BFD Retro Loan

Boston Firefighters: Access your retro pay early with a Retro Loan from BFCU

Here's how it works:

• If eligible, BFCU will loan you an estimate of the retroactive amount you are due to receive from your contract.
• The loan must be paid back in one payment when you receive your retroactive pay.
• For your convenience, BFCU will automatically make this payment for you when your funds are direct deposited into your account.
• The interest rate is 7.18% APR*.  Sample payments are included below.
• You must have direct deposit of payroll to a BFCU account.

*APR = Annual Percentage Rate. Example: Firefighter with 1-4 years of service - $2,500 with a total repayment of $2,561.47. Firefighter with 5+ years of service - $5,000 with a total repayment of $5,122.95. Lieutenant -$7,000 with a total repayment of $7,172.12 Captains -$8,000 with a total repayment of $8,196.71 All ranks above Captain - $10,000 with a total repayment of $10,245.89.

Payment examples are approximate and based on one lump sum payment after 120 days. If retroactive payments are deposited before 120 days, the repayment will be less and if the retroactive payments are deposited after 120 days, the repayment will be more. Once retroactive funds are directly deposited into your account, BFCU will automatically make the full payment for you.