Veridian Credit Union offering interest-free Government Advance Loans
WATERLOO, Iowa (January 16, 2019): Veridian Credit Union is offering interest-free Government Advance Loans and free delayed-payment services to members whose income is impacted by the current partial government shutdown. Veridian members with a history of regular federal government income are eligible to accept one of the two offerings.
“Missing a paycheck can be a difficult burden to bear,” said Kara Van Wert, Veridian’s senior vice president of lending. “Veridian is a member-owned financial cooperative that operates on the ‘people helping people’ credit union philosophy. We’re here to help ease that burden for our members who are impacted by this shutdown.”
Government Advance Loans offer a 30-day, single-payment term with no interest. Loan amounts will not exceed the member’s previous direct deposit of federal government income to their Veridian account, and loans will be paid in full when the shutdown ends and the next regular direct deposit is received. Veridian is also waiving the fee and certain restrictions of its Delay-A-Pay service for members impacted by the shutdown. Delay-A-Pay allows members to postpone a payment on select loans by extending the term one month. In addition to the waived fee, Delay-A-Pay services elected during the shutdown will not apply to the two-per-year maximum for impacted members. Eligibility for Government Advance Loans and expanded Delay-A-Pay services are limited to members with a history of regular federal government income. Veridian members are encouraged to contact the credit union at 800-235-3228 to explore their options.
Veridian Credit Union, founded in 1934 in Waterloo, Iowa, is a not-for-profit financial cooperative owned by its members. The credit union offers a full range of business and consumer financial services and employs more than 750 people throughout 30 branches in Iowa and eastern Nebraska. For more information, visit veridiancu.org or call (800) 235-3228.