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9-24-16 Delaware State

Some Illinois workers eligible for interest-free loans during budget battle

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Some Illinois workers eligible for interest-free loans during budget battle

CHICAGO (AP) – Some Illinois state workers who are likely to miss paychecks during an ongoing budget standoff will be able to get interest-free loans to help pay their bills. Treasurer Michael Frerichs announced a partnership with the Illinois Credit Union League on Thursday. The loans will be available for credit union members. Frerichs’ office […]

Some Illinois workers eligible for interest-free loans during budget battle

CHICAGO (AP) – Some Illinois state workers who are likely to miss paychecks during an ongoing budget standoff will be able to get interest-free loans to help pay their bills.

Treasurer Michael Frerichs announced a partnership with the Illinois Credit Union League on Thursday. The loans will be available for credit union members.

Frerichs’ office says the personal loans will help ensure state workers have financial options should they not be paid. They will be interest free until 30 days after payroll starts up again. After that there’s a 9.9 percent interest rate starting on the 31st day.

There are approximately 60,000 state workers. Frerichs didn’t immediately know how many are credit union members, but he says his office is trying to recruit more credit unions to get on board with the idea.

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By Colin Jeffery

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