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We Are Here For Our Members

FedChoice is ready to assist you should the government shut down. If you're a Federal civilian employee or contractor and will not be receiving your paycheck as a result of your agency closure, you may be qualified to obtain a FedChoice Furlough Loan and/or participate in Skip-a-Pay if you already have a loan with us. The details of each program are described below.

To be considered for a FedChoice Furlough Loan, the following criteria must be met:

  • You are an employee, retiree or federal contractor for the federal government who will not be receiving a paycheck or retirement check as a result of the Federal government shutdown.
  • You may receive the equivalent of one month's net pay as the maximum loan amount (Pay stub must be provided as proof of employment).+
  • Repayment terms
    • 60-day delay before your first payment is due.
    • 6, 12, 24 or 36 month repayment terms.
  • Copy of Furlough notice will be required.

You may also qualify to take advantage of Skip-a-Pay on your FedChoice loan. This option is available on vehicle loans, VISA® credit cards, lines-of-credit, and personal loans. Share secured (loans/credit cards) and real estate loans do not qualify for this program. If you foresee a problem paying any loan with FedChoice, please contact us as soon as possible.

Note: Interest will continue to accrue on your account.

If you need assistance as a result of the Federal government shutdown, call the Member Care Center at 301.699.6151800.969.6151 or come in to one of our Financial Service Centers to obtain additional information.

+ All credit is subject to credit approval. FedChoice underwriting requirements apply.

^APR = Annual Percentage Rate. APR is based on evaluation of applicant's credit at time of application. Your actual APR may vary. FedChoice Federal Credit Union's normal underwriting requirements apply.

 

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