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Government Assistance Loan

Federal government employees: we can help.

San Mateo Credit Union offers a variety of assistance for federal employees and contractors impacted by the government shutdown.  If you need a new loan or help with a current SMCU loan, we're here for you. 

0% APR1 12-month loan

  • Available to those who utilized SMCU direct payroll deposit in December 2018
  • Loan maximum is equal to full amount of your SMCU direct payroll deposit(s) in December 2018
  • 0% APR1 fixed rate
  • 12-month term
  • No credit check required
  • Auto-pay from an SMCU account required

Reduced-Rate 12-month loan

  • Loan maximum is equal to your verified December 2018 gross salary
  • Fixed rates start as low as 5.99% APR2 based on your credit, which is a 4.00% APR2 reduction from our standard Personal Loan rates
  • 12-month term
  • Credit check is required
  • Auto-pay from an SMCU account required

Current loans/accounts

  • Loan payment deferrals on most loans
  • Reversal of non-sufficient funds (NSF) or late fees

To help speed up the process when you contact SMCU, please have a copy of your most recent paystub and any furlough or other notice you may have received.

How to apply for a loan:
If you would like to apply for the 0% APR1 Government Assistance Loan option, please visit one of our branches or call (650) 363-1725, since a credit check will not be required.

If you would like to apply for the Reduced-Rate Government Assistance Loan option, please visit one of our branches, call (650) 363-1725, or you can use the online application. If apply online, select Apply for a Loan > Personal Loan > Government Employment Relief (as your reason for applying). A credit check will be required. 

How to request other assistance:
Please visit one of our branches or call (650) 363-1725 to discuss options for current loan payment deferrals or fee reversals. 

To be eligible for an SMCU Government Assistance Loan, you must meet all three qualifications and proof may be required:
  1. You are employed by an organization that has temporarily ceased operations or payroll due to the government shutdown
  2. You will continue to be employed by the organization when the cessation ends
  3. You are a current member of San Mateo Credit Union or are eligible to become a member
APR = Annual Percentage Rate. Rate effective January 10, 2019. Loan maximum is equal to the combined total of all payroll and ACH direct deposits to all SMCU accounts made from 12/1/18 - 12/31/18. There is no credit check required.  2 Annual Percentage Rate. Rate effective January 10, 2019. Loan maximum is equal to the member's verified monthly gross salary earned in December 2018. Subject to credit, income and debt verification and qualification. Offer, rate and terms subject to change at any time without notice.  SMCU is an Equal Opportunity Lender.
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