As the coronavirus (COVID-19) outbreak continues, credit unions are assisting members financially strapped due to a loss of income.
Solutions range from emergency loans to deferred loan payments, and waived fees.
“We’re here to serve our members in the best ways we can, and the actions we’re taking now are some of the best ways we have to help or serve our members,” says Steve Brown, CEO at Alcoa Community Federal Credit Union. “This was an easy decision for us.”
The $45 million asset credit union in Benton, Ark., allows members to defer up to two mortgage payments or three payments on consumers loans at no cost. It’s also implementing an emergency loan program of up to $2,500 with a 12-month term of 2.99% APR. It will waive fees for members who make payments remotely using a card.
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