Products

ACU Federal Employee Relief Loan FAQs

What is the ACU Federal Employee Relief Loan?

  • The ACU Federal Employee Relief Loan is a six-month 0.00% APR loan up to $750.

Who is eligible for the ACU Federal Employee Relief Loan? (Note: You must meet all three criteria listed below.)

  • 1. An employee, retiree, or federal contractor for the federal government who will not be receiving a paycheck as a result of the Federal Government shutdown.
  • 2. Must be an existing Associated Credit Union member in good standing.
  • 3. Have current full payroll direct deposit from federal government organization with ACU as of December 20, 2018.

If I am a Federal Employee affected by the Government Shutdown and I do not have direct deposit with ACU, am I eligible for the ACU Federal Employee Relief Loan?

  • Unfortunately, you are not eligible for the ACU Federal Employee Relief Loan if you have not established direct deposit with Associated Credit Union by December 20, 2018.

How do I sign up for Direct Deposit?

  • Please contact your employer's Human Resources department to set-up direct deposit into your ACU deposit account.

What document(s) do I need to prove the Government Shutdown affected me?

  • You will need to provide a copy of your most recent Leave and Earning Statement (LES).

How do I apply for the ACU Federal Employee Relief Loan?

  • Step 1: Click here.
  • Step 2: Under “Select a purpose” click “Federal Relief Loan”.
  • Step 3: Under “Provide loan information” enter an amount up to $750.00 and under “Term months” enter the number “6”.
  • Step 4: Click “Continue”.

How many times can I apply for the ACU Federal Employee Relief Loan?

  • Each ACU member is allowed to apply one-time for up to $750.00.

May I apply for more than $750?

  • The maximum available to borrow is $750.00.

When can I apply for the ACU Federal Employee Relief Loan?

  • We will start accepting loan applications for the ACU Federal Employee Relief Loan on December 24, 2018 if our Government is still shutdown.

Can I apply for the ACU Federal Employee Relief Loan before December 24, 2018?

  • We will start accepting loan applications for the ACU Federal Employee Relief Loan on December 24, 2018 if our Government is still shutdown.

How long do I have to wait to be approved for the ACU Federal Employee Relief Loan?

  • Your Federal Employee Relief Loan will be approved within two business days once you submit all the required documentation.

Once I am approved, how long before the loan is deposited into my ACU deposit account?

  • The Federal Relief Loan will be deposited into your Associated Credit Union deposit account within two business days once you submit all the required documentation.

Am I eligible for the Federal Employee Relief Loan if I am currently under Chapter 7 or Chapter 13 Bankruptcy Protection?

  • No, you are not eligible.

What are the prepayment terms?

  • The first payment would be due within 45 days of the funding date. It would be 6 payments if paid monthly or 13 if paid bi-weekly.
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