Dover Federal Credit Union is offering Shutdown Assistance loans for members.
The credit union, which had its roots at Dover Air Force Base is offering borrowersup to 75 percent of their net pay for each pay period duringthe shutdown. While the shutdown is active the loan rate will be 0 percent. Additional loan drawsare available for each pay period, up to 75 percent of net pay. The drawsare placed directly into your share draft account in place of your normal payroll deposit.
Once the shutdown is over and payroll is restored, borrowers can pay the loan back in full for up to 60 days interest free. At the end of 60 days, the loan will convert to a 3 percent rate with a 12 month repayment period.
Special maximum loan amounts do apply based on borrower’s gross pay.
Other credit unions and banks are also offering assistance.
The shutdown is believed to directly affect 500 people in Delaware. That number is probably higher, since it might not take into account contract workers.