BOH Offers Programs to Workers Affected by ShutdownJanuary 4, 2019, 1:07 PM HST (Updated January 4, 2019, 1:07 PM)
Bank of Hawaiʻi is offering financial assistance programs to help federal employees or federal contract employees affected by the partial government shutdown that began on Dec. 22, 2018.
Bank of Hawaiʻi is offering three financial assistance programs:
- Personal loan program: Up to $5,000 loan amount at a fixed 3% interest rate for affected workers to help meet immediate financial needs. Terms will be for 27 months with no payments due during the first three months.
- Loan forbearance program: Affected workers may defer loan payments for up to three months for residential mortgages, home equity loans and home equity lines in amortization.
- Loan extension program: Affected workers may extend other direct installment or indirect loans, such as personal loans or auto loans, for up to three months.
“We hope to help our federal workers and contractors get through an uncertain time without the worry of how they are going to pay for basic living essentials or any negative impact to their existing loans,” said Peter Ho, Bank of Hawaiʻi chairman, president and CEO. “Bank of Hawaiʻi’s loan officers are here to help and ready to work with people to assess their needs.”
Essentially, the three programs provide access to cash via special loan programs or getting relief on existing Bank of Hawaiʻi loans through fast approval and quick funding. Additionally, all loan and late fees will be waived, according to the company announcement.
Information and specific details on each of the programs are available by calling Bank of Hawaiʻi’s Customer Service Center on Oʻahu at (888) 643-3888. Applications are being accepted at any Bank of Hawaiʻi branch.