RIVERSIDE, Calif. (11/3/09)--Altura CU has created a special loan program to help University of California Riverside (UCR) staff taking furloughs this school year. State colleges and universities have asked employees to take unpaid days during the 2009-2010 school year to deal with the state budget crisis and cuts in funding. Most UCR employees will have to take between 10 and 26 days without pay. The “UCR Furlough Loan Program” offers UCR employees tools to help them deal with what is likely to be a significant financial crisis, said Altura. It offers:
* The ability to borrow up to $10,000 from a guaranteed line of credit with rates as low as 3.49% annual percentage rate; * Repayment terms of up to 36 months, with a 12-month draw period; * Waiver of a $55 loan processing fee; * No pre-payment penalty for early pay-off; and * Online transfers to make it easy to manage draws on the line of credit and to set up recurring transfers for each pay period.
“As a partner of UCR, Altura is concerned about the impact of the recent pay cuts and furloughs on UCR employees,” said Jennifer Binkley, Altura executive vice president. “We developed a program that will allow UCR employees to borrow the amount their pay is reduced from a line of credit each pay period. The tool will allow for personal budgeting ease during a difficult time.” As Altura members, UCR employees also qualify for the VIP Checking account, which features a free interest-bearing checking account and a Visa credit card. They also can attend free financial workshops on budgeting, credit scores and investment strategies, including one at the local university branch for UCR employees. A financial fitness program with educational materials and online courses, and access to certified financial counseling are available for members on Altura’s website, Binkley added.