Shutdown/Furlough Options

CIFCU diligently adheres to the Credit Union motto of “People Helping People.” Please let us know if you’ve been affected by the federal government shutdown and need some help.  We have put together some options that may be helpful. Please review the basics below and let us know if you have any questions or would like make an appointment to determine the best plan for you.

1) Skip-a-Pay:  Allows you to skip the amount of a loan payment

 * For a vehicle, home improvement, or unsecured CIFCU loan

* All loans must be current and you must be in good standing with the Credit Union

* A $25.00 fee charged to the loan (to cover staff processing costs)

* Interest will continue to accumulate during the month that you skip the payment

* Must complete a Furlough Skip-A-Pay Form

 2) Line of Credit Increase: Allows extra cushion to your checking account’s overdraft line of credit

* May be permanent or temporary

* Money advanced/borrowed only when and as you need it

* Payment increase will usually be minimal

 3) Visa Credit Card Increase:  Allows additional borrowing for purchases or cash advances

* May be permanent or temporary

* Money advanced/borrowed only when and as you need it

* Minimum payment increase will usually be minimal

* No cash advance (or balance transfer) fees

* Great interest rate

4) Furlough Loan:  Allows you to borrow up to the amount of one (net) paycheck

* 0% interest for 30 days

* Changes to the appropriate unsecured rate after 30 days

* Must complete a Furlough Loan Application

 5) Overall Review:  Allows us to review your current debts to look for money saving options

 6) Waive Early Withdrawal Penalty for Certificates: Within 30 days of shutdown notice.