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USAA Shutdown Assistance Loan: What I learned from calling USAA.
Today I applied for the Shutdown Relief Loan through USAA. I called them and asked some questions. It's entirely possible others may have more information and that this information I received is incomplete or incorrect. If so, please let me know and I'll update accordingly. Q: Is this a recurring payment every two weeks until funding is restored? A: No. USAA has only authorized this loan in the amount of one pay check. Q: What if this shutdown goes through the next pay period? A: USAA is actively monitoring the situation. If it extends to another pay period, USAA may update the loan terms. Q: If that's the case, will I be required to apply for another loan? A: That's unknown at this time. Q: It says the loan is due to be paid back within 60 days of receipt of the loan but on your website it says two payments, the first within 60 days of funding and the second 30 days after that. Which is it? A: The first payment is due within 60 days of the receipt of the loan. Q: The current administration is threatening to not pay furloughed employees backpay. If that is somehow the case, what happens to the loan? A: USAA is currently monitoring the situation and may elect to change repayment terms. I'm reading this as, you still own the money back (obviously) but USAA may extend the term. Q: How long is the loan offer good for? A: Two weeks. Personally, I am waiting to see if we will get a partial pay check this week. If not, I may elect to accept the loan. If we do get paid, I'll wait until the next pay period.
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https://www.reddit.com/r/fednews/comments/1o1szfx/usaa_shutdown_assistance_loan_what_i_learned_from/?utm_source=ifttt
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