Hundreds of thousands of government workers have not been paid, and with bank balances falling, some workers have begun filing for unemployment, hoping that it will get them through until they do finally go to work and get paid.
What Is The Short-Term Personal Loan Like From U.S. Bank?
Eligible federal employees can apply for a short-term loan of up to $6,000. Customers who have a mortgage, credit card or any other business with the bank are eligible to apply for the loan.
U.S. Bank CEO and President Andy Cerere said the bank wants to make sure it does the right thing for its customers. He said they understand their customers’’ financial woes and are trying to help in any way that they can.
Cerere said the loans have a 0.01 percent APY for 12 months and is approved based on the program guidelines and credit score. The loan is not extended to federal contract workers who are also affected by the shutdown.
A U.S. Bank spokesperson said customers that get loans and have a U.S. Bank checking account would see the money within several hours. For U.S. Bank customers with other checking accounts, they’ll get an expedited cashier’s check.
The news comes as regulators, the Board of Governors of the Federal Reserve System and FDIC, urged institutions to work with affected workers. According to the regulators, agencies are asked to help customers modify their existing loans or allow borrowers to ask for financial help during a shutdown.
Customers can apply for a U.S. Bank loan by calling its designated federal government shutdown phone number at 877-760-6046.
