Kinetic Credit Union offering assistance to members furloughed in shutdown

Kinetic Credit Union announced Monday it would offer financial assistance to military and government workers who are affected by the shutdown of the federal government and have been furloughed.

“We understand the great importance that our active duty and civilian members have in supporting our military and government,” said Janet Davis, President and CEO, in a press release. “We are prepared to assist them during the shutdown to help them financially during the furlough.”

Current members who have their pay direct deposited to their accounts can apply for a loan of up to two weeks of net pay. The loan will accrue no interest for the first 60 days, after which it will receive an interest rate of whatever the shared secured loan rate is at the time. It is currently 4.1 percent APR, according to the credit union, with a term of up to one year.

Other members who are getting direct deposit can also apply for personal loans, the possibility of penalty-free withdrawals on certificates and can apply for extensions on loans they already have.

Members can call the service at 706) 320-8575 or visit a branch.

The U.S. federal government was shut down at midnight Friday after legislators failed to strike a budget deal. It is the first time the government has been shut down since 2013.

Military personnel will report to work but will not be paid until Congress approves funding, according to the Associated Press. Defense Secretary Jim Mattis said in a memo that "ships and submarines will remain at sea, our aircraft will continue to fly and our warfighters will continue to pursue terrorists throughout the Middle East, Africa and South Asia."

Many other federal workers have been told, or will be told, to stay home if they are deemed nonessential.

A vote on a bill reopening the government is scheduled for noon Monday.

This story was originally published January 22, 2018 at 9:20 AM with the headline "Kinetic Credit Union offering assistance to members furloughed in shutdown."