Credit unions and banks have offered multiple assistance options for furloughed employees in the past. And if you already have a loan and are struggling to make your monthly repayments, many offer financial hardship assistance on a case-by-case basis.
While most online lenders don’t offer loans specifically for furloughed employees, you might still qualify. These lenders tend to be less strict than banks about credit requirements and can get you funds in as little as one business day. You also might be able borrow more than what banks or federal credit unions are offering furloughed employees.
You must have good credit to get a competitive rate, however. If you’re concerned about qualifying because of your furloughed status, call customer service to explain your situation — they might be willing to work out a loan that fits your situation. Some lenders like Marcus by Goldman Sachs are offering deferment for furloughed customers with current loans.
Competitive loan rates for all credit types
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Many federal credit unions have no- or low-interest loans for furloughed employees. But to qualify, you’ll need to join the credit union — and you might need to meet other requirements, such as living or working in a specific area or joining a particular organization. Many allow you to open a savings account online with a minimum $5 balance.
| Credit union | Maximum loan | Term | APR | Eligibility requirements | Other assistance programs | Customer support |
|---|---|---|---|---|---|---|
| PenFed Credit Union | Your most recent direct deposit or $6,000, whichever is lower | Typically within your first pay period after the shutdown ends | 0% | Federal employee on furlough | Skip a payment on your current loan | 800-247-5626 |
| ABNB Federal Credit Union | Up to $5,000 | 2 months or whenever the government processes back pay — whichever is sooner | 0% |
| Skip a payment on your current loan | 757-523-5300 |
| AgFed Credit Union | Up to $10,000 | Up to 60 days, option to amortize unpaid balance for longer period | 0% during 60 day terms |
| Skip a payment on your current loan | 800-368-3552 |
| Congressional Federal Credit Union | Up to $4,000 | 3 years | 0% during the 60-day draw period, then 4% on the remaining balance | Member of Congressional FCU affected by the shutdown |
| 800-491-2328 |
| Democracy Federal Credit Union | Varies | 6 months | Starting at 0% |
|
| 800-742-5582 |
| Hanscom Federal Credit Union | Varies | 12 months | 0% for the first 60 days, then 9.49% | Member of Hanscom FCU affected by the shutdown |
| 800-656-4328 |
| Justice Federal Credit Union | Up to one months net pay | 12 months | Starting at 5.99% |
|
| 800-550-5328 |
| Lafayette Federal Credit Union | $35,000 | 3 years | Varies |
| None | 800-888-6560 |
| Launch Federal Credit Union | Varies | 1 year | 0% |
| None | 800-662-5257 |
| Navy Federal Credit Union | $6,000 | Automatically deducted from your account when the government processes back pay | 0% |
| None | 888-842-6328 |
| Space Coast Credit Union | Up to $5,000 | 1 year | 0% |
| Withdraw up to $10,000 on your CD without an early withdrawal fee | 800-447-7228 |
| Transportation Federal Credit Union | $3,000 | Up to 18 months | 4.5% |
|
| 800-368-8432 |
| US Employees Credit Union | Your last biweekly direct deposit rounded down to the nearest $100 | 2 months or whenever the government processes back pay — whichever is sooner | 0% |
|
| 312-922-5310 |
Some local and larger banks have assistance programs for furloughed employees. In addition to loans, you may be eligible for forbearance on existing mortgages, personal loans and credit cards. You might also find reversed overdraft fees, reduced or waived penalties for withdrawing from a CD early and other benefits.
Not all banks advertise these assistance programs, so call customer service to learn what options are available.
| Bank | Assistance offered | Customer support line |
|---|---|---|
| Bank of America | Fee refunds, waivers, repayment plans and loan modifications for current customers | 844-219-0690 |
| Chase | Fee waivers, loan payment relief, and general hardship assistance for affected customers, with support available by calling its dedicated hardship line and providing furlough details | 888-356-0023 |
| Citi Bank | Loan modifications and fee adjustments, keeps government travel cards active without penalties during shutdowns, and encourages affected customers to call for personalized support | 800-374-9700 |
| First Command Financial Services |
| 888-763-7600 |
| Huntington Bank | Huntington Bank provides individualized support for furloughed federal employees during the shutdown, assessing each case separately and maintaining normal operations while assisting affected customers. | 888-697-4682 |
| Provident Bank | During past shutdowns, Provident Bank refunded various fees and waived CD penalties for furloughed federal employees, and it continues to offer assistance based on individual circumstances during future shutdowns. | 800-448-7768 |
| USAA | USAA’s Government Shutdown Program offers no-interest loans from $500 to $6,000 along with additional payment relief options for affected members. | 800-531-8722 |
| Wells Fargo | Fee waivers and short-term payment assistance on credit cards, loans, and mortgages, including options like forbearance and payment extensions. | 800-869-3557 |
The Thrift Savings Plan (TSP) agency allows federal employees on furlough to withdraw from their TSP accounts without penalty if they believe they’ll be on furlough for less than 30 days.
But for a longer furlough period, a TSP loan might not be the best option. That’s because TSP automatically deducts repayments from your pay check 60 days after issuing the loan — even if you’re still furloughed.
Not always — especially if you’re applying for a loan. Some require you to be a full-time federal employee. Others might offer assistance to federal employees in a specific department. Check with your lender to make sure you’re eligible before you apply for any kind of assistance.
These tips should help you keep your budget and credit score in check if you’ve been furloughed.
The most recent government shutdown lasted 35 days. It ran from December 22, 2018 to January 25, 2019 and was the longest government shutdown in US history.
If you’ve been put on furlough, look to federal credit unions and online lenders for loans — and contact your banks to learn about assistance programs you could be eligible for. You can also read our guide to personal loans to learn about other borrowing options available.
It depends on the type of loan, but most likely, yes. Reach out to your provider to see if you can defer payments or have late fees waived while you're not receiving a paycheck.
What happens to government-issued loans during a shutdown
A copy of your furlough notice should be enough. If a lender asks for proof of furlough and you don't have a copy, ask your supervisor.
Yes — if you meet the lender's eligibility requirements. However, you likely won't qualify for a zero-interest loan offered to employees on furlough.
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Can you help me to pay my accounts?
Hi Refilwe,
Thanks for getting in touch with Finder. I hope all is well with you.
To help you pay your accounts, you might want to check the list of lenders listed above. There are credit unions, banks, and online lenders that you can choose from. You can also read more about their descriptions and determine if they are the right option for you. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua