As the effects of the government shutdown continue to impact federal employees and contractors, Heart of Louisiana Credit Union is offering a temporary Furlough Relief Plan designed to support our members during this challenging time.
If you’re an existing Heart of Louisiana member who has been furloughed or is experiencing a delay in pay, here’s how we can help.
Depending on your needs, you can choose from several ways we can help:
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Skip-A-Payment
- Members may skip up to two consecutive loan payments on eligible loans.
- Credit cards and mortgage loans are not eligible.
- Interest will continue to accrue but will be deferred during your skipped payments.
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Furlough Relief Loan
- Borrow up to $5,000 with 0% interest until February.
- In February, the interest rate will adjust to 7.00% APR.
- Loan term: up to 12 months.
- No fees or penalties for early payoff. If you pay it off before interest begins, you’ll pay no interest at all.
- Example: A $5,000 loan for 16 months would have monthly payments as low as $312.51 at 0% APR until February and payments as low as $327.97 at 7.00% APR (re-amortized) for remaining 12 months. Example provided for illustration purposes only. Actual payment amounts and terms may vary based on individual circumstances and timing of disbursement.
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Fee Waivers & Refunds
- We’re waiving or refunding certain fees to give members more flexibility.
- No early withdrawal penalties on share certificates or Christmas Club accounts
- Refunds for overdraft fees incurred between October 1st and the launch of these offers (October 20th)
- We’re waiving or refunding certain fees to give members more flexibility.
How to Get Help
If you need assistance, please contact Heart of Louisiana Credit Union directly. We’ll walk you through the necessary documentation and help identify which relief options best fit your needs.
Phone: 318-473-4562
Website: heartcu.org/furlough-relief
Or stop by your local branch for personalized assistance.
Heart of Louisiana Credit Union was founded on the belief that members should always be treated like family. In uncertain times like these, that mission is more important than ever.
If you’ve been affected by the federal shutdown, don’t wait. Reach out to see how we can help.