Credit Union offering loans to gov’t employees impacted by shutdown
BIRMINGHAM, AL (WBRC) - An Alabama credit union is wanting to help federal workers caught in the middle of the partial government shutdown.
Just this week, Avadian Credit Union created what they are calling a special assistance or furlough loan. They’re offering it to federal employees who can show they're being impacted by the shutdown.
The loans are for sixty-days, have zero-percent interest, and there is no maximum amount.
If the shutdown is still going on after sixty days, recipients can reapply for the loan to last another thirty days that will remain at zero-percent interest.
Officials say this is not just for their Avadian members only, but for those who live, work, and worship in one of the sixty plus Alabama counties they serve.
"We saw a need, not necessarily from our membership. There have been a few that have asked us about it. But mostly in our community,” says Avadian spokesperson Eric Chambers. “Credit unions are based on people helping people and we see a lot of people that need help right now. The bills are still coming. The groceries still need to be bought. So we wanted to make sure those people could feed their kids and take care of their families.”
Chambers says once the sixty days is over and if the shutdown is over, the loan must be paid off in a lump sum.
But again, if a thirty-day extension is needed, that will be considered.
Chambers says the credit union is glad it can offer this service at this time.
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