Financial Relief Options for Our Members: During the Coronavirus Pandemic
The coronavirus pandemic has been challenging for many: some are experiencing job loss or are required to change their budget in order to purchase more. We understand that every person’s situation is unique right now, so we’re offering a variety of relief options for our members and those we can serve.
A quick note: We care about your financial well-being. Even if you aren’t a member of Together Credit Union.
For anyone who is facing challenging times and making payments with any financial institution or debt, please contact your lender or creditors directly and see what they may be doing to offer financial relief during this time. Many places are offering flexibility at this time but won’t know if you need help unless you reach out to them.
Here are a few relief options we’re offering to our members:
*We’re working on adding these options to our OnlineAccess options for quick, online application. We will update this post when the online application is up and running.
Mortgage Payment Relief
Shelter is one of the most basic needs for any person. You may be eligible for forbearance (meaning: temporarily postponing payments). If you’re finding it difficult to make your mortgage payment, visit our Resources page to learn more about how you can speak with one of our Real Estate team members .
Skip-a-Payment
This would apply to most loans you might have with the credit union: auto or personal loans, for example. Take a break from your next month’s[FM1] payment and move it to the end of the loan agreement. This will extend your loan one extra month, but can give you some needed financial breathing room for up to 90 days.
To use the Skip-a-Payment option, you can fill out the form online.
Quick Advance $1,000 Relief Loan
If you need assistance with covering day-to-day expenses, this loan is designed for short-term relief financial coverage and you won’t have to worry about making a payment for six months after you’ve been approved. Your approval and loan rate is based on credit qualifications[FM2] .
You can apply for the Quick Advance Relief Loan here .
Refinance Your Existing Loan Balance
Refinancing your loan is not a new option, but it’s one that many members have never considered before. Refinancing can make your payments lower or allow you to take a short-term break from payments, but may extend the length of the loan.
Check out these articles about refinancing we’ve written recently:
What You Need to Know About Refinancing Your Home Loan
When Refinancing Your Car Loan Might Makes Sense
GreenPath Financial Wellness
GreenPath Financial Wellness is a financial counseling and debt management assistance program that the credit union has partnered with to help our members in any time of need they might find themselves in. Here are a few services GreenPath offers:
· Free Financial Counseling
· Debt Management Plans
· Credit Report Review
· Housing Services
· Student Loan Debt Counseling
· Educational Resources including eCourses, videos, webinars and calculators.
They have updated their site to share resources for anyone who may have experienced A Loss of Income and 5 Things to Do if Your Income is Interrupted.
We also really love this Guide to Navigating Uncertainty from GreenPath.
Here’s an explanation of the guide:
“In just a short time, coronavirus (COVID-19) has had a major impact on the world. Many of us are feeling stress, including anxiety related to money. With so many things out of our control, it is natural to desire some order. We’ve created a guide for navigating uncertainty. The guide has a number of activities that provide an opportunity to connect to ourselves and each other, while still maintaining social distancing.”
Visit and download the guide here.
During this time, we want the credit union to be there for you, and we know finding the perfect solution isn’t ‘one-size-fits-all”. If you’re worried about making ends meet, see the full list of our Resources Available .
Here with you. Here for you.
At Together Credit Union, we believe money shouldn’t get in the way. You’ve got plans and we’d love to help get you there. Visit your local credit union’s Disaster Relief options if you need assistance today.
