Strike Loan FAQs
The CTA strike loan program provides financial assistance to members during a strike. Strike loans are one of the provisions of CTA’s Crisis Assistance Panel Guidelines.
Following a strike of five days, strike loans can be authorized for $100 per day, retroactive to the start of the strike. The number of days will be determined by the association’s records of members’ daily support of a CTA chapter-sanctioned concerted action plan.
Yes, applications will be accepted for a period of 14 calendar days following the conclusion of the strike.
CTA has generously underwritten 0% annual percentage rate (APR) loans in partnership with Provident Credit Union. Members are required to pay back the loan principal within 12 months. The loan repayment schedule may match your pay-period schedule. CTA members on a ten-month pay plan can opt to have the repayment schedule match their 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 (please be advised that delinquent accounts may be reported to the credit bureaus in accordance with standard reporting practices).
- 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, per CTA Crisis Assistance Panel Guidelines.
- Loans cannot be made to members currently under bankruptcy protection.
- 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. CTA members on a ten-month pay plan can opt to have the repayment schedule match their 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 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.
It is planned that the strike loans will be deposited on regularly scheduled payroll dates for which members’ absences due to strike activity have been reflected.
New Provident Members: Provident will deduct the required $5 minimum balance requirement from your strike loan to open your new Membership Savings account and deposit the remaining balance of the strike loan into a Provident savings or checking account.
Current Provident Members: Provident will deposit your strike loan balance into your Provident savings or checking account.
New Provident Members: Provident will deduct the required $5 minimum balance requirement from your strike loan to open your new Membership Savings account and deposit the remaining balance of the strike loan into a Provident savings or checking account.
Current Provident Members: Provident will deposit your strike loan balance into your Provident savings or checking account.
