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* From a press release…
In 1995, Credit Union 1 introduced an “Employee Loan Assistance” program designed to provide payroll gap assistance for its members facing the threat of a missed or delayed paycheck. In June 2007, this program was utilized for the first time to assist state employees that incurred a delayed paycheck due to the Illinois budget crisis that occurred. Most recently, Credit Union 1 offered the program to their members of the Illinois General Assembly and staff to assist during an interruption in the legislative payroll cycle.
Credit Union 1 is stepping up once more to help their members as the threat of a delayed paycheck for State employees looms again. While fortunately this program has only been needed on a limited basis since its inception, Credit Union 1 members are afforded great comfort and security in knowing that their credit union is there for them whenever the need arises.
For more information about the terms and conditions associated with the program please contact your local Credit Union 1 branch. Credit unions are “People Helping People” — dedicated to serving the needs of their membership as well as providing “peace of mind” that the credit union is always there. And that’s the credit union difference.
*** UPDATE *** This should help clear up some questions…
Illinois State Employees Loan Assistance Program
Credit Union 1 is pleased to provide assistance to the Illinois State employees should the State of Illinois budget issues temporarily delay payroll for the employees, through our Loan Assistance Program (LAP).• Credit Union 1 will offer members a loan with an interest rate of 0.00% APR1 during the Assistance Period.
• The Loan Assistance Program does not apply to State contracted individuals or agencies.
• You must be a Credit Union 1 member as of 5/1/15 to be eligible for the LAP. New members, and existing members after 5/1/15 can apply for a loan under our normal rates and terms.
To apply, stop by a Credit Union 1 branch or call our Member Service Dept. at (800) 252-6950, option 3.
APR= Annual Percentage Rate. Rates, terms and conditions are subject to change and may vary based on creditworthiness and qualifications. All loans subject to approval.
LAP Loans may not exceed 50% of the member’s gross salary that has been delayed. The interest rate will be 0.00% APR during the Assistance Period. At the end of the Assistance Period, the interest rate shall become 9.90% APR and member will have 30 calendar days to repay the entire balance owed. If the entire balance is not paid within 30 calendar days after the Assistance Period has ended, the entire balance owed shall convert to a repayment term no greater than 48 months at 9.90% APR and requires a minimum monthly payment of $100.
The “Assistance Period” is defined as the time period that a member is not receiving a paycheck from the employer and until the 31st calendar day after their payroll is reinstated by the employer.
posted by Rich Miller
Monday, Jun 29, 15 @ 9:03 am
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Most likely, he was sending a message to Mayor Emanuel that if he wanted to cut deals with Gov. “Rauner and Senate President John Cullerton, then he’d have to work his caucus to find the votes – or come to him and ask that he do it. And he also likely wants Gov. Rauner to “own” this steaming pile of kick the can.”
This would appear to be a pretty well-informed read.
Comment by chiatty Monday, Jun 29, 15 @ 9:11 am
This is good, as missing even one paycheck can harm many state workers. Financial disaster is not many missing paychecks away.
Comment by Grandson of Man Monday, Jun 29, 15 @ 9:11 am
Nothing like paying juice to get your paycheck.
Comment by Wordslinger Monday, Jun 29, 15 @ 10:00 am
This has also been done in the past. One year when budget talks went on an unusually long time (and I was a single mom with 2 kids) I actually took advantage of a loan to pay the bills.
Comment by Former Merit Comp Slave Monday, Jun 29, 15 @ 10:04 am
It would be nice if Credit Union 1 was available to answer questions about this. I emailed them last week through their website to ask about it and never got a response. I just tried calling them this morning, and when I pressed the button to speak with a member services representative about it, the call clicked and went dead.
If they’re gonna keep advertising this, they should have someone ready to respond to inquiries. Sheesh.
Comment by ??? Monday, Jun 29, 15 @ 10:09 am
What about interest
Does the State pay interest to cover the interest that must be pay to credit 1
Comment by Anonymous Monday, Jun 29, 15 @ 10:13 am
I called them and spoke to someone. She said during the “assistance period” it’s 0% interest. You can get a loan of up to 50% of your gross pay for the pay period and she thought you could do up to two consecutive loans.
Comment by ??? Monday, Jun 29, 15 @ 10:22 am
Classy move. Another point in favor of Credit Unions.
Comment by Formerly Known As... Monday, Jun 29, 15 @ 10:34 am
I learned a long time ago to set aside some money when times were good and to be ready when something like this could happen. I no longer live from paycheck to paycheck.
Comment by Been there Done that Monday, Jun 29, 15 @ 10:50 am
good thing! Credit unions also step up to help avoid pay day loan schemes.
Comment by Amalia Monday, Jun 29, 15 @ 10:54 am
I wonder what the vig is.
Comment by Jorge Monday, Jun 29, 15 @ 11:37 am
Jorge, these are no-interest loans.
Comment by Rich Miller Monday, Jun 29, 15 @ 11:43 am
Thanks Overlord Miller, so there’s kind of a vig. Your blog and insights are money. Thanks for what you do.
Comment by Jorge Monday, Jun 29, 15 @ 11:47 pm