Emergency furlough relief assistance
Helping you build financial security during difficult times.
PenFed is here for you
We care about our members and offer special programs to help families cope with government furloughs. Members can apply for the following emergency relief options when a Government Furlough happens.
Paycheck protection loan
You could qualify for a no-interest loan equal to the amount of your paycheck if your payroll is directly deposited into your PenFed checking account.1
Skip a payment
You could receive 1-month skip a payment on qualifying loans2 if you are affected by a furlough.
Home loan hardship
assistance
Depending on your loan type, we have the following relief options for you:
Deferring payments
Forbearance plan
Repayment plan
Loan modification
To discuss hardship assistance options further please contact us at 800-585-9055 or visit your Mortgage Dashboard or the Financial Hardship Center for more information.
Paycheck protection loan
You could qualify for a no-interest loan equal to the amount of your paycheck if your payroll is directly deposited into your PenFed checking account.1
Skip a payment
You could receive 1-month skip a payment on qualifying loans2 if you are affected by a furlough. Please call 800-247-5626 to inquire about the skip a payment program.
*For assistance with your Mortgage, Fixed Equity or HELOC loan please call 800-585-9055 or visit the Financial Hardship Center.
Home loan hardship assistance
Depending on your loan type, we have the following relief options for you:
Deferring payments
Forbearance plan
Repayment plan
Loan modification
To discuss hardship assistance options further please contact us at 800-585-9055 or visit your Mortgage Dashboard or the Financial Hardship Center for more information.
Disclosures
1Qualifying members who have their pay directly deposited into a PenFed checking account may qualify for an interest-free advance on an Overdraft Line of Credit account equal to their net pay, up to $6,000. Members may request an additional advance for each direct deposit not received during the furlough. Members must provide a copy of the furlough letter to verify they are directly impacted by the shutdown. Advance(s) must be repaid within 10 days of receipt of the direct deposit to ensure the advance remains at 0% interest.
2First Mortgage, Fixed Equity Loans and HELOC loans are not eligible for the Skip a Payment program.