GOVERNMENT SHUTDOWN RELIEF LOAN:
University Credit Union is aware of the financial impact the recent government shutdown has had on federal employees. We appreciate all of the hard work these members do and want to offer our assistance with several financial assistance options.
- 0% APR Loan for 60 days* with no setup or processing fees
- $6,000 Maximum Loan Amount
- Must have Direct Deposit previously established with University Credit Union
- No Credit Check Required**
- Eligible members must be employees of the federal government whose departments are currently not receiving pay
- See table for eligibility of funds
Contact a Member Service Representative at (801) 481-8800 or visit any University Credit Union Branch to see if you qualify.
University Credit Union’s Skip-A-Pay program allows you to skip a single payment on a qualifying loan and use those funds for other expenses. The Credit Union will issue a one-time fee waiver for any government employee that may need to utilize the program under the hardship conditions.***
- If loan is a mortgage, home equity, commercial or student loan, it does not qualify for our Skip-A-Pay program.
- UFCU must have the title(s) naming UFCU as lienholder and proof of insurance for any and all collateralized loans you currently have with us to qualify.
- For credit card or overdraft line-of-credit loans, the requested Skip-A-Pay must be for the payment currently due in the month the request is made.
- All accounts must be in good standing
- You must complete the current Skip-A-Pay form and return to UFCU.
- If the loan is set up with reoccurring ACH, payroll or auto transfer payments, you agree to allow UFCU to suspend the payment for the month of the requested skipped payment, and you also agree to allow UFCU to reinstate the payment after the requested Skip-A-Pay period.
- You must have made at least one payment on the loan to qualify.
*No interest for the first 60 days of the loan. After the 60 day period, if the loan has not been repaid in full, members will be able to set up an alternate payment plan. Eligible members must be employees of the federal government who are not receiving pay due to the government shutdown.
**All accounts must be in good standing to qualify
***$19 application fee for the Skip-A-Pay program will be waived for any qualifying federal government employee at the discretion of University Federal Credit Union. Reason for hardship condition on application form should be input as, “Government Shutdown.”
Additional Disclosures: Mortgage loans, home equity loans, commercial loans, student loans, or collateralized loans for which UFCU has not received proof of insurance or the collateral’s title naming UFCU as the only lien holder of record do not qualify for the Skip-A-Pay program. All accounts must be in good standing to qualify. Promotional Skip-A-Pay skipped payments will not be authorized for the first payment due. Other Skip-A-Pay skipped payments will not be authorized until the first 12 monthly payments on the loan have been made. If the loan is set up with reoccurring ACH, payroll or auto transfer payments, you agree to allow UFCU to suspend the payments for the month of the requested skipped payment, and you also agree to allow UFCU to reinstate the payment after the requested Skip-A-Pay period. A $19 fee will be assessed for each monthly payment which is skipped using the Skip-A-Pay program.
By utilizing Skip-A-Pay, interest will continue accruing on the unpaid balance of your loan at the Simple Interest Rate designated in your agreement until your balance is paid in full, and that skipping a payment will have the result of increasing the total amount of interest paid, in which case you may be required to make a lump-sum balloon payment on your originally scheduled maturity date.