LANSING, Mich. -- NuUnion Credit Union is ready to offer financial assistance to help State of Michigan employees who may experience unpaid furlough days and an impact on their personal finances as a result of the state's current fiscal year budget crisis.
"State employees are the founders of our organization, and it's our privilege to be able to provide the financial assistance they may need during this uncertain time," said NuUnion CU President/CEO Stephan L. Winninger. "We've developed a loan product specifically for their unique situation that we think should help relieve some of their financial concerns."
State employees and others who may experience this same type of temporary income loss may apply for up to $7,500 at a 4.90% fixed interest rate for up to a 48-month term to help supplement their pay.
They also have the option to defer their first payment for 60 days. Additionally, NuUnion members with existing loans are eligible for two one-month loan extensions during the calendar year.
Over the years, the $800 million credit union has provided assistance to help members realize their short- and long-term goals through good times and during adversity. In the 1970's when State employees faced payless paydays, NuUnion provided interest-free loans to help assist them and their families. Earlier this year, NuUnion committed over $1 million in low interest loans to support educational assistance for members who have found themselves in need of job retraining due to restructuring or downsizing.