MONTPELIER, VT – VSECU, a credit union for everyone who lives or works in Vermont, is increasing the amount of assistance available for members impacted by the partial government shutdown.
Members on federal furlough, or are working without pay, can now take out a low-rate loan of up to $3,000 through the Member Emergency Loan (MEL). VSECU began offering this loan in December 2018 at an amount of $1,500, with the intention of helping to replace the lost wages of furloughed federal employees, including military personnel. Since the announcement of the MEL, members have utilized the offering and VSECU responded to requests for the Credit Union to provide more assistance.
“As the federal shutdown continues, the financial pinch it originally caused is becoming more like a financial vise grip,” said Valerie Beaudin, Head of Consumer and Residential Lending. “VSECU will continue to look for opportunities to ease people’s financial stress, and will work with everyone impacted to help give some relief.”
Members may be eligible for the MEL if they are in good standing with the Credit Union and have proof of federal employment/furlough status. Members who already took out a MEL are still eligible to take out another identical loan, to obtain the full $3,000 now available. In addition, individuals on federal furlough who are not currently members may join VSECU and apply to take advantage of this loan. Loan applications can be completed online at www.vsecu.com or at any of VSECU’s nine branch locations.
All members may also be eligible to take advantage of the Skip-A-Payment program, which can allow borrowers to defer a month’s loan payment on consumer loans without incurring financial penalties. The fee will be waived for furloughed federal employees.