Hanscom Federal Credit Union, stands ready to offer assistance in the event of a shutdown at the Department of Homeland Security.
Hanscom FCU members employed by DHS, including US Customs & Border Protection, FEMA, US Coast Guard, US Immigration, US Secret Service and TSA will have access to programs to help them manage their finances.
Members whose paychecks are affected by the action may request a LifeLine Loan equal to one month’s net payroll, up to $5,000. The loan features a 0.0% Annual Percentage Rate and no payment requirement for the first 60 days. If the loan is not repaid within 60 days, the loan converts to an installment loan at 8.49% APR that members can repay over a 12-month period.
“The LifeLine Loan is our way of supporting members in times of need,” stated Paul Marotta, Chairman of the Board. “We have always stood by members whose income or benefits are affected by furloughs, and we continue to be here for members. We are true to our roots and the credit union motto ‘People Helping People.’”
In addition, Hanscom FCU will waive penalties for premature withdrawals on term share certificates and allow qualified members to skip consumer loan payments with no fee.
Anyone facing a sudden drop in income can download a tool kit from Hanscom FCU’s web site with worksheets, checklists, and helpful tips. Through a partnership with BALANCE Financial Fitness, Hanscom FCU members can schedule a free, confidential one-on-one phone session with a certified financial counselor for help with budgeting, managing credit, and assessing their finances.