State treasurer: Credit unions offering interest-free loans to state workers

Posted on July 9, 2015
Mike Frerichs
(Photo courtesy www.ilga.gov)

By John Gregory/Illinois Radio Network
SPRINGFIELD – State employees who won’t get paid until a budget is passed may be eligible for interest-free loans.

Through the treasurer’s office’s program which provides banks money for specific loans, some credit unions will offer loans for up to 50 percent of a state employee’s salary. No interest will be due until 31 days after paychecks for workers resume. Treasurer Mike Frerichs said this gives those employees some relief while the governor and legislature continue to battle over the budget.

“Whatever your position with the budget impasse, all should agree that those employees are not to blame, and this is unfair and harmful to a lot of lives in this state,” Frerichs said.

If workers cannot pay back the loans within those 31 days, they will be charged a 9.9 percent interest rate, which Frerichs pointed out is below the average interest rate for credit cards.

 

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