Shutdown Loans Offered by Cabrillo CU
The prospect of a federal government shutdown over last weekend prompted the $175 million Cabrillo Credit Union of San Diego to begin offering a 0% interest loan to federal workers facing missed paychecks.
The furlough loans provide CU members employed by the federal government the net amount of their last paycheck.
"The furlough loan is available upon the official closure of the federal government," said Cabrillo. The shutdown was to start last Saturday if Congress and the Obama administration were unable to agree on a budget deal.
Cabrillo said the applications were being made available in the branches and online.
"This is the second time Cabrillo has offered a loan to help federal government employees," said Cabrillo. "The first time was in 1995, when the government shut down between Dec. 16, 1995 and Jan. 6, 1996."
"Not receiving your paycheck can be a source of uncertainty," said Robin Lentz, Cabrillo CEO, "We want our members to know that we understand this situation and have a way to ease their burden. Because credit unions are not-for-profit and member owned, Cabrillo can be more flexible in this time of need. We are here to help in any way we can."