The $1 billion Pen Air FCU said it will offer a six-month, no-interest loan up to the full amount of a member's paycheck if the government shuts down.

Military and civil service members who have direct deposit with the Pensacola, Fla.-based credit union are eligible. The loan also applies to members with direct deposit from government agencies such as Social Security.

Pen Air is offering the loan in response to the debt ceiling negotiations. If the $14.3 trillion debt ceiling is not raised by Tuesday, the Treasury Department said the federal government could shut down.  

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Several credit unions are offering similar loan programs, including Navy Federal, which is offering pay advances in the event of a shutdown.

Pen Air said it will also assist non-members with a personal loan up to the amount of their paycheck for a term of six months. The interest rate will be based on the person's credit worthiness, according to the credit union. Members with existing Pen Air loans can contact the credit union to arrange for payment options.

"We are ready to help," said Pen Air President/CEO Ron Fields. "To help give our members some financial piece of mind."

The credit union serves more than 103,000 members and has 15 branches in northwest Florida and southwest Alabama.

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