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CU of New Jersey offers furlough dough

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EWING, N.J. (11/24/09)--Credit Union of New Jersey, Ewing, is offering a new furlough loan product to help state employees affected by mandatory furloughs. The product is dubbed “Furlough Dough,” according to the New Jersey Credit Union League. Furlough Dough offers state employees a loan for two weeks of net pay--up to $2,500--at a rate of 6.99%. The product does not require a credit check (The Weekly Exchange Nov. 16). Since the product was announced Nov. 1, more than 1,300 members have applied. The offer has been extended through Nov. 30, and the credit union said it expects to receive 2,000 loan applications. New Jersey state employees are required to take 10 furlough days from May 2009 through June 2010. Credit Union of New Jersey has $277 million in assets.