There are roughly 370,000 federal government employees in the D.C. region, many of whom will go without a paycheck if the federal government shuts down. Even with back pay likely when the shutdown ends, that could mean weeks of financial hardship.
Many of those employees also bank with credit unions tailored to them, and several have announced furlough relief programs to help them get by.
Navy Federal Credit Union, the largest credit union in the world, serves all branches of the military and other federal employees and will provide interest free paycheck advances for up to 60 days for government employees and contractors who are paid directly by the federal government through direct deposit. Customers have up until three days after their first missed paycheck to apply. Details here.
PenFed Credit Union is offering zero-interest paycheck protection loans to members whose federal government pay is normally directly deposited in their accounts, low interest furlough loans, skip a payment options on outstanding loans and home loan hardship assistance. Details here.
Congressional Federal Credit Union, whose members include Capitol Hill staffers, is offering an interest-free relief line of credit for up to 60 days, low interest personal loans, loan payment deferrals and line-of-credit increases to its members affected by a government shutdown. Details here.
USAA, which serves active and retired military and their families, is offering no-interest loans to qualifying members for up to 60 days, which must be repaid within three months. Details here.
The last federal government shutdown in 2019 lasted 35 days.
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