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Associated Credit Union Offers 0.0% APR Interest Loan to Federal Government Employees

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Associated Credit Union Offers 0.0% APR Interest Loan to Federal Government Employees

With the government shutdown looming over the country, anxiety and uncertainty are running high for the thousands of furloughed federal employees. Being that this is the longest federal work stoppage in history, even those who initially were making ends meet, are beginning to grow worried that their savings won’t be enough to last until they begin receiving paychecks again. Immediately upon hearing talks of the shutdown, Associated Credit Union put a plan in action to offer members the Federal Employee Relief Loan—a 0.0% APR loan for amounts up to $750 for federal employees affected by the government shutdown.

ACU has come in with a three-prong approach to helping these affected federal employees. First, there is the Federal Employee Relief Loan offering members an interest-free advance. Second, there is the Skip-A-Pay extension for those members who already have a loan with ACU. Lastly, ACU is offering a payment deferment option for the affected members who may need an extended length of time to get back on their feet with loan payments.

“Federal employees are our original field of membership,” said Lin Hodges, President and CEO of Associated Credit Union. “As we would with all of our members, we want to uphold our values and stand ready to help in a time of real need.”

The response rate has been incredibly high with over 200 applications for the Relief Loan, and $150,000 in loans funded. Multiple thank you emails and glowing employee reviews have been received from grateful members who are able to pay their bills or put food on the table due to receiving this loan from ACU.

“I was able to pay my mortgage when I received my first [Federal Employee] relief loan through ACU back in 2013,” said one ACU member of 19 years. “I was approved for another loan during this shutdown, and have been able to provide food for my family while I wait for my payroll to come through again.”

Associated Credit Union feels it is their duty to help membership during these trying times. Members can apply online, via phone, or by visiting a branch. If they are in need of assistance with an existing loan, they can call ACU and speak with an Asset Recovery specialist. Additionally, we offer Budget Counseling for any member who would like to talk with one of our Certified Credit Union Financial Counselors to discuss their current financial situation and next steps.

“We feel this is a situation that is out of our members' control,” said Chad Evans, Senior Vice President of Lending. “Therefore, as a cooperative, we feel that it is important for us to assist those in a temporary hardship with the proper resources we have available. We feel that it is the right thing to do and it is what our membership, as a whole, expects us to do.”

To learn more about the ACU Federal Employee Relief Loan, visit https://www.acuonline.org/home/products/federalemployeereliefloan.