CPM Federal Credit Union in North Charleston, S.C., has joinedthe list of credit unions offering assistance to members who maysuffer financial hardship from sequester budget cuts that takeeffect Friday.
|For a limited time, CPM, which has 68,000 members and assets of$268 million, will offer members directly affected by job furloughsone-time only unsecured personal loans equal to one month's pay, orup to $2,000, at 3% APR, with no payments for the first 90days.
|Qualifying members must have direct deposit and can also receivehelp with loan modification or due-date extensions.
|In addition, CPM members affected by job layoffs can makepenalty-free withdrawals on any CDs they hold.
|CPM also will offer its members free budget software andfinancial counseling.
|Other credit unions have announced similar programs, shouldCongress let the sequester cuts go forward. Northwest Federal Credit Union in Herndon, Va., for instance,will provide loans up to $10,000 at zero-percent interest for anymembers who may be affected by government layoffs. Northwest,too, will waive early withdrawal penalties on CDs
|Tobyhanna Federal Credit Union in Scranton, Pa., will offerfurloughed members loans of up to $7,000 at no interest and theoption to skip up to four payments on existing loans withoutpenalties.
|Belvoir Federal Credit Union in Woodbridge, Va., said it wouldoffer low-interest emergency loans and penalty-free skipped loanpayment options to furloughed members.
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