Options Available for Troops Needing Cash Amid Shutdown
The federal government shutdown has left many service members facing financial uncertainty, with the possibility of missed paychecks looming in the near future. To address this situation, various organizations and financial institutions are providing options for troops in need of cash during this challenging period.
Financial Assistance Options for Troops
As the shutdown continues, a number of non-profit organizations, banks, and credit unions are stepping up to offer financial relief to military personnel. Here are the key options available:
USAA Bank Loans
- USAA Bank offers 0% interest loans up to $6,000 for federal employees affected by the shutdown.
- Eligible customers must use direct deposit for their government pay and have made a direct deposit in the last 30 days.
- A physical address in the U.S. or an APO, DPO, or FPO address is required for eligibility.
- Upon approval, funds will be disbursed within 48 hours, with repayment necessary in three months.
Navy Federal Credit Union Support
- Navy Federal Credit Union provides loans for active-duty service members, federal employees, and contractors during the shutdown.
- Borrowers need to re-register for the loan program, even if they previously qualified for aid during earlier shutdowns.
- Loans will automatically be deducted from members’ paychecks once regular payments resume.
Local Credit Unions
Various local credit unions, particularly those near major military bases like Fort Bragg and Scott Air Force Base, are also offering emergency financial assistance to service personnel.
Non-Profit Organizations
- Army Emergency Relief (AER) has significantly increased its loan offerings, now providing up to $6,000 for soldiers during this crisis.
- AER emphasizes the importance of financial support and encourages soldiers to apply for emergency assistance through their online portal.
- Loans from AER must be repaid within 30 days after soldiers receive back pay following the end of the shutdown.
Navy-Marine Corps Relief Society
The Navy-Marine Corps Relief Society also offers interest-free loans and grants that cover essential expenses like food and medical bills for active-duty and retired service members. With over 200 offices nationwide, assistance is accessible to those in need.
Retired Adm. Dawn Cutler, CEO of NMCRS, highlighted the impact the shutdown can have on military families, noting the additional strain it places on their everyday lives.
Conclusion
As the government shutdown continues, troops facing financial hardship have various resources available. From interest-free loans to grants and local credit union assistance, these options can help service members manage their finances during these uncertain times.
