USAA has announced that it delivered $150 million in no-interest loans to about 45,000 members within just over 48 hours, in response to the ongoing government shutdown. The move is intended to support military service members, their families, and federal employees as they face potential interruptions in pay.
Eligible members employed by affected federal agencies, including active-duty military personnel, can apply for a no-interest loan equivalent to one net paycheck, up to $6,000. To qualify, members must have received an eligible direct deposit into a USAA checking or savings account within 30 days before the start of the shutdown. The loans feature flexible repayment terms over 90 days.
“Efforts like this are why we exist as an Association, to be there for our members when they need us most,” said Michael Moran, President, USAA Federal Savings Bank. “Delivering this level of support in under two days demonstrates our commitment to providing our members with peace of mind during this difficult time. Our team is currently processing loan applications at a very high rate per hour and we continue to stand ready to support our members. This is the value of membership.”
In addition to loans, USAA has processed tens of thousands of payment relief offers related to banking and insurance products. These include extensions for loan and credit card payments as well as waivers on certain fees.
USAA also urges service members to seek assistance from military aid societies. Since 2016, the association has contributed more than $40 million to organizations such as Army Emergency Relief, Navy-Marine Corps Relief Society, Air Force Aid Society, Coast Guard Mutual Assistance, Enlisted Association of the National Guard of the United States’ We Care for America Foundation, and American Red Cross Service to the Armed Forces. These groups provide emergency financial aid and other resources.
Members can apply for no-interest loans through the USAA app, online at usaa.com/relief, or by phone. Approved funds are typically available within two business days; however, most initial disbursements have been delivered in less than 24 hours.
Founded in 1922 by military officers and headquartered in San Antonio, USAA provides insurance, banking and retirement solutions to approximately 14 million U.S. military members and their families. The company employs more than 38,000 people globally and supports various nonprofit organizations that assist military families.
