No-Interest Loans Available to Furloughed Federal Workers in Southwest Missouri
Two organizations in Springfield are stepping up to help workers in southwest Missouri affected by the partial federal government shutdown.
The Community Foundation of the Ozarks and Multipli Credit Union are partnering on a program to offer no-interest loans to federal employees in Greene, Christian, Dade, Dallas, Lawrence, Polk and Webster Counties. According to the CFO, approximately 2100 federal employees work in Greene County.
Workers who are not receiving a paycheck can apply for a no-interest loan of up to $1500. When the shutdown ends, and the employees receive back-wages, they must pay back the money.
CFO President and CEO Brian Fogle said the goal of the program is to prevent federal workers from having to take out high-interest short term loans while they’re not getting paid.
"The goal of this effort is to create a bridge for these workers and their families, many of whom are continuing to perform their jobs during the partial shutdown," said Fogle.
Details of the loan:
- The loan maximum would be the lesser of a pay period paycheck or $1500
- Zero percent interest
- $30 processing fee
- 45-day maturity (can be extended 30 days if needed)
- Credit score minimum of 620
- Member will execute an agreement that the loan will be repaid first once pay in arrears are received, even if it's in advance of maturity
- Requires proof of furlough and two pay stubs
- The person taking out a loan must become a Multipli CU member at a cost of $1
Applications are available at muliplicu.com or at Multipli Credit Union locations: 818 N. Benton and 1017 E. Republic Rd. in Springfield.