The second installment of the Limited Personal Loans Program for its active members is available, the Government Employees’ Retirement System announced.
Beginning Monday, active GERS members interested in applying for a personal loan can complete an interest form and schedule an appointment online by clicking here, according to the press release.
Select “GERS Limited Loans Program Interest Form.” Appointments are available until Aug 2 or until the funds are exhausted, whichever comes first. Members who are unable to schedule an online appointment are welcome to visit the GERS offices on St. Croix (Orange Grove) and St. Thomas (Waterfront), where they will be assisted by a customer service representative. Please note that appointments will be confirmed once eligibility has been verified, the press release stated.
Limited Personal Loans Program Details:
Funding Allocation: For 2024, $20 million has been allocated for personal loans, with $10 million designated per district. Currently, $3.6 million remains available for the St. Croix district and $4.9 million for the St. Thomas-St. John district. Once these funds are exhausted, GERS will not issue any further personal loans in fiscal year 2024, the release stated.
Eligibility: Active members with at least two years of credited service (contributions) to the government of the Virgin Islands are eligible to apply. Members who received a loan during the first installment are not eligible, it said.
Loan Amount: Active members can apply for a personal loan of up to $10,000 or 75 percent of their contributions, whichever is less. The maximum amount allowable for any applicant shall be further reduced by any personal loan principal balance outstanding. The application fee of $50 will be deducted from the loan amount, the release stated.
Loan Term: The loan term is five years at an 8 percent interest rate. The payoff date must occur before the active member reaches age 70, it said.
For more information and updates on the Limited Personal Loans Program, please call our Customer Service office at 340-693-3939 or visit the GERS website.
