October 7th, 2013

Government Shutdown Emergency Loans for SMCU Members

Seattle Metropolitan Credit Union was founded by employees of the City of Seattle. As such, we are concerned about the effects of the government shutdown on the men and women who work in public service.

To help these dedicated people navigate this trying time with as little negative impact to their financial situations as possible, SMCU is announcing the availability of short-term Government Shutdown Emergency Loans (GSE Loans) to SMCU members who are unable to report to their positions within the Federal Government.

GSE Loans are available without credit check or income requirements beginning Monday, October 7, to SMCU members in good standing. Loan amounts are equal to one month’s pay, up to $2,500 for the first request. If the shutdown continues for more than two weeks a second request may be granted, up to an additional $2,500.

Loans will be repaid over 12 months at 5.99% APR* with the first payment due in 60 days.

To qualify, applicants must be an SMCU member in good standing for at least 12 months and present evidence of recurring federal payroll deposits or recent pay stubs, in the event they are not enrolled in Direct Deposit.

As a credit union, part of our mission is to take care of our members’ financial well-being. We are honored to be able to lend assistance during a tumultuous event.

To talk to an SMCU loan expert about emergency loans, please call 206-398-5500 or stop by any of our branch locations.

*APR is Annual Percentage Rate and is accurate as of October 4, 2013. APR reflects any prepaid finance charges and is subject to change without notice.

2 Responses

  1. Mike Alba says:

    Hi,

    I am a contracting for NOAA and thus was affected by thew shutdown as well. And actually since I am a contractor I will not be getting paid for the time off. While the Federal fulltime folks will get paid. So I am in some trouble :-)

    Anyway please let me know if I can still take an emergency loan? I also applied to skip my monthly car payment as I will not be able to make it next week unless I can get a short term loan…

    Thanks so much!
    Mike

    • SMCU says:

      Mike,
      We’re sorry to hear about the financial hardship you’re experiencing. We are offering emergency loans through the end of the month. Please call 206-398-5500 so we can see what we can do to help.