Scott Credit Union stands ready to help its members who could be furloughed from their jobs if Congress fails to prevent the government sequestration that is set to begin on March 1.
The local credit union will offer a Sequestration Loan at 0% APR and no payments for 60 days to any member who is furloughed from their government job due to the sequestration.
"If congress does not act to prevent it, many of our members could face economic hardships," said Scott Credit Union President & CEO Frank Padak. "We stand ready to help our members, especially those who work at Scott Air Force Base and could be out of work or are working fewer days each week at reduced pay. We are hopeful that this can be avoided."
Scott Credit Unions Sequestration Loan program will offer members the opportunity to borrow 100 percent of their most recent monthly net pay up to $5,000 at 0% for 60 days. They will not have to make any payments for the first 60 days and will have one year to repay the loan. The loan rate will be set at 4.75% Annual Percentage Rate after the first 60 days, Padak said.
To qualify for the 0% loan, SCU members will need to have had their government payroll directly deposited into an account at Scott Credit Union and will need to show proof that they were furloughed from their job.
