US Bank has introduced a new quick loan for the federal employees, who are affected by the ongoing government shutdown.
The shutdown, which is the longest in the US history, is estimated to affect nearly 800,000 federal workers.
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Details of US Bank quick loan
Under the new offering, qualified federal government employees can apply for a loan up to $6,000. All federal employees with any US Bank product are eligible for the loan.
US Bank chairman, president and CEO Andy Cecere said: “US Bank is committed to doing the right thing for our customers.
“We understand the financial pressure that many of our customers who serve our nation are now facing and we’re here to help.”
The bank has also introduced a dedicated federal government shutdown phone line. Through the line, the customers can talk to the customer service representatives to procure information on the new quick loan service.
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By GlobalDataThey can also receive information on other customer assistance programmes including mortgage relief options.
In September last year, the bank introduced a similar offering called Simple Loan enabling the customers to meet short-term financial requirements. It allows the customers to borrow up to $1,000 and then repay it over three months.
The current shutdown started on 22 December 2018 when the US Congress and President Donald Trump failed to reach an agreement over the appropriation of necessary funds for the 2019 fiscal year.
Last week, the federal employees missed their first paychecks escalating financial pressures on them.
