To help meet the short-term loan needs of state employees, Virginia Credit Union has partnered with the state of Virginia to offer emergency loans ranging from $100 to $500.
Administered by the $1.8 billion Virginia CU and the Commonwealth of Virginia Campaign, the Virginia state employee loan program is available to active, classified full-time, non-probationary employees who have been employed with the Commonwealth of Virginia for at least 12 months. Employees who are paid on a monthly or semi-monthly are eligible.
Loans are available in increments of $100, up to a maximum of $500 with an annual percentage rate of 24.99% and repayment over an approximate six-month term. Employees may receive up to two loans per calendar year.
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To qualify for a loan, participants must successfully complete an online financial fitness course followed by a 10-question financial literacy exam. Loans will be backed by the Virginia State Employee Assistance Fund. Both CVC and VSEAF programs are funded solely from employee contributions, according to state officials.
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