Furloughed employees find financial relief

By: Sara Zendehnam Email
By: Sara Zendehnam Email

GRAND JUNCTION, Colo. (KKCO) Coloramo Federal Credit Union has created three loan options for members impacted by the shutdown.

If they have already have a loan with Coloramo, they can apply to skip a payment of their loan without being charged a fee.

Another option is for people who have loans at other banks or credit unions. They can bring the loan to Coloramo and will have 90 days before the first payment is due.

A third option is paycheck replacement. Coloramo will give the net amount of the member's monthly paycheck. This is a 12 month, unsecured loan with a five-percent interest payment.

"Our members are starting to call because they're concerned, they're worried and that's what prompted us to put together something," Steven Harrington, Coloramo Federal Credit Union.

Coloramo is not the only place offering help. Furloughed customers at Alpine Bank with a bank credit card can have one payment of their card deferred.

The bank is also giving furloughed employees the option to have an interest free loan for up to one paycheck.

So far, Alpine Bank has helped 58 and Coloramo has helped 12 residents get back on their feet after the shutdown.

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