Federal Employee Loan Program

Program Purpose

To provide short-term financial relief to federal employees affected by a government shutdown who are temporarily without pay. The program ensures fast access to funds with minimal documentation, with repayment structured around receipt of back pay once government operations resume.

Eligibility

  • Current federal government employees furloughed or working without pay.
  • Proof of employment: recent government pay stub and valid government ID.
  • Most recent bank statement showing payroll deposits and month to date transaction history.
  • Alaska resident or current Northrim customer.

Loan Terms

  • Loan Amount: Up to 100% of one month’s net pay (limited to $10,000).
  • Term: 12 months beginning 30 days after the shutdown ends.
  • Interest Rate: 0% APR during shutdown; Prime + 1% after 30 days post-reopening if unpaid.
  • No origination fees.

Repayment

  • Payments deferred until 30 days post-shutdown, then monthly payments over 12 months.
  • Auto debit from Northrim account required.

Application Process

  1. Online application for the Federal Employee Loan Program.
  2. Upload pay stub and government ID.  
  3. E-sign certification of non-payment status.