Each and every one of us has been affected in some way by the changes caused by COVID19 - whether you’re directly affected by a change in employment, your children are home from school, you’re an at-risk individual, or you’re practicing social distancing. For members of our community whose day-to-day finances have been disturbed by changes to certain industries, Northern Credit Union has created a COVID-19 Relief Program. The program includes:
1. 90-day 0%APR Loans
A special financing program is available to help eligible new and existing members manage through their loss of income.
- This loan features a 0% annual percentage rate (APR) for the first 90 days. Any balances which are not paid in full at the end of the 90 day intro period will convert to a personal loan with the member’s choice of terms up to 60 months, with a credit score based rate.
- Members may borrow up to 100% of their combined last two month’s base pay (up to $8,000- paystub required) OR total monthly liabilities as reported on their current credit report if paystub is not available (ex: income derived off of tips).
- This loan is open to all. You do not need to be a current Northern Credit Union member to apply for this loan, however you will need to become a member to receive the loan.
To apply for this loan please:
- Apply online at https://www.24x7loans.com/MyNorthern/default.aspx and choose the Personal Loan option.
- Apply over the phone at 779.3135
- Apply at a relationship center by appointment. Appointments can be made by:
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- Calling 782.0155
- Sending us a Mobile or Online message
- Sending us a message on social media
- On our website at www.mynorthern.com/contactus
2. 90-day Loan Deferment
Members with existing Northern Credit Union loans may apply for a 90-day, complimentary, (free) payment deferment on most loans,including Home Equity Loans and Residential First Mortgages. The following revolving credit lines are excluded from the deferment program:
- Credit Cards
- Overdraft Lines of Credit
- Home Equity Lines of Credit
Members can utilize up to three deferments. If interested in one or more deferments, please contact our Credit Solutions Team at 315-779-3120 or dlcreditsolutions@mynorthern.com.
3. Delinquent Loans
Any existing Northern Credit Union loans that are 30-60 days past due are eligible for a freeAdjustment of Terms. This involves taking all accrued interest and late fees and placing at end of the loan to bring the loan current. To take advantage of these modifications, please contact our Credit Solutions Team at 315.779.3120 or dlcreditsolutions@mynorthern.com.
4. Financial Counseling
Northern Credit Union has many financial education resources available including news articles, videos, worksheets, interactive budgeting programs, and financial calculators at learnbanzai.com/wellness &www.balancepro.net/partners/northerncu.
Any or all of these four elements are available to members, and non-members, so please share these with your family and friends. Additionally, we encourage everyone to contact any other creditors directly for more detailed information about relief programs and terms they may have available.
We stand ready now to assist those who may be experiencing financial difficulty due to the impacts of this global outbreak through a range of measures. For more informationabout Northern Credit Union andupdates about our COVID-19 preparedness,call 315.782.0155, visitmynorthern.com/covid19, our social media, or contact us at www.mynorthern.com/contactusto make an appointment.