Scott Credit Union Will Offer Zero Percent Loans to Help Members During a Government Shutdown
EDWARDSVILLE, IL – Scott Credit Union is offering help to its members who will not be paid if there is a government shutdown this weekend.
The local credit union will offer a six-month, 0% APR Government Shutdown Loan to members who are government and civil service employees working without pay should the shutdown occur. Members who receive the loan also will not have to make any payments for up to 60 days.
A government shutdown will mean that many federal workers and civil service employees will be furloughed and will not be paid during this time. These workers are guaranteed to receive retroactive pay when the government reopens due to a law Congress passed in 2019.
Active-duty military members will continue to work during the shutdown. It is estimated that about 4 million government employees will be working without pay or not working until the shutdown is resolved.
“If Congress does not act to prevent it, many of our members, who are already feeling the stress of inflation, could face additional 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 a paycheck until the situation is resolved.”
Scott Credit Union’s Government Shutdown Loan program will offer members the opportunity to borrow 100 percent of their regularly scheduled net pay.
“We are hopeful that Congress can come to an agreement quickly,” Padak added. “We really want to help our members cover the next paycheck or two and then allow them to pay it back. Luckily, they will receive their retroactive pay from the government this time.”
To qualify for the 0% loan, SCU members will need to have had their government payroll directly deposited into a Scott Credit Union account or provide a current pay stub.
Scott Credit Union is a financial cooperative that is member-owned. At the end of 2022, the credit union gave approximately $1 million back to members through a bonus dividend and loan interest rebate.
For details about SCU’s Government Shutdown Loan Program visit www.scu.org/loans, call 618-345-1000, or stop by any of the credit union’s branches.
Scott Credit Union is a full-service financial cooperative. When someone opens an account at the credit union, they become a member and an owner. Because of its structure, Scott Credit Union has given back over $15 million to members through a bonus dividend and loan interest rebate over the past 14 years.
Scott Credit Union currently has 25 locations; 22 locations in metro St. Louis including: Affton, MO; Ballpark Village in St. Louis, MO; Belleville, IL (two branches); Breese, IL; Collinsville, IL; Columbia, IL; Crestwood, MO; Edwardsville, IL (two branches); Fairview Heights, IL; Ferguson, MO; Highland, IL; Ladue, MO; Lebanon, IL; Mascoutah, IL; O’Fallon, IL; Trenton, IL; Troy, IL; Scott Air Force Base in Illinois; Waterloo, IL; and Wood River, IL; and three branches in the Chicago area in Evergreen Park, IL; Midlothian, IL; and at the Jesse Brown VA Medical Center.
For details on opening accounts at Scott Credit Union, visit www.scu.org.