Furlough Loans - East County Schools Federal Credit Union
Skip to main content

Online Banking

Open An Account  |  Apply For A Loan
Furlough-Loan

Furlough Loans

 

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.

 

Loan Rates

Advertisement for financial literacy app Zogo and the QR code and access code to begin using this app

Members LoveECSFCU!

  • We bank with East County Schools Federal Credit Union and learned they also have a great car buying service! We decided to look into it and ended up with the best customer service, an amazing price, no hassle of going to the dealership, and a brand new 2017 Honda Accord Sport! A year later, we were in need of another car for our growing family. It was an easy decision to go with the credit union and New Cars Inc again. The process and customer service didn’t disappoint once again, and we love our new 2018 Honda CRV! A big thank you to New Cars Inc and ECSFCU!
    Carly and Luke Esquerra