SPRINGFIELD, Ill. Credit Union 1 is offering 0% loans to state lawmakers who won’t be getting their $5,700 monthly paychecks starting next week as they grapple with the Governor over another budget crisis.
Legislators who are members of the credit union can get a 60-day loan worth up to half their $68,000 salary for 0% interest.
Credit Union 1, based in nearby Rantoul, Ill., is open to any employee of the state of Illinois which includes all legislators. Legislators who aren't members of the credit union can join and get a loan, but it won't be interest free.
Gov. Pat Quinn vetoed lawmakers’ pay out of the state budget as a punishment for the General Assembly not passing a pension overhaul.
Credit union officials say lawmakers aren’t getting special treatment as Credit Union 1 has offered similar loans terms to state workers during past budget disputes or to union members when there's a labor strike.
