Banks and credit unions offer cheap loans to federal workers during government shutdown

Some are offering interest-free loans

Banks and credit unions offer cheap loans to federal workers during government shutdown
Several financial institutions are making special accommodations for the roughly 800,000 federal employees who have been furloughed or working without pay since December 21.

WASHINGTON, DC (CNN) – As the government shutdown heads into its third week, many federal workers are anxious to know when they will get their next paycheck.

And how they will pay their bills.

With no end in sight, several financial institutions have announced they will be making special accommodations for the roughly 800,000 federal employees who have been furloughed or working without pay since December 21.

Credit unions that cater to federal employees are leading the charge.

Navy Federal Credit Union and First Command Financial Services are offering interest-free loans.

Democracy Federal Credit Union has a similar program during the shutdown.

Members of USAA or Transportation Federal Credit Union can apply for low-interest loans during the shutdown.

Private banking institutions are also offering help.

Chase is reversing overdraft and monthly service fees for those affected and Wells Fargo is considering a similar move.

Those who have mortgages, loans or credit cards with Wells Fargo, can also check to see if they qualify for forbearance – a temporary reduction or stoppage in payments.

At Bank of America, they’ve set up an assistance line and encourage customers to give it a call.

And federal contractors who don't typically receive back-pay after government shutdowns shouldn't be discouraged.

While they may not be eligible for certain payday advances or emergency loans, credit unions like Democracy Federal are offering options to delay payments on existing loans.

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