The $624 million Justice Federal Credit Union in Chantilly, Va., announced plans to offer its members employed by the Justice Department and Homeland Security Department "unsecured, low interest rate loans and deferred payments" if the federal government shuts down.
Friday is the last day of the 113th Congress and lawmakers have not passed a budget.
"Supporting the Justice community is a vital part of our mission," Justice FCU President/CEO Peter Sainato said. "We were there for our members during the last government shutdown and stand ready to offer special assistance for them once again."
Justice said any member affected by a government shutdown or furlough would be able to apply for a special unsecured loan up to $10,000 at a yearly rate of 0% for the first 60 days.
"After that time, the rate will convert to 4.90% for a term of 24-months," Justice said in press release Monday. "The loan amount is based on the member's net pay deposit, with direct deposit required. In addition, members may defer their first loan payment for up to 60 days."
Any member of the credit union with consumer loans or credit cards could defer one payment per loan.
"The credit union will make every effort to work with members who may find themselves struggling financially as a result of a federal government shutdown or furlough," Justice said.
The credit union encouraged all members to refinance their high interest rate debt, including consumer loans, auto loans or credits cards they may hold with other creditors.
"By refinancing with the credit union, they not only reduce their monthly expenses, but can also defer their first payment for up to 90 days allowing them to keep more money in their pocket," Justice said.
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