PenFed Credit Union Provides Furlough Relief for Federal Employees Affected by Potential Government Shutdown
PenFed's government furlough Direct Deposit Assistance feature offers interest-free loans in amount of member's net pay, up to $6,000
PenFed Credit Union, the nation's second largest federal credit union, today announced it will offer emergency furlough relief assistance, including direct deposit assistance, for qualified members who are impacted by a potential lapse of federal appropriations at the end of the month. In cases where the member has their direct deposit with PenFed, they may qualify for an interest-free loan in the amount of their net pay and will be able to request an additional increase for each direct deposit not received during the government shutdown.
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"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 James Schenck. "We are committed to working with our members to minimize financial impact and ensure their financial security."
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.