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 301.699.6151 ● 800.969.6151 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.