Connecticut State Employees Offered ‘Furlough Loan’

WETHERSFIELD, Conn.–Connecticut Labor Department FCU has begun offering “furlough loans” to members who are state employees.

Due to budget shortfalls, the state of Connecticut is mandating that all state employees take four days without pay. The loans have a term through Jan. 31, 2010, at an APR of 6.99%.  “This helps our membership manage their budget for the decreased income as a result of the furlough,” said Marie Kinard, credit union CEO, “particularly through the year-end holiday season.”