Paycheck Chronicles

Government Shutdown Loan For NFCU Members

Navy Federal Credit Union has announced its plan to assist members if military pay is disrupted as a result of the government's inability to pass a spending plan or a continuing resolution.  This plan is different from previous situations, has limited eligibility, and requires that you register for the 0% loan being offered.

Who Is Eligible?

The loans will be available to active duty service members of the Army, Marine Corps, Navy, Air Force and Coast Guard; Army or Air National Guard on federal active service; Officer Candidates of the Armed Forces; and  civilian employees of the DoD.

Members must have their net pay deposited directly into a Navy Federal account.

How Much Money Can You Get?

The loan amount will be based upon your last Direct Deposit of Net Pay - how much you got paid last payday.  Here is a screenshot of the chart from the NFCU website: NFCU Loan Amounts for 2017 Government shutdown due to debt ceiling

How Does This Work?

Unlike previous times, you will have to register in order to receive a loan.  Registration will open on Wednesday, 26 April 2017.  Registrations will be accepted until three days after your regularly scheduled pay date.

If you register at least one day prior to your regularly scheduled pay date, you will receive the loan on your regularly scheduled pay date.  If you register on or after your regularly scheduled pay date, you will receive the loan on the next business day.

Terms and Conditions

The loan will only be disbursed if military pay is delayed due to lack of government funds.

The loan will have no interest or fees.

No credit check is required.

The loan will be automatically repaid when military pay is restored.

While this does not solve the overall larger problem, this loan program may provide some short-term relief to military families who are unprepared for the possibility that military pay could be delayed or messed up.

For more information, you might want to read:

Government Shutdown? What Military Families Need to Know

Disaster Delayed: Now What?

Shutdowns and Military Pay: Fact or Fiction

Five Government Shutdown Questions

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