[Durham, NC] January 14, 2019 -- Self-Help Credit Union (Self-Help CU) and Self-Help Federal Credit Union (SHFCU) are offering hardship loans at reduced interest rates of 0% to 3.5% APR* for furloughed federal workers. Applicants must join either credit union before applying, if they are not already members. The loan amount can be up to the member’s total “take home” amount per pay period.
The hardship loans carry a 0% APR for members who normally have their full net pay direct deposited into a Self-Help share draft or share account. For members who do not have their net pay direct deposited into a Self-Help account or who are new members, the rate is 3.5% APR. This net pay amount must be verified by a payroll stub or member transaction history, and will be due 45 days from the date of issue, or retroactive pay date, whichever comes first.
Members are eligible for multiple loans, if multiple pay periods are missed. Loans can be extended every 30 days until the Federal Government Shutdown ends. Recipients must sign an agreement to pay back the loan when their retro-pay is received.
Existing credit union members can apply online via online banking. New members should contact a local branch for assistance. Self-Help CU and SHFCU branch locations can be found online.
Self-Help Credit Union and Self-Help Federal Credit Union are federally insured financial institutions serving approximately 150,000 working families and underserved communities in seven states.
More information can be found at self-help.org and self-helpfcu.org.
Jenny Shields, Director of Media Relations, Self-Help Credit Union
Direct Line: 919.794.6798 | Media Line: 919.695.2037