CU Ready With 0% Loans In Event Of Missed Paydays

Register now

California Bear Credit Union said it is now prepared to grant paycheck loans for California state employees in the event payroll is delayed due to the ongoing budget impasse. Paycheck loans will be offered in an amount equal to the employee member's regular net pay, the credit union said, and state employee members may choose either a 0% loan with a three-month repayment, or a 10% loan with a one-year repayment term. Additionally during the budget impasse, payments on paycheck loans may be deferred for up to three months, California Bear CU said. State employees who do not belong to the credit union are being encouraged to join in order to take advantage of the program.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER