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Two More Credit Unions Aim to Help Furloughed Federal Workers

January 18, 2019

Two more Colorado credit unions have joined the effort to to help their members impacted by the ongoing federal government shutdown.

Credit Union of Colorado and Premier Members Credit Union are offering loan deferment and short-term loans to furloughed federal employees, both institutions announced this week.

They join Elevations Credit Union, which on Dec. 21 launched a member assistance program , which enables members to delay making loan payments and to get an interest-free loan equal to their monthly pay, according to Dennis Paul, vice president of business and community development for Elevations Credit Union.

The partial federal shutdown began Dec. 22, and thousands of federal workers missed their paychecks Jan.11.

Credit Union of Colorado’s Disaster Skip-a-Payment program allows for up to three skipped monthly payments on each of a member’s Credit Union of Colorado loans “providing breathing room for payments of auto loan payments, lines of credit, personal unsecured loans, recreational vehicles and other secured loans,” according to a news release.

The credit union’s members also can obtain a short-term, interest free loan not exceeding their monthly gross pay.

Premier Members Credit Union is assisting existing and potential new members by offering a fixed-rate loan with no payments for 90 days and a term up to 24 months. The unsecured personal loan allows impacted federal government employees to borrow up to $10,000 with no origination fee.

The credit union will assist members with any overdraft fees and allow them to withdraw a certificate without penalty, according to a news release.

″(Premier Members Credit Union) is offering federal government employees financial solutions during this difficult time,” Jason Bauer, chief marketing officer, stated in the release. “Our hope is to lessen the financial impact of the government shutdown on our members and individuals in our communities.”

Premier Members Credit Union also is extending a consumer loan payment deferment program to existing members. Members need to call or visit a branch to initiate deferment of payments on one loan for up to three months with no fees, excluding real estate. For details, visit pmcu.org/member-assistance-program/ .

Pratik Joshi: 303-684-5310, pjoshi@dailycamera.com

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