RIVERSIDE, Calif. -- While state legislators continue to squabble about the California budget, Altura Credit Union stands ready to help state workers.
The credit union has set up a series of loan and other programs to assist state, county or school employees who may be experiencing financial hardship during the budget impasse.
During the state budget battle, 10,000 state employees have been laid off and Gov. Schwarzenegger announced plans to cut the pay of another 200,000 employees to the federal minimum wage of $6.55 per hour. Thus far, California Controller John Chiang has refused to implement the pay cut and is being challenged by the governor in the courts.
"Given the uncertainties surrounding the budget approval process, we are concerned about the financial impact on our members," said Altura CU
Executive Vice President/Chief Operating Officer Jennifer Binkley. "Our members may be dealing with financial hardships, and we are ready to help our members and others in the community who may be affected by the delays in the budget."
Open to state, county and school employees who are Altura members or who are eligible for membership, the programs range from a $5,000 signature loan, which has no processing fee, interest or payments for 90 days, and a $10,000 signature equity loan for homeowners to skip-a-payment and a delayed payroll loan, where Altura will advance funds for each payday that payroll is delayed for up to a three-month maximum with no processing fee, interest or payments for 90 days.
To take advantage of one of the four loan programs, the state, county or school employee must show proof of layoff or pay reduction notice.