Redstone Federal Credit Union sees increase in furlough loans

More than 300 furloughed employees applied for loans in the past few weeks

Redstone Federal Credit Union sees increase in furlough loans
Source: RFCU Facebook page (Source: RFCU Facebook page)

HUNTSVILLE, AL (WAFF) - Redstone Federal Credit Union is offering services like furlough loans, mortgage extensions and one-on-one counseling.

With the shutdown surpassing the 30-day mark, Redstone says, it has seen an increase in loan applications from furloughed workers.

Redstone says furloughed employees have a few options. They can apply for a furlough loan, which will be in effect for 12 months.

The credit union is also offering services such as ‘skip-a-pay’, where once a year, you can opt out of a payment.

Company executives say they are fully aware of how many people the shutdown is affecting, and they want to do as much as they can do help out.

“We wanna reiterate that because we have other services available, don’t just think about the furlough loan. There might be some things we can do with your current loan that you have with us, there are other things we can do like one-on-one counseling. Every person’s situation is different, and we just want you to come in and talk to us about that," Public Relations Coordinator Patricia Lloyd said.

Redstone says its expecting to see a continued increase on the furlough loans and other services as the shutdown continues to drag on.

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