Hours after the federal government shut down early Wednesday, leaving an estimated 750,000 federal employees nationwide without paychecks according to the Congressional Budget Office, Riverside-based Altura Credit Union activated an emergency loan program to help affected members weather the financial uncertainty.
The credit union is offering loans at 0% interest for the first 90 days to federal workers facing delayed paychecks, advancing funds for up to three months of net pay with no payments required during the initial period.
According to Altura's website, the credit union offered a similar program during the 2018-2019 shutdown.
According to program details posted on Altura's website, federal workers must provide proof of delayed payroll—such as a letter from their employer—and their most recent pay stub. The loans carry 0% APR for the first 90 days, after which the rate reverts to Altura's prevailing fixed rate for personal loans based on the borrower's credit score.
New members can join Altura for a $10 membership fee to access the program, which is open to anyone who lives, works, worships, or attends school in Riverside County and select areas in neighboring counties.
The program includes no prepayment penalty, allowing workers to pay off the loan immediately once federal paychecks resume without additional cost.
The shutdown began at 12:01 a.m. Wednesday after both Democratic and Republican spending proposals failed to pass.
Federal workers can apply for Altura's emergency loans by visiting any branch, calling 866-790-3493, or applying online at alturacu.com.
The program will remain available throughout the duration of the shutdown. Altura Credit Union did not respond to requests for comment by publication time.
