The Pennsylvania State Employees Credit Union is doing its part this month to help out state employees who face losing paychecks as the state grapples with a July 1 budget deadline.
Recognizing the "impasse" over state funding, PSECU said it has established a new 0% loan program for up to 60 days "after the governor signs the new budget into law." After 60 days, the loan will begin accruing interest at 3.9% APR until paid in full.
All PSECU members participating in the loan program will have the option of borrowing up to $1,000 per pay period, said the CU.
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"We are proud to be able to offer this product to our members," said Gregory A. Smith, president/CEO. "We are giving our members the chance to gain assistance through the budget situation without any additional net expense to themselves."
The loan, said Smith, "is an example of how we haven't lost touch with our history and purpose to help one another through hard times."
PSECU said it is also encouraging state employees experiencing financial hardship with their accounts to contact the CU about other avenues PSECU may be able to assist.
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