USAA Delivers $144 Million in Loans Within 48 Hours to Serve Members Impacted by Government Shutdown
SAN ANTONIO – In response to the ongoing government shutdown, USAA has provided $144 million in no-interest loans to approximately 39,000 members in just over 48 hours, helping to support military service members, their families, and federal employees ahead of potential gaps in pay.
As part of its program, eligible members employed by impacted federal agencies, including active-duty military, can apply for a no-interest loan equal to one net paycheck, up to $6,000. The loan, open to members who have received an eligible direct deposit into a USAA checking or savings account within 30 days prior to the beginning of the shutdown, features flexible repayment terms within 90 days, giving members room to manage finances during this period.
“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.”
Additionally, USAA has processed tens of thousands of additional payment relief offers for banking and insurance products, from loan, credit card and insurance payment extensions to fee waivers.
USAA also encourages service members to seek additional support through military aid societies. Since 2016, USAA has contributed more than $40 million to these organizations to assist service members and their families in times of need. These funds help provide emergency financial aid, career and educational support, and other resources through 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
- American Red Cross Service to the Armed Forces
Members can apply for a no-interest loan from USAA through the USAA app, usaa.com, or by phone, and approved funds are typically available within two business days, though most initial disbursements have been delivered in less than 24 hours.
More information about USAA’s financial assistance programs related to the government shutdown is available at usaa.com/relief.
About USAA
Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking and retirement solutions and serves 14 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, USAA has offices in eight U.S. cities and three overseas locations and employs more than 38,000 people worldwide. Each year, the company contributes to national and local nonprofits in support of military families and communities where employees live and work. For more information about USAA, follow us on Facebook, Instagram or X (@USAA), or visit usaa.com.
