WILLIAMSPORT, Penn.–Horizon Federal Credit Union has implemented “Horizon Cares,” which allows members impacted by this pandemic to defer all loan payments up to 90 days, refinance existing loans with a 90-day payment deferment, waive ATM fees, and increase the limit on mobile deposit.
As part of the program, Horizon said it has unveiled a new loan product that offers impacted members a loan equal to 1.5 times their net monthly income prior to reduction, at a low interest rate. Members will be required to repay only the interest for the first six months of the up-to-36-month loan.
“As a credit union, we have a fundamental duty to our community” said Horizon CEO Justin Howard. “Restoring and lifting up our communities from this global crisis starts with helping those impacted by it. Horizon is proud to assist those impacted and we are looking forward to a brighter financial future for everyone!”
Horizon has also introduced additional programs for small business owners whose businesses are suffering due to social distancing and the governor’s directive to shutdown non-essential businesses.
Horizon said it is waiving its monthly business account fees through the end of the year. The credit union said in coordination with its business services partner, Newtek, it is offering attractive small business loans and cash rebates for businesses to acquire the equipment to accept debit and credit card payments.
“Small businesses are the lifeblood of our community” continued Howard. “This pandemic has made it difficult to generate income to pay their employees, rent, and utilities. Many small businesses don’t currently accept card payments, and these rebates will make it easier to get started.”
Other Efforts
- The Golden 1 Credit Union is waiving late fees on existing loans and forbearance, as well as fees on using foreign ATMs.
- The Northwest Credit Union Association has joined with the NCUA, FDIC and the banking associations in Idaho, Oregon and Washington to issue news releases aimed reassuring the public banks and credit unions are safe and sound.
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In Panama City, Fla., Panhandle Educators FCU has created two videos showing its mascot, Hootie, showing how the credit union is making sure proper sanitation is taking place multiple times per day. The videos can be found here and here.
- In New Jersey and Pennsylvania, the CrossState Credit Union Association has responded to the Stay at Home Order in place for all of New Jersey and for 10 counties in Pennsylvania by creating a template for credit unions to provide essential employees as they travel to and from work. The letter grants permission for employees to travel freely to credit union facilities and the essential facilities of key vendors for information security, utilities, communications, and maintenance.
- In New York, Visions FCU is offering a 0% APR Emergency Loan on amounts from $1,000-$5,000 and terms out to 12 months. Visions also announced a “We Care” three-month skip-a-pay program that allows eligible members to skip three consecutive consumer loan payments, penalty-free, with the program even allowing for some existing delinquencies. In addition, it is offering a 90-day first payment deferral option on new and used auto loans. The deferral program is effective for all auto loans closed on or after March 23.
- In Oceanside, Calif., Frontwave Credit Union is offering several assistance programs, including financial assistance loans, loan extensions and skip-a-payment options on qualified loans. The credit union has also lowered its interest rates on all new and used vehicle loan applications with deferred payments for up to 90 days. “We recognize that the coronavirus outbreak is impacting many in our community, not just those who become ill, but also families whose children are out of school and workers who have been affected,” said Bill Birnie, president and CEO of Frontwave Credit Union. “We remain 100% committed to fighting for our members and helping them maintain financial health as we weather this national health crisis together.”
- In Concord, N.H., New Hampshire FCU said it is offering Preventative/Emergency Loans to help members avoid high rate credit cards and payday lenders. Members may borrow from $500-$1,500 at 5% APR with no payments due for 90 days. NHFCU is also offering skip-a-pay on consumer loans and Visa credit card accounts, and making available free financial wellness webinars online on a variety of topics are also available through the Centers for Finance & Education – including webinars for parents of at-home students to help with financial home schooling.”
- The Louisiana CU League issued a statement saying credit unions across the state are offering tools and resources to help members, including skip-a-pay options, loan modifications, hardship loans, and more. “The credit union difference involves being a support to our members, especially in a time of crisis,” said Bob Gallman, president and CEO of Louisiana league. “By maintaining services and adapting to the current climate, our credit unions are able to continue to assist their members.”