As the partial federal government shutdown continues, credit unions across the country and here in Maine are doing their part to assist impacted members. Nationally, approximately 800,000 federal employees have been furloughed with 420,000 continuing to work without a paycheck. In Maine, approximately 1,110 employees are impacted. Help is not only timely but necessary given that the shutdown could last several weeks.
Below is a snapshot of just some of the assistance being offered locally:
Atlantic Federal Credit Union:
- Loan Access – Members who have not been paid due to the shutdown may qualify for a 12-month loan at 0% interest for up to 1x monthly pay.
- Payment Deferment – Members who have paid their loan as agreed for the last 6 months will have the opportunity to move up to three payments to the back of the loan at no cost.
Capital Area Federal Credit Union:
- Hardship Extensions and/or Short-term Loans (reviewed on a case-by-case basis)
Northeast Credit Union:
- Loan Deferments – Up to three months on NECU consumer loans
- Signature Loan – A special low rate on a 12-month Signature Loan with deferred payments
- Direct Deposit – Continuation of direct deposit pay at the member’s request
Town & Country Federal Credit Union:
- Furlough Loans – 1%, 12-month term, up to $5,000
- Loan Deferment & Skip-A-Pay
CUInsight recently posted an article about the broader credit union effort taking place across the country to help federal employees. This story, along with our local efforts, demonstrates that the People Helping People philosophy is at the heart of everything we do. Maine’s credit unions are always working to assist our members in various financial situations every day, but our efforts can be especially impactful when extraordinary circumstances arise.