Our Furlough Loan can bridge the gap for ECSFCU member-owners whose annual pay becomes negatively affected when the school district with which they are employed mandates salary cuts for budgetary purposes.

 This loan is available to employees currently employed by a school or school district that does one or more of the following:*

1. Mandates the employee take “X” number days of unpaid furlough
2. Cuts the employee’s salary
3. Increases the employee’s out-of-pocket health insurance premiums during the current academic year

*Member-owner is required to have an ECSFCU checking account with direct deposit in order to obtain a Furlough Loan. Only one Furlough loan is available during any one academic calendar year. Member-owners must be in good standing.

Furlough Loan Maximum

The maximum Furlough Loan amount is the lesser of:

• The loss of gross earnings for mandatory furlough
• 5.00% of annual earnings prior to the salary reduction
• $5,000.

Furlough Loan Details

• The total loan amount will be rounded up to the nearest $100 increment.
• The maximum term is 24 months. Skip payment months are not available.
• The loan will be made at 0% Annual Percentage Rate.
• No application fee.
• If the payment is more than 10 days late, a late charge of 5% of the payment amount  due or $15.00, whichever is greater, will be imposed.