Golden One Credit Union of Sacramento offers 0% loans to Sacramento State Workers in need!

On July 31, 2008, the Governor of California (aka "the govenator") made good on his promise to sign an executive order to reduce the rate of pay for all state employees to minimum wage. However, the State Controller has held firm he will continue paying state employees their normal rate of pay.

If state employees find their paycheck reduced due to the state budget situation, The Golden 1 Credit Union based in Sacramento, CA is ready to help their affected members with Budget Payroll Loans as low as 0% APR.

Questions & Answers

Will I be able to get a loan to cover the difference in the amount of my pay?
Answer: They will offer 0% loans for state employees who were Golden 1 members with direct deposit as of June 30. The budget loan amount will be the amount of your existing direct deposit less our computation of the estimated minimum wage payment. If you were a Golden 1 member as of June 30, but you didn't have direct deposit at that time, you are eligible for a State Budget Loan at 4.99% if you sign up for direct deposit now.

How will the Budget Payroll Loan Program work?
Answer:
For Sacramento state employees who had Direct Deposit as of June 30:
If you are currently a Golden 1 member and you had Direct Deposit of your paycheck as of June 30 of this year, you are eligible for our 0% State Budget Loan program. This program will cover the approximate difference between the normal amount of your pay that was deposited at The Golden 1 and our minimum wage estimate.

For Sacramento state employees who had Direct Deposit after June 30:
If you were a Golden 1 member as of June 30 and you signed up for direct deposit after June 30 of this year, you are eligible for their State Budget Loan at an Annual Percentage Rate of 4.99% to cover the approximate difference between the normal amount of your pay that was deposited at The Golden 1 and our minimum wage estimate.

For Sacramento state employees who were not Golden 1 members as of June 30:
The Golden 1 State Budget Loan program is only available to state employees who were members of The Golden 1 as of June 30.

I am one of the state employees who lost their job. I have loans at The Golden 1. Is there anything you can do to help me?
Answer: Yes, there may be several ways they will be able to help you. If you currently have Term Savings Certificates at The Golden 1, and need to use those funds to help you pay your bills, they will allow you to make an early withdrawal without the normal penalty.

Hopefully this will help out a few folks if this really does go into effect!

This Blog by:
Team Newington
Sacramento Mortgage Planners
(916) 687-6868
www.SuperiorLoanTeam.com