 A spokesperson for Navy Federal said the credit union is offering the Paycheck Assistance Program to eligible members who are military or federal workers and have direct deposit with them. This assistance is paid back when they receive backpay. The Paycheck Assistance Program is a lifeline for many families right now. In the 2018-19 shutdown, 19,000 members took advantage of it. The uptake now is substantially higher and 80% of enrollees are tied to Active-Duty military and reserves, which have not been affected by any pay disruptions so far.
Navy Federal’s Government Shutdown Loan Program (GSLP) offers:
- 0% APR loans to eligible members whose pay is disrupted.
- No credit checks and no reporting to credit bureaus.
- Eligibility: Active-duty service members, federal employees, and contractors paid directly by the government with direct deposit at Navy Federal.
Navy Federal serves all Active-Duty military members, Veterans, the Immediate Family Members of those two groups, plus employees of the Department of Defense. You can learn more here:Â https://www.navyfederal.org/membership/become-a-member.html
