Jim Stark
InstantRiverside.com

On Thursday, July 22, Altura Credit Union introduced an Emergency Loan Program to assist Riverside County workers who may have had their pay temporarily reduced or delayed because of California’s budget stalemate.

Because the legislature did not pass a budget by the start of the new fiscal year on July 1, about 1,000 state workers stopped receiving pay on July 1. Also, Governor Schwarzenegger ordered the wages of about 200,000 other state workers to be cut to minimum wage until a budget is passed.

“We developed the Emergency Loan Program to provide state workers with the cash they will need to pay their own bills if their pay is delayed or reduced,” said Jennifer Binkley, chief operating officer of Altura Credit Union, in a press release. “The program is open to state government employees who are current Altura members as well as non-members eligible for membership.”

The Emergency Loan Program offers:

· 0% annual percentage rate (APR) for 90 days on an emergency loan*
· No payments for 90 days
· 12.99% APR after 90 days
· No pre-payment penalties
· No loan application fee

The requirements for the Emergency Loan Program include:
· Must be an existing or new Altura member with payroll direct deposit
· Must provide proof of delayed or reduced pay, and a copy of last payroll stub
· Maximum loan is limited to three-month payroll advance based on current pay
· Maximum loan term is 18 months
· Limited loan funding is available

For more information, state workers can call Altura at 1-888-883-7228, ext. 5014.

Filed under Consumer News, Headline

Friday, July 23, 2010

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