WOODBRIDGE, Va. (12/12/12)--Belvoir FCU, Woodbridge, Va., said Tuesday it will offer its members assistance loans in the event of a fiscal cliff.
Members can borrow up to $5,000 at an annual percentage rate of 4.99% for one year with a 60-day deferment, according to the credit union's website. Also, Belvoir FCU will facilitate loan workouts and skip-a-pay options for members so they do not default on their loans.
The credit union will provide financial coaching services to members in need of guidance.
The 2013 fiscal cliff refers to the U.S. economy succumbing to an estimated $600 billion in tax increases and spending cuts, which will automatically go into effect Jan. 1 unless Congress can come to an agreed-upon budget.
"We hope a fiscal cliff is averted and Congress comes to an agreement," said Patricia Kimmel, Belvoir FCU president/CEO. "However, if a compromise is not reached, Belvoir Federal stands ready to serve our members who are impacted by providing financial options and services to assist them during this challenging time."