PSECU to help potential state budget impasse

HARRISBURG, Pa. (6/1/09)--With the possibility of a potential state budget impasse, Pennsylvania State Employees Credit Union (PSECU) said it will reach out to its members who may be affected if a budget agreement is not reached by July 1.

If there is an impasse, the credit union has created a special loan program for state employees who are PSECU members. Employees who stay on the job, but don't receive a paycheck can apply for a 0% Annual Percentage Rate (APR) loan (Life is a Highway May 29).

For members who meet the credit criteria, the 0% rate will be available up until 60 days after the governor signs the new budget into law. After 60 days, the loan will begin accruing interest at 3.9% APR until paid in full. Members participating in the loan program will have the option of borrowing up to $1,000 per pay period.

PSECU said it also is encouraging state employees who experience financial hardship with their account from any impasse to contact the credit union about additional ways PSECU can assist them.

"This loan is an example of how we haven't lost touch with our history and purpose," said Gregory A. Smith, PSECU president. "When we were formed 75 years ago, state employees banded together to form a credit union to help one another through hard times. What was true 75 years ago is still true today--PSECU is still a cooperative financial institution that uses the strength of all to help members in need."

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