MARIETTA, Ohio–Riverview Credit Union said it has put in place a special short-term lending program designed to help members affected by the COVID-19 pandemic.
“As concerns related to the COVID-19 virus continue to impact the citizens and small businesses throughout our market area, Riverview Credit Union is implementing a 0% interest, short-term loan program of up to $1,500 for our members,” said Doug Ankron, president and CEO. “This action represents our commitment to create programs that help our members during difficult and challenging times.”
According to Riverview CU, the new loan program offers:
- Maximum loan amount of 1.5 times verified monthly income up to $1,500
- A term of 90 days if a single payment and 12 months for fully amortizing loans
- A limit of one relief loan per borrower at any one time, with no more than three loans in a rolling six-month period
- The interest rate of 0% is effective provided the member does not default
- There is no rollover and any relief loan must be fully repaid within 12 months
- To be eligible, there is a minimum membership length of six months
- Member must have a Riverview checking account
- No fees will be assessed
Riverview Credit Union set it has committed $750,000 in total for the relief loan program.
“Members in good standing with verifiable income generally will not be denied due to their credit history or score,” said Ankrom.
Other Credit Union Efforts Include
- In Burnsville, Minn., Firefly Credit Union said it is offering a range of solutions to help members manage through temporary or extended periods of reduced or lost income, including Loan Payment Relief, an Emergency Relief Loan, and financial counseling.
- In California, medical personnel at San Antonio Regional Hospital paused for a photo as a way of saying thanks to Credit Union of Southern California (CU SoCal) for donating 130 N-95 masks for their use.
What LSCU Member CUs Are Doing
In addition, the League of Southeastern Credit Unions has compiled a list of credit unions offering assistance, including:
- All In Credit Union, which has union has rolled out a Pandemic loan for existing members that need access to quick cash to cover rent payments, food, utilities. etc.
- 121 Financial Credit Union, which isoffering a fee-free skip-a-payment to members who qualify and are experiencing a temporary loss or reduction of income due to the pandemic. A second skip-a-payment is allowed within a 12-month period for members affected by the pandemic. The credit unions will also allow up to 60-day deferment of loans, based on case-by-case approval, for members experiencing a temporary loss or reduction of income. Members may also qualify for an emergency loan to help with pandemic hardship. The loan will be for one month’s gross monthly salary up to $2,000 with a 24-month term and no payment for 90 day at a rate of 5% APR.
- Envision Credit Union has enhanced its Skip-A-Pay Program by letting members automatically skip two months of loan payments starting April 2020. The offer applies to members with consumer loans as of March 31, 2020. The program will take place automatically — no need to reach out to the credit union.
- Atlanta Postal Credit Union is allowing members to skip two consecutive payments on eligible consumer loans to help financial burdens caused by COVID-19. The credit union will waive processing fees and six-month loan life requirement, so members can request the extension even if the consumer loan is new. Existing APCU members who have been financially impacted by COVID-19 can also apply for a low-rate personal loan to help with budgeting concerns.
- Delta Community Credit Union is offering member assistance that includes fee waivers, deferrals, payment holidays, and/or reduced payments on a case-by-case basis.
- Excel FCU has launched the EXCEL Cares loan to provide financial assistance during the pandemic. Members can use the loan to borrow up to $700 for 12 months at 12.99% APR. Members can apply online with ease. The credit union also recently distributed more than 110 care packages to members, containing paper towels, tissues, toilet paper and cleaning supplies.
- Kinetic Credit Union is offering an Emergency Relief Loan available to current members with direct deposit or evidence of three consecutive payroll deposits who are out of work or temporarily furloughed amounting to up to two weeks net pay. The loan will be 0% APR for the first 60 days. After 60 days, the rate will be the same as the shared secured loan at that time, currently 4.10% APR. The term is up to 12 months. All members affected by the pandemic may also apply for a personal loan, take advantage of penalty-free withdrawals on qualified certificates or apply for extensions on current loans.
- United Methodist Connectional Federal Credit Union said all April Visa payments will be deferred. The credit union is adding a special, no-fee Skip-a-Pay for non-real estate loans.