Government Shutdown Loan
As the government shutdown continues we are expanding our options to help our members get through this difficult time. PDCU has created a suite of options to custom tailor a financial plan just right for those directly affected. We would also like to offer free financial counseling through our in-house relationship with GreenPath Financial Wellness. Please contact your local People Driven Credit Union office or apply here.
Furlough Assistance Program Q & A
What are the details of the Furlough loans?
The maximum term shall not exceed 12 months. The rate will be fixed at 8.00% (APR) for all loans regardless of credit score. PDCU will have a loan addendum for the member to sign disclosing that the credit union will have the right to pay off the loan with proceeds of their direct deposit check when issued and deposited to the credit union.
What is the underwriting process?
For all members that have direct deposit – People Driven Credit Union will determine the loan amount based on the members direct deposit of pay that was processed into a PDCU account(s) immediately preceding the government shutdown. The Furlough Loan will be based on the following chart of last eligible Net deposits.
Last Eligible Deposit / Loan Amount
- Up to $500 / $500
- $501 to $1,000 / $750
- $1,001 to $1,500 / $1,250
- $1,501 to $2,000 / $1,750
- $2,001 to $2,500 / $2,250
- $2,501 to $3,000 / $2,750
- $3,001 to $3,500 / $3,250
- $3,501 to $4,000 / $3,750
For members that are government employees without direct deposit to PDCU, we will underwrite as a normal loan request.
Members that have direct deposit of their pay or a portion thereof, will receive favorable underwriting criteria with the understanding that they are obligated to pay off their loan when they receive their back pay.
Will PDCU run credit?
Yes, credit will be run.
Will PDCU report the loan to the major credit reporting agencies?
Yes, we will report the loans as a regular unsecured loan.
How will the proceeds of the loan be disbursed to the member?
PDCU staff will deposit the loan amount the member is eligible for into the account the member regularly receives their recent direct deposits.
Proof or documentation of the Furlough
All members that have been Furloughed are supposed to receive a confirmation letter from the government that they are included in the Furloughed employees. We may request written documentation of the Furlough.
Do I have other assistance options? Yes!
Please contact the credit union to explore other options available to Federal Government Employees adversely affected by the government shutdown.
If you are a government employee whose pay will be affected by the Government shut down, click here to apply for a PDCU Furlough Loan.
* Limited time offer. Furlough loan is only available to existing members of People Driven Credit Union (PDCU) with direct deposit of their federal pay at PDCU. Approved furlough loans qualify for an 8% APR rate, pending an individual credit review. Approval requires automatic repayment of loan over 12 months with up to a 45-day deferral of first payment. People Driven Credit Union is federally insured by the NCUA.