RIVERSIDE, Calif. (9/3/08)--Altura CU has set up a series of loans and other programs to assist state, county or school employees experiencing financial hardship as a result of California's budget impasse. State legislators are at an impasse about the state's budget, and state workers face a serious financial blow from potential job or pay cuts, said the Riverside, Calif.-based credit union. Nearly 10,000 state employees have been laid off. Gov. Arnold Schwarzenegger announced plans to cut the pay of another 200,000 employees to the federal minimum wage of $6.55 per hour. California Controller John Chiang refused to implement the pay cut and is being challenged in the courts by the governor. "Given the uncertainties surrounding the budget approval process, we are concerned about the financial impact on our members," said Jennifer Binkley, executive vice president/chief operating officer, at the $915 million asset credit union. Altura's programs are open to state, county or school employees who are members of the credit union or who are eligible. They can take advantage of one of these programs:
* $5,000 signature loan, with no processing fee, no interest or payments for 90 days. The term can be up to 48 months, and there is no prepayment penalty. * $10,000 signature equity loan for homeowners, with no payments or interest for 90 days. The loan has a $50 processing fee. Its term can be up to 60 months. There is no pre-payment penalty. * Delayed payroll loan, in which Altura will advance funds, for each payday that payroll is delayed, for up to three months maximum with no processing fee, interest or payments for up to 90 days. The term is up to 18 months. There is no prepayment penalty. * Skip-a-pay, where members already having an Altura loan can take advantage of the credit union's Skip-a-Pay program. The credit union will waive these requirements: the $25 fee, the six-month waiting period before skipping the first payment, and skipping only one payment a year.