Credit Unions Offering Shutdown Assistance

CU Assistance Fed Shutdown

Many Maryland and Washington Area credit unions are offering assistance to members impacted by the federal government shutdown.

The following is a list of credit unions and the special programs that have been established. Members should call, go online, or visit their credit union branch to find out the details on which programs best suit their needs. This is not a comprehensive list of shutdown assistance from credit unions, rather the information submitted to the MD|DC Credit Union Association. 

DISTRICT OF COLUMBIA

Congressional FCU: 0% APR relief line of credit for 60 days; low-rate personal loans; line of credit limit increase; payment deferment for existing loans; financial coaching; quick delivery of credit cards, debit cards, and checks; waive early certificate withdrawal penalties; suspension of automatic payments, transfers, and DBOs.

Democracy FCU: Existing loan holders may receive a loan extension/payment deferment for up to 90 days; current and potential members may apply for a short-term loan for up to 6 months with rates as low as 0%-other loan options are available; all members qualify to receive free financial counseling from certified financial experts.

Department of Labor FCU: Emergency loans with a 0% APR* for the first 60 days and a fixed 5% APR* for the remainder of the 12-month term.

FRB FCU: Skip-a-pay fee waived and more than 1 per year allowed; short-term loans based on a prior pay stub, and increase credit card and credit lines

InFirst FCU: Free skip-a-pay; furlough loan up to amount of normal direct deposit

Interior FCU: Shutdown line of credit – net paycheck up to $15,000; interest free up to 30 days; no penalty to withdraw funds from Holiday Club accounts and Share Certificates during the government shutdown, skip-a-payment, lowering the rate on existing lines of credit to 0% for the duration of the shutdown

NRL FCU: Free skip-a-pay – skip a monthly loan payment; loan payment extension for 90 days; low-rate furlough loan

The Partnership FCU: Skip payments with no fees, early withdrawals from certificates, holiday club and money market accounts with no fees and a special low-interest loan equal to the amount of payroll that the member has deposited into their account

Police FCU: Waiver of early withdrawal penalty on share certificates.  New loans: Share Secured and CD Secured loans up to $7,500 at 1% APR payable over 24 months. Bridge Loan up to $3,500 at 5.50% APR (Prime Rate) payable in 24 installments beginning 45 days from date of funding. No credit score required. Existing loan: Members in good standing may defer 1 payment of any consumer loan – fee waived. Mortgage forbearance plan for members in current status (within 30 days of payment due date). Member to pay tax and insurance escrows only. $500 fee waived. Consumer loan modification of existing loan to lower payment in conjunction with up to 90-day extension. 

Transportation FCU: Low-interest loan with 45-day deferred payment, skip-a-pay

US Senate FCU: Shutdown Assistance loan- $3,000 loan, 0% APR & No Payments for 90 days. USS FCU has several other solutions for those working without pay or have been furloughed due to the Federal Government Shutdown.

 

DELAWARE

Del-One FCU: Assisting on a case-by-case basis 

 

MARYLAND

Andrews FCU: Furlough loan up to $5,000, no payments for 90 days, 0% APR first 90 days

APGFCU: Furlough loan- low fixed rate, expedited approval process, and the option to defer payments for 90 days; fee waivers for skip-a-pay requests on qualified loans, modified or extended payments on loans, credit cards or lines of credit; refunds of late fees and non-sufficient funds (NSF) fees upon request; penalty-free certificate withdrawals; reduced rates on share secured loans; expedited credit decisions for line increases on APGFCU credit cards and new requests for personal loans and credit cards.

Baltimore Washington FCU: Offering an emergency shut down loan; up to $5,000 for up to 36 months at 3.00%

Cedar Point FCU: Special loans

FedChoice FCU: Withdrawal penalties waived for certificates of deposit; reduced rate loans; additional skip-a-pay; refinance auto loan for a 90-day first payment option

Freedom FCU: Low, fixed rate loan with expedited approval process; Low rate, fixed debt consolidation loans or lines of credit; waived fees for Skip-A-Pay requests on qualified loans; 90-day deferral options on qualified loans; penalty-free certificate withdrawals; 0% introductory interest rates on Frredom credit cards; expedited credit decisions for line increases on Freedom credit cards

Howard County Education FCU: Emergency Loan Consolidation (not mortgage); emergency loan up to $1500

Market USA FCU: Offering a no-cost one-month skip-a-pay to members impacted by the government shutdown. The impacted member will need to provide a copy of the letter from their employer that states they will not be paid during the shutdown. The loan due date will then be advanced by one month

NASA FCU: Furlough Relief Loan: offering up to $10,000 at 0% or 60 days, skip-a-payment fee waiver, additional financial solutions.

NIH FCU: Special Assistance for Federal Employees (S.A.F.E.) closed end loan: borrow up to $10,000 for 24 months, 0% APR for the first 60 days.

Nymeo FCU: Financial counseling and budget planning, specialized loans with deferred payments and skipping loan payments

SECU of Maryland: Offering payment deferrals on existing loans and reduced rates on new loans. To participate, members can visit any of SECU's 22 financial centers to speak with an advisor for assistance. Members in need of a payment deferral may also call customer service at 855-308-1236 and members requesting a new loan may call 800-879-7328 for assistance

Securityplus FCU: Loan Extension Agreements – adjusting loan payment schedules and amounts based on each individual request. 45-day no pay personal loan; penalty-free share certificate withdrawals