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.