Hill Credit Union Offers ‘Furlough Loans’ to Staff

Posted April 7, 2011 at 1:36pm

The Congressional Federal Credit Union is offering “furlough loans” to staffers who will be out of work if the government shuts down Friday.

The credit union, which serves legislative branch employees, is making available a loan of one month’s income up to $3,000 with no interest.

If not paid back within 30 days, it would convert into a standard loan.

“Congressional Federal has been here since 1953 and we have proven experience helping our members financially navigate a furlough,” Congressional Federal’s CEO Charles A. Mallon, Jr. said in a statement. “These are tough economic times and even the uncertainty of a potential furlough could be a difficult situation to handle financially.”

A spokeswoman for the credit union said that they are a private company and will not be affected by the shutdown. Their locations in Longworth, Rayburn and Ford House Office Buildings as well as the Capitol will remain open and fully staffed.

Customers can apply for the furlough loan online as well.

Some CQ Roll Call employees bank at the credit union.