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Charlotte Amalie
Thursday, May 23, 2024
HomeBusinessGERS Ready to Pre-Qualify Members for Personal Loans Starting Tuesday

GERS Ready to Pre-Qualify Members for Personal Loans Starting Tuesday

Beginning Tuesday, active Government Employees’ Retirement System members interested in applying for a personal loan are invited to express their interest by visiting the GERS website at www.usvigers.com, GERS Administrator Angel Dawson Jr. announced on Monday.

GERS Administrator Angel Dawson (Photo courtesy GERS)

There, they will find the “Loan Interest Form,” which must be completed and submitted online by the close of business on Friday, April 19.

Active GERS members who are unable to complete the Loan Interest Form online are welcome to visit the GERS offices on St. Croix (Orange Grove) and St. Thomas (waterfront) between Tuesday and noon on Thursday, April 18, where they will be assisted by a Customer Service Representative.

Following the pre-qualification process for active members who express interest in a personal loan by Friday, April 19 (if completed online), or by noon on Thursday, April 18 (if completed at a GERS office), qualifying active members will be contacted to schedule appointments to complete the application process.

Appointment scheduling will begin on or before April 29 and will proceed in the order that Loan Interest Forms are received, time-stamped online or in-person at a GERS office. An application fee of $50 will be collected at the time of the loan application.

Key features of the program include:

Funding allocation: For 2024, there will be a total of $20 million available for personal loans, with $10 million allocated per district. After those amounts are exhausted, no further personal loans shall be made by the GERS in 2024.

Eligibility: Active members with a minimum of two years of credited service (contributions) to the Government of the Virgin Islands are eligible to apply.

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.

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.

For more information and updates on the Limited Personal Loans Program, call the GERS customer service office at 340-693-3939 or visit the GERS  website at www.usvigers.com.

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