Furlough Program Guidelines

PenFed has the following options available for members working for an affected agency who are impacted by the recent government shutdown:

1.      Skip Payment

2.     Furlough Loan Product

3.     Direct Deposit Assistance

In order to receive assistance, PenFed may ask you to provide a copy of your furlough letter as verification that you work for an affected agency.  Depending on the nature of the program below, the representative will alert you if a copy of your furlough letter is required.

Learn more about these options below or contact PenFed at 1-800-247-5626 to speak with a Member Service Representative to determine eligibility.

Skip Payment

Consumer loans and lines of credit may be eligible for a skip payment for the month of January. 

For members with real estate loans with PenFed, you will need to speak with a representative to determine if you qualify for a skip payment on your first mortgage, equity loan, or equity line of credit. Real estate loans are subject to investor guidelines for all non-PenFed investor loans. To determine eligibility for a skip payment on an existing mortgage loan, please contact PenFed at 1-800-585-9055, extension 8998 for assistance.

Please contact PenFed at 1-800-247-5626 if you are interested in a skip payment on your car loan, credit card, personal loan, or line of credit.

Furlough Loan Product

If you do not presently have a direct deposit with PenFed and are looking for paycheck replacement or other access to funds during the government shutdown, PenFed offers a furlough loan product. This unsecured, fixed-rate installment loan offers a 2% discount off of an approved applicant’s standard interest rate (determined at the time of approval) and otherwise functions as a standard PenFed Signature Loan.


  • Members must apply to determine eligibility. All PenFed underwriting and credit guidelines apply.

Please contact PenFed at 1-800-247-5626 to apply for the furlough loan product and see if you qualify.

Direct Deposit Assistance

If you are an existing member with PenFed and have an existing direct deposit into a PenFed deposit account, you may qualify for our Direct Deposit Assistance program. This program allows you to take advantage of a 0% advance on an overdraft line of credit in the amount of your most recent direct deposit from a qualifying government agency, up to $6,000.

For qualifying members with an existing overdraft line of credit, your line will be increased by the amount of your direct deposit to accommodate the advance. For members without an overdraft line of credit who otherwise qualify, an overdraft line of credit will be opened for you to accommodate the advance, and no credit check is required for qualifying members. Lines will be closed or reduced to their original limits following the end of the furlough period and the receipt of your next regular direct deposit.


  • You must be a member of PenFed for at least 12 months with an existing direct deposit from a furloughed government agency for Direct Deposit Assistance
  • Once the furlough ends and the your next direct deposit is received, PenFed will monitor and execute the repayment of the advance from your primary deposit account

Please contact PenFed at 1-800-247-5626 to confirm eligibility and request the Direct Deposit Assistance