Financial Assistance for members
At First Credit Union our members come FIRST!
As the COVID-19 situation continues to develop the focus of First Credit Union's Board and Senior Management is doing everything we can to reduce the financial stress our members may be facing at this time.
First Credit Union is offering assistance to members who have a loan and are directly impacted by COVID-19.
Support for members
We have options available to support our members needing assistance with personal loan and mortgage repayments.
If your income has been affected by COVID-19 we can offer:
- Interest only payments on personal loans for a 12 month period*
- Interest only payments on mortgages for a 12 month period*
- Mortgage repayment deferral of up to 6 months**
(Click here to learn more about these loan options)
Please note: *At the end of the 12 month interest only period your personal loan or mortgage will revert back to principle and interest repayments for the remainder of the loan term.
**Interest will continue to be charged and added on to your mortgage which means that the balance of your mortgage will increase and you will pay more in interest overall. Once you have reverted back to principle and interest repayments at the end of the 6 months you may find that your new repayments are slightly more than what they were previously.
You can change back to principle and interest repayments at any time. To do this please email email@example.com.
To be eligible for this assistance members need to:
- Have an existing personal or mortgage loan with First Credit Union
- Be able to prove that your employment circumstances have changed due to COVID-19 (i.e. letter from employer or pay slips showing a reduction in hours)
- Complete the COVID-19 Assistance Application form and email it through to firstname.lastname@example.org
To learn more about the steps First Credit Union are taking to prevent the spread of COVID-19 click here.