This story originally appeared in the USAA News Center.
Congress is currently working on a plan to extend federal spending authority past the Sept. 30 deadline to avoid a government shutdown. While we are hopeful that federal officials will soon reach an agreement, USAA stands ready to assist our members should one occur.
We are prepared to offer a no-interest payroll advance loan to our military members in the event of a disruption in military pay.
In addition, USAA offers a number of other solutions, such as special payment arrangements, to help members who receive government payments and find themselves in financial distress due to a disruption in federal payments.
If a spending agreement is not reached and a disruption in military pay seems likely, USAA will email eligible members with information about the loan, including how to sign up.
For more details, keep reading or call USAA at 800-531-USAA (8722):
Can other accountholders apply for this loan, too?
Any accountholder or someone who has power of attorney on the account can accept the loan offer.
Will participating affect my credit score?
Credit information will not be requested or provided to the credit bureau agencies related to the loan.
What if some members don’t get paid for a long period of time?
USAA is committed to helping our members plan for their financial security and has a long history of helping members through difficult financial times. The no-interest, 0% APR payroll advance loan can offer much-needed assistance to our military members, but is designed to provide temporary assistance.
Why isn’t USAA making this loan available to members who are not in the military?
USAA stands ready to help members whose pay is disrupted by a government shutdown. While members might be impacted in a number of ways, the payroll advance loan is designed to help military members who are facing a payment that may be delayed but is required to be repaid by the government.*
For those who are impacted in other ways, we’d encourage them to contact us so we can identify solutions that help meet their particular need.
I’ve been deemed an essential employee, so I’m missing a paycheck that is required to be repaid. But I’m not in the military. Why won’t you offer me a loan?
Given the difficulty of determining each individual’s situation, we’re limiting the payroll advance loan to eligible military members with existing direct deposit at USAA Bank.
We will also offer other solutions, including special payment arrangements to help USAA members who receive government payments and find themselves in financial distress due to a shutdown.
Can USAA members get a deferment on loans or P&C policy payments if they are adversely affected by this situation?
For those who are adversely impacted by a government shutdown, we’d encourage them to contact us so we can identify solutions that meet their particular need. Members should call 800-531-USAA (8722).
Will the loan be paid automatically?
While we hope a spending deal will be reached well before any loan is needed, should that change, we will email eligible members with an offer to sign up for the loan and provide them with additional information.
Will this cover Veterans Affairs (VA) benefit payments?
VA benefits are not expected to be disrupted if there’s a government shutdown on Oct. 1.
USAA provides advice and tools for overcoming financial setbacks.
Read 5 Tips for Surviving Life’s Financial Curveballs.
*Must have current direct deposit of government payments with USAA Bank and at least two consecutive direct deposits in the past 60 days. Loan amount is based upon two weeks of your normal direct deposit, and loan maximum is $6,000. Must be in good standing with USAA. The loan amount deposited into your USAA account will be automatically debited at the next scheduled direct deposit. Loans provided by USAA Federal Savings Bank, Member FDIC. Loan will not be funded if your payment is not interrupted or may be funded for a lesser amount in the event only a portion of your qualifying direct deposits are interrupted.
Use of the term “member” or “membership” does not convey any eligibility rights for auto and property insurance products, or legal or ownership rights in USAA. Membership eligibility and product restrictions apply and are subject to change.
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