This January, about 800,000 federal workers didn’t receive paychecks due to the Federal Government shutdown. With about 8 in 10 Americans already living paycheck-to-paycheck, not getting paid for over a month can have a big impact on many in our communities. Although the paychecks may have stopped for these employees, the financial obligations – like mortgages, childcare and credit card payments – still needed to be made.
At Washington Federal, we were concerned about how our neighbors would pay their bills and put food on the table; the average interest rate on a credit card is about 17%, and payday loans can run up to 400%. We wanted to offer something better and immediate to support these hard-working Americans and their families during this difficult time – a way to live our mantra “invested here."
Watch this video to learn about how the Washington Federal Government Employee Quick Relief Loan helped families.