Government Shutdown Assistance
During the government shutdown, we’re here to provide financial relief to workers in need.
Government Shutdown Update
We recognize the stress and financial strain a furlough can impose on you and your loved ones, and are ready to extend a helping hand through our Paycheck Replacement Loan.
Paycheck Replacement Loan
For those impacted by the government shutdown, in order to qualify for this program, members must meet the following criteria:
Membership & Auto-Pay Required
You must be a Lafayette Federal member for at least 30 days and must enroll in automatic payments after the loan is established.
Provide Proof of Income
You are required to provide a copy of your most recent Statement of Earnings and Leave Paystub during the application process to qualify.
Satisfy our Underwriting Requirements
As a member, you can borrow up to 20% of your annual salary at a maximum of $35,000 for 36 months. Minimum 640 FICO score required.
Paycheck Replacement Loan
We understand the financial strain of a furlough, so we offer loans up to $35,000² at 5.99% APR¹, repayable over 36 months.
Assistance When You Need it Most
As your trusted financial partner, we remain dedicated to helping you navigate through financial challenges with confidence and ease.
|
Type |
Term |
APR1 |
Amount |
|---|---|---|---|
|
¹APR=Annual Percentage Rate. ²Lafayette Federal membership required. Member may borrow two months’ salary up to $35,000 for 36 months. Minimum 640 FICO score required. Available for federal employees only. Government contractors and businesses are not eligible for offer. All loan programs, rates, terms and conditions subject to change without notice. Qualification is based on an assessment of individual creditworthiness and our underwriting standards. $50 minimum balance required to open and earn 0.10% APY on LFCU share savings account balances. APY = Annual Percentage Yield. Rates effective December 20, 2024. Your savings are federally insured to at least $250,000 by the National Credit Union Administration, an agency of the U.S. government. Lafayette Federal is an Equal Opportunity Lender.
The rates and terms shown are effective as of January 1, 2025. |
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|
Type Paycheck Replacement Loan |
Term Up to 3 years |
APR1 5.99% |
Amount Up to $35,000² |
Protect Yourself from Financial Predators
Lafayette Federal is here to support you during this time. Your financial well-being is our priority. Explore our blog for tips, practical advice, and guides on how to borrow responsibly.
Stay Safe! Scammers may try to take advantage of the situation.
- Guard your personal information: Share sensitive details only through secure and verified channels.
- Be cautious with unsolicited calls: Hang up and contact organizations directly using verified contact information.
- Stay alert for suspicious messages: Avoid clicking on links or providing information in response to unverified emails, texts, or calls.
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Craft Your Path to Prosperity: Creating a financial vision board for a bright 2025.
A vision board is a visual representation of one’s dreams and aspirations. The board can be 3-D (made from cut-out images or photographs mounted to a piece of cardboard or a canvas and hung on a wall or placed on a desk), virtual (created on social media sites like Pinterest or Instagram, or a series…
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Security tip: In the event that we do encounter a government shutdown in the future, stay vigilant about your security because scammers often capitalize on these situations. Be careful whom you share your personal information with and how you choose to share it. If someone contacts you by phone, don’t feel pressured to take action immediately. Instead, hang up and call them back using verified contact information for their organization.