In an effort to eliminate the spread of the COVID-19 Corona Virus, we are called to make significant changes in how we go about our daily life. While many are still working and their income is unchanged, others are not so fortunate and may be feeling a financial pinch. As the days and weeks go by, we anticipate more and more of our members will be in need of some financial relief. If you find yourself in a situation where you need to borrow some money to make ends meet, we can help! Please avoid high cost credit such as payday loans or car title loans. Many credit cards also charge a very high interest rate. There is a better way to meet your needs!
We have been working diligently to provide both our individual members and local churches with options that may easy some of the financial burdens they experience navigating through unchartered waters.
The following are some options that may be helpful to you or your church.
Financial relief being offered to our individual members.
1. EXISTING CREDIT UNION LOANS: You can skip your loan payment with no fee for either the month of March or April 2020. At the present time Skip a Payment is available for consumer loans, such as vehicle loans and personal loans. In order to skip a payment you must complete a Skip a Payment request.
2. VISA ACCOUNTS: You can skip your Visa payment for April 2020. You will receive instructions on how to go about taking advantage of the Visa Skip a Payment with your April VISA billing statement.
3. LOW INTEREST PERSONAL LOANS: Individual members whose household has been impacted financially by this epidemic may be eligible for a low interest personal loan. The turnaround time is quick—the process is easy. You will not have to make your first payment until 90 days from the date of the loan.
4. SKIP-A-PAYMENT: Apply for SKIP-A-PAYMENT on your loan.
Financial relief being offered to our local churches.
1. LOW INTEREST LOANS: Low interest Ministry Relief loans are available to our local churches to assist with the drastic reduction in giving. Current rates for these loans are 2.99% APY for real estate secured loans and 4.99% APY for loans not secured by real estate. The local church will not have to make its first payment until 90 days from the date of the loan. The turn around time is quick.
2. EXISTING CREDIT UNION LOANS: Upon application, Local churches who have an existing loan with the credit union may be granted a 90 day deferment in their payment.
3. VISA ACCOUNTS: Local churches can skip their Visa payment for April 2020. You will receive instructions on how to go about taking advantage of the Visa Skip a Payment with your April VISA billing statement.
4. MINISTRY RELIEF REQUEST FOR LOAN PAYMENT DEFERMENT: Apply for loan payment deferment due to the COVID-19 Corona Pandemic.
If you are interested in skipping a payment or deferring your loan, you will need to complete some paperwork first.
Please reach out to one of our member service representatives about your situation We’ll work together to see what’s best for you. Call us at our North Canton office at 800-831-3972 or our Cincinnati office at 800-373-1059.
Normal underwriting standards apply to loan offerings illustrated.
*APR = Annual Percentage Rate.
**the rate(s) illustrated is based on an excellent credit score. Your actual interest rate is based on your credit score and may be different from the illustrated rate.
*APR = Annual Percentage Rate.
Loan offerings are subject to credit approval, and some restrictions may apply.
Skipped and deferred loans will continue to accrue interest and extend the loan term beyond the original maturity date. All contractual loan terms apply.
United Methodist Financial Credit Union reserves the right to discontinue these programs at any time for any reason and without notice.