Strike Loan FAQs
Following a strike of 5 days or more, strike loans may be considered. Loans shall be granted at the rate of $100 per working day absent ($2,000 maximum) in support of a chapter-sanctioned concerted action plan.
The CTA Strike Loan program provides financial assistance to CTA members according to the provisions of CTA’s Crisis Assistance Panel Guidelines.
- Current members of CTA and members of the striking chapter.
- Must meet Provident Credit Union membership eligibility requirements.
- Must be a CTA member eligible for a strike loan, in accordance with the CTA Crisis Assistance Panel Guidelines.
- Loans cannot be made to members currently under bankruptcy protection or who have previously defaulted on a separate CTA strike loan.
- Loans cannot be made to any members that would violate any state, federal law or regulation, or PCU policy.
The loan repayment schedule may match the CTA member’s pay-period schedule. The first principal payment will be due on the member’s first regularly scheduled payroll date occurring at least thirty (30) days after the initial loan advance. The member’s monthly repayment of principal will be 1/12 or 1/10 of the outstanding principal. Loan principal must be repaid within 12 months (please be advised that delinquent accounts may be reported to the credit bureaus in accordance with standard reporting practices).
Once loans have been approved, advances will be deposited shortly after a missed or reduced paycheck resulting from member’s strike participation is confirmed by the local association and CTA.
CTA has generously underwritten 0% annual percentage rate (APR) loans in partnership with Provident Credit Union (PCU). Members are required to pay back the loan principal within 12 months.
Once your account is established, a debit card along with new account information will be mailed to you in 6-10 business days.
To obtain an instant-issue debit card or to withdraw funds without a debit card, please visit your nearest Provident Credit Union community branch.
To find the nearest branch or fee-free ATM in your area, please visit providentcu.org/locations.
To obtain an instant-issue debit card or to withdraw funds without a debit card, please visit your nearest Provident Credit Union community branch.
To find the nearest branch or fee-free ATM in your area, please visit providentcu.org/locations.
