Pandemic Assistance Loan
The Pandemic Assistance Loan is designed to help Members as well as Non-Members who have been negatively impacted by the ongoing COVID-19 pandemic and meet specific qualifications.
Pandemic Assistance Loan Rate 5.99% APR**
To be eligible for a Pandemic Assistance Loan:
- Membership eligibility for Non-Members
- Member MUST be in good standing*
- Have the capacity to repay the loan as well as have a direct deposit set up within 60 days.
- The first payment is automatically deferred for two cycles, which means that it is not due for at least 60 days after the loan is booked.
- One Loan Per Member.
- Another loan will not be granted until the Pandemic Assistance loan is repaid in full.
*To be eligible for loan approval, the applicant must be a member in good standing with a minimum share balance of $25. Loan advances, refinances, or rewrites will not normally be considered for any member who is currently delinquent or has a history of delinquency with the Credit Union. **APR = Annual Percentage Rate. Rate effective April 24, 2020. Minimum loan of $500 and a maximum loan of $3,000 for current members and $1,500 for new members. Minimum and maximum term of 12 months. 12 monthly payments of $87.00 per $1,000 borrowed. First payment is due 60 days from the loan note date. Must show proof of hardship, proof of income and proof of employment or business closure. Membership eligibility required.