The 50,000-member Latino Community Credit Union has announced a loan program aimed at helping undocumented people seeking to take advantage of the “deferred action” program.

The federal program, dubbed Consideration of Deferred Action for Childhood Arrivals, was created in June under an executive order signed by President Barack Obama and took effect Wednesday.

Under the program, people who arrived in the United States as children and without documentation can apply to work without fear of deportation to the U.S. Citizenship and Immigration Service.

The fee for applying to the program will be $465 and the $117 million Latino CU in Durham, N.C., said its loan program would cover these costs.

In order to participate in the program, applicants will have to be under 31 years of age, have entered the country before their 16^th birthday, have been here at least five years, be in school or have graduated school or have served in the military and do not  have a felony conviction.

To obtain a loan from Latino Community to cover the application expenses, applicants will need to join the credit union, have a valid photo ID from any country, a valid individual taxpayer identification number and proof of current physical address.

The credit union said other loans will be available to help pay attorney fees, but that these loans will be subject to the same underwriting requirements as other personal loans.