SCRANTON, Penn. – Tobyhanna FCU has issued a “holiday” on employee member loan payments, allowing them to skip their monthly loan payments for the months of July and August.
The credit union said it has created a special low-rate, 12-month term loan for a maximum of $2,000. The rate will start at 6.99%.
The assistance is a response to Mayor Chris Doherty’s Wednesday announcement that, due to the city’s financial crisis, he is unilaterally cutting employees’ pay to the federal minimum wage of $7.25 an hour.