Furlough Relief Assistance
Helping you build financial security during difficult times.
PenFed is here for you
We're here to help during government furloughs with special programs for our members.
Paycheck protection loan
Are you currently employed with the federal government but temporarily on nonduty, non-pay status because of the furlough?
If so, 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 account1.
*Affected by reduction in federal workforce? Explore your options.
Skip a payment
Have you lost your federal government job due to a reduction in workforce?
If so, you may be eligible for a 1-month skip-a-payment on qualifying loans2 due to the furlough.
Please note: First mortgages, fixed equity loans, and HELOC are not eligible.
*Affected by reduction in federal workforce? Explore your options.
Home loan hardship
assistance
Depending on your loan type, we have the following relief options for you:
Deferring payments
Forbearance plan
Repayment plan
Loan modification
To discuss hardship assistance options further please contact us at 1-800-585-9055 or visit your Mortgage Dashboard or the Financial Hardship Center for more information.
*Affected by reduction in federal workforce? Explore your options.
Paycheck protection loan
Are you currently employed with the federal government but temporarily on nonduty, non-pay status because of the furlough?
If so, 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 account1.
*Affected by reduction in federal workforce? Explore your options.
Skip a payment
Have you lost your federal government job due to a reduction in workforce?
If so, you may be eligible for a 1-month skip-a-payment on qualifying loans2 due to the furlough.
Please note: First mortgages, fixed equity loans, and HELOC are not eligible.
*Affected by reduction in federal workforce? Explore your options.
Home loan hardship assistance
Depending on your loan type, we have the following relief options for you:
Deferring payments
Forbearance plan
Repayment plan
Loan modification
To discuss hardship assistance options further please contact us at 1-800-585-9055 or visit your Mortgage Dashboard or the Financial Hardship Center for more information.
*Affected by reduction in federal workforce? Explore your options.
Disclosures
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.
2First Mortgage, Fixed Equity Loans and HELOC loans are not eligible for the Skip a Payment program.