Re:US shutdown: Flight delays caused by staff shortages
by sremani on Friday January 25, 2019 @11:03AM
(#18999104)
If you got to any bank website at least the ones I bank with, there is a flashing notice on the front page, if I were a federal worker who needs assistance due to shut down. I am sure, certain workers have easy ways than others but to say that at least some banks have not stepped up is incorrect.
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Re:US shutdown: Flight delays caused by staff shortages
by brianwawok on Friday January 25, 2019 @11:09AM
(#18999185)
Many are offering loans of 10%+ APR. That is helpful, but maybe not a great situation for many people that have no savings to need the loan.
Re:US shutdown: Flight delays caused by staff shortages
by SketchySeaBeast on Friday January 25, 2019 @11:18AM
(#18999328)
10%+ feels exploitative and predatory. The current fed interest rate is 2.5% - 4x above that is "let's profit on the unfortunate".
Re:US shutdown: Flight delays caused by staff shortages
by posterboy on Friday January 25, 2019 @11:54AM
(#18999798)
If it's short term, you end up paying less than 10% on it. If!
Re:US shutdown: Flight delays caused by staff shortages
by SketchySeaBeast on Friday January 25, 2019 @12:04PM
(#18999896)
That's true, but the only way you'll be able to pay is if once things are rolling again you have that much extra cash. I don't know how tight people live.
Re:US shutdown: Flight delays caused by staff shortages
by bouncing on Friday January 25, 2019 @11:19AM
(#18999354)
Also, it's hard to structure that kind of loan, since you have no idea when repayment might take place. The only comparable thing would be a student loan, where you can defer payments until you have income.
Re:US shutdown: Flight delays caused by staff shortages
by sv123 on Friday January 25, 2019 @11:16AM
(#18999294)
Think of the boost to the economy we will get once these banks report their next quarter earnings!
/s, hopefully obvious
Re:US shutdown: Flight delays caused by staff shortages
by SamBam on Friday January 25, 2019 @11:10AM
(#18999204)
Some banks may be giving out loans, but they aren't going to be for everyone. Not everyone is 100% guaranteed to be able to return to their job after the shutdown. Banks know that.
Re:US shutdown: Flight delays caused by staff shortages
by nsxwolf on Friday January 25, 2019 @11:18AM
(#18999334)
They are guaranteed backpay though, so that should work as collateral.
Re:US shutdown: Flight delays caused by staff shortages
by jonknee on Friday January 25, 2019 @11:21AM
(#18999369)
Not everyone is directly a Federal employee, there are tons of contractors and people who work for contractors who won't get back pay and aren't guaranteed anything.
Re:US shutdown: Flight delays caused by staff shortages
by peteey on Friday January 25, 2019 @11:10AM
(#18999208)
You are giving credit where it isn't due. Are these loans conditional on a good credit score?
Re:US shutdown: Flight delays caused by staff shortages
by wonderwonder on Friday January 25, 2019 @11:09AM
(#18999182)
Just checked my bank website, you are right. Site does not go into specifics as to what the assistance is but optimally it is a bridge loan that can get implemented quickly.
These workers are still going to get hammered by late payments etc. and potential evictions but it is good to know at least something is being done.
Re:US shutdown: Flight delays caused by staff shortages
by gdubs on Friday January 25, 2019 @11:16AM
(#18999303)
I’m curious what the interest rate is. Because if you’re already tight enough to need a loan, the interest is gonna cut pretty deep, even if it’s a relatively low rate. My fear would be predatory terms targeted at a vulnerable group.