Loans For Federal Employees Affected by Government Furlough
The Federal Government Partial Shutdown has resulted in the furlough of a great many federal workers. If you are experiencing financial hardship as a result of this situation, Yad Yehuda may be able to help.
Yad Yehuda can provide interest-free loans of up to $2,000 to federal employees who have missed a pay period. No guarantors are required and funds can be made available within 48 hours. Repayment of the loan would be within one week after the government pays back salaries. As always, all transactions are handled with the utmost confidentiality and discretion.
If you have any questions, please contact Rafi Cattan at 301-842-7135 x 712 or complete request form below.
Other ideas federal workers can use to generate cash during the gov shutdown:
Congressional Federal Furlough Relief loan
The Congressional Federal Credit Union has a relief Line of Credit with an initial rate of 0 percent for 60 days. After that, the rate on the remaining balance is 4 percent. Please speak to your local Orthodox Rabbi regarding interest loans from credit unions. Most agencies also have a process in place for employees that they can use to reach out to creditors and landlords to request some relief. For more information about a Congressional Federal Furlough Relief loan, contact a representatives at 800-491-2328.
Tapping a retirement plan:
Furloughed government workers who participate in the Thrift Savings Plan may take loans from their retirement savings if the furlough is expected to last 30 days or less. You may not take the loan if your leave goes beyond that period. Just because you can borrow from your savings, does not mean you should. Once you pull money from your retirement plan, those dollars are no longer at work in the market. Also, you willl need to repay the money. Failure to make the appropriate repayments could result in your loan being declared a taxable distribution.
Click here for a list of federal agencies and their contingency plans amid the shutdown.
Federal Employee Loan Request Form
Applicant requires a reference by any one of the Orthodox Rabbinical leaders in the Greater Washington area.
As Jewish communities in the Greater Washington area continue to grow, so have the number of families and individuals needing assistance. As a volunteer staffed organization, every dollar donated translates into direct assistance. Please consider making a donation of any amount.