We care about our members and offer special programs to help families cope with government furloughs. Members can apply for the following emergency relief options when a Government Furlough happens.

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Paycheck Protection Loan

You could qualify for a no-interest loan equal to the amount of your paycheck if your payroll is directly deposited into your PenFed checking account.1

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Government Furlough Loan

If your pay is not directly deposited into your PenFed account, upon credit qualification, you could receive a low-interest rate loan.2 The current Interest rate is 5.99% APR.

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Skip a Payment

You could receive 1-month skip a payment on qualifying loans3 if you are affected by a furlough. Please call 800-247-5626 or visit a Financial Center to inquire about the Skip a Payment program.

*For assistance with your Mortgage, Fixed Equity or HELOC loan please call 800-585-9055 or visit the Financial Hardship Center.

 

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1Qualifying members who have their pay directly deposited into a PenFed checking account may qualify for an interest-free advance on an Overdraft Line of Credit account equal to their net pay, up to $6,000. Members may request an additional advance for each direct deposit not received during the furlough. Members must provide a copy of the furlough letter to verify they are directly impacted by the shutdown. Advance(s) must be repaid within 10 days of receipt of the direct deposit to ensure the advance remains at 0% interest.

2Available for up to one month’s net pay for a maximum term of 6 months. Interest rate is currently 5.99% APR. Members must qualify for credit under PenFed guidelines. Members must provide a copy of the furlough letter to verify they are directly impacted by the shutdown.

3First Mortgage, Fixed Equity Loans and HELOC loans are not eligible for the Skip a Payment program.

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