans and zero percent overdraft line of credit up to $6,000 per person per pay period.
Peoples Advantage Federal Credit Union is offering skip-a-payment on loans and early withdrawals on CDs without penalty.
United States Senate Federal Credit Union is offering personal loans at zero percent for 3 months and additional individualized solutions.
