NAPERVILLE, Ill.–The Illinois Credit Union league and the state of Illinois have announced a partnership that will provide loans to state workers who will likely miss paychecks beginning today.
The missed paychecks are the result of an ongoing budget impasse in the legislature.
Under an agreement reached by Illinois Treasurer Michael Frerichs and the league the interest-free loans will be available to state workers who belong to credit unions.
According to Frerichs’ office, 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% interest rate starting on the 31st day.
There are approximately 60,000 state workers. It is unknown how many belong to credit unions.