American Southwest Credit Union will offer eligible members a zero percent loan as a temporary solution due to the government shutdown. The loan amount will be based on your direct deposit of pay processed into an ASCU deposit account(s) immediately before the government shutdown. To be considered for this loan, you must apply with ASCU, meet the eligibility requirements and agree to the terms and conditions, as described below.
You are eligible for this service if:
- You are a federal government employee or active duty Coast Guard, whose direct deposit of pay will be impacted by a government shutdown; and
- Your direct deposit was processed into an active ASCU account immediately preceding the government shutdown.
How to Begin
- Request a one-time loan
You can apply online or call a Loan Specialist at 800-752-6394. For disbursement on or about your scheduled pay date, you must apply at least one day prior to the date your direct deposit would have been scheduled to be processed into your ASCU account. Loan amounts are calculated based on your last direct deposit prior to the government shutdown. This loan has a 0% APR and is available up to a maximum amount of $6,000. There are no fees or interest charges associated with this loan. No credit check is required.
- Receive Loan
Loans will only be available and disbursed if the government fails to pay eligible members
- Repay Loan
Once direct deposit of pay resumes, the amount credited to your account(s) will be automatically deducted as repayment of the loan.
Terms and Conditions:
By applying for this loan, you agree to the following:
- You certify that you meet the requirements described in the “Eligibility Requirements” section above.
- You authorize ASCU to evaluate your eligibility for a Government Shutdown Loan. If, in connection with the government shutdown, the government fails to pay federal government employees, you further authorize ASCU to extend credit to you in the amount for which you are eligible, based on your last direct deposit prior to the government shutdown.
- ASCU will deposit the amount for which you are eligible into the account in which your most recent direct deposit was processed. If your direct deposit is deposited into more than one ASCU account, the amount for which you are eligible will be based upon the total amount of direct deposits up to, but not to exceed $6,000. If multiple direct deposits are deposited into the same account, your loan amount can be based on the direct deposit(s) you select.
- You understand that ASCU will not obtain information from credit reporting agencies to determine your eligibility for this loan.
- You also authorize a transfer from the account(s) into which your eligible direct deposit is processed as follows: When ASCU understands that the government has made back pay available to any eligible members, or 60 days after you receive the loan deposit, whichever is sooner, ASCU will debit your account(s) for the same amount as was loaned to you. ASCU will not provide any further notice before we debit your account. If the full amount ASCU loaned to you is not available in your account(s) on the date of the transfer, your account(s) may be overdrawn and you will be responsible for repayment in full.