Credit unions offer interest-free loans for federal employees
January 29, 2019 12:47 PM
ALBUQUERQUE, N.M.—The Credit Union Association of New Mexico (CUANM) is trying to do their part to help federal employees who were furloughed during the government shutdown.
The president of CUANM said they have 42 credit unions in New Mexico. All of them are offering different options to help.
The First Financial Credit Union in Downtown Albuquerque is offering to waive fees and skip loan payments. They also have 20 financial counselors on hand to help.
“We’re gonna offer them, basically, a six month, interest-free loan with 0 percent interest. We give them 80 percent of their last paycheck, full paycheck,” said Greg Shaver, chief lending officer with First Financial. “The first 90 days are no payment, and then the last 90 days we raft the loan to pay it off in six months.”
Shaver said documentation, like furlough letters and the last full paycheck received, can be taken as proof.
List of credit unions offering assistance in New Mexico:
Nusenda Credit Union, Albuquerque
US Eagle Federal Credit Union, Albuquerque
Sandia Laboratory Federal Credit Union, Albuquerque
Zia Credit Union, Los Alamos
Guadalupe Credit Union, Santa Fe
White Sands Federal Credit Union, Las Cruces
Animas Credit Union, Farmington
Otero Federal Credit Union, Alamogordo
Roswell Community Credit Union, Roswell
Updated: January 29, 2019 12:47 PM
Created: January 25, 2019 07:59 PM
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