Assistance program offers a variety of ways to help manage pay reductions
WATERTOWN, N.Y. – As a result of the recent government shutdown, many local government employees are experiencing furloughs. To help those affected, Northern Credit Union has created a Furlough Assistance Program. The Furlough Assistance Program offers a four-pronged approach:
1. 90-day Zero Percent Loans. A special financing program is available to help eligible members manage through their loss of income. New and existing members may borrow up to 100 percent of their last full month’s base pay (up to $5,000) at zero percent annual percentage rate (APR) for 90 days; with proof of furlough or temporary reduction in hours. Loan balances outstanding after 90 days can be paid in full or convert to an unsecured loan up to a 24-month term with rates determined by the member’s credit score among other factors.
2. 30-day Loan Deferment. Members with existing Northern Credit Union loans may apply for a 30-day, free-of-charge payment deferment including Home Equity Loans and Residential First Mortgages.
3. Refinance. Qualified members may apply to refinance an existing Northern loan or one from another financial institution.
4. Financial Counseling. Northern Credit Union’s partnership with BALANCE Financial Fitness® allows members to receive assistance on a range of personal financial management topics, such as creating a budget, debt management and other personal finance matters. Free financial counseling is also available.
“The current government shutdown has set a new record as the longest in history,” said Dan St. Hilaire, Northern Credit Union’s CEO. “We understand the burden going without a paycheck can place on families. With that in mind, Northern has developed this program to help those affected make smart financial decisions while easing the hardship of a reduced salary.”
Northern Credit Union members wishing to apply for furlough assistance must be government employees and provide proof they are furloughed or face a temporary reduction in hours.
To learn more about Northern Credit Union’s Furlough Assistance Program, visit www.mynorthern.com, any of our seven relationship centers, or call 315.782.0155
Northern Credit Union is a growing, federally insured financial institution and a leading provider of a full range of financial services to anyone who lives, works, worships or regularly conducts business in Jefferson, Lewis, St. Lawrence, Oswego, Clinton, Franklin, Onondaga and Madison Counties. Serving the financial needs of more than 30,000 members through world-class technology systems, Northern Credit Union strives to create mutual value by providing personalized service and banking solutions.