USAA’s announcement that it will be offering interest-free loans in the event that men and women in uniform do not get paid on Feb. 1, 2018, has many saying this is why they’re members.
USAA said that it was prepared to provide interest-free loans to eligible military members if the government shutdown extends past Feb. 1. The details were provided on its website in advance of the shutdown:
Congress is currently working on a plan to provide funding for the federal government past Jan. 19 and avoid a government shutdown. While we are hopeful that federal policymakers will soon reach an agreement, USAA stands ready to assist our members should a government shutdown occur.
We are prepared to offer a no-interest payroll advance loan to our military members in the event of a protracted shutdown that disrupts military pay on Feb. 1.
In addition, USAA offers a number of other solutions, such as special payment arrangements, to help members who find themselves in financial distress due to a disruption in federal payments.
If a funding agreement is not reached and a disruption in military pay seems likely, USAA will email eligible members with information about how to sign up.
As Military.com noted, eligibility stipulations included being in the military, being in good standing with USAA, seeking a loan of no more than $6,000 based on two weeks of normal direct deposits and having “current direct deposit of government payments with USAA Bank and at least two months of consecutive direct deposits of such payments.”
The interest-free loan amount will automatically be debited at the next scheduled direct deposit. The phone number 1-800-531-722 was provided for those who want more information.
USAA provides services to more than 12 million current and former military members and their families, according to CNN.