Congressional FCU and Justice FCU Offering Products if Government Stops Running
Two Washington, D.C.-area credit unions will make special loans available to their members if the government closes down due to the lack of a budget.
Congressional FCU is offering a Furlough Loan of up to $3,000. There is no interest for the first 30 days after which it converts to a 12-month signature loan with an annual rate of 7.49%
The $494 million credit union is also highlighting its other products, including a one-time 30-day payment delay.
Justice FCU is offering a Furlough Relief Loan of up to $3,000. There will be no interest for the first 60 days and then the annual rate will be 4.9% and the loan must be repaid within a year. Justice FCU has $514 million in assets and is located in Chantilly, Va.
Negotiators are working to avoid a government shutdown, which would occur if Congress doesn’t pass a budget by tomorrow night.
If the government closes, certain self-funded agencies, such as the NCUA, the Federal Reserve and the FDIC, would remain open.