VA Loan Program Has Reached 1300 State Employees | WAMU 88.5 - American University Radio

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VA Loan Program Has Reached 1300 State Employees

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Governor Timothy M. Kaine says the Virginia State Employee Loan Program has issued $641,657 worth of emergency loans to 1,310 employees since it was launched in mid-July.

The goal of the loan program is to prevent state workers who face financial problems from turning to payday or car title lenders.

The program offers non-probationary employees emergency loans of $100 to $500 with no credit checks and no late fees at an annual interest rate of about 25 percent. The program is a partnership between the Commonwealth of Virginia Campaign and the Virginia Credit Union.

Jonathan Wilson reports...

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