Christ Yoder
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The Philadelphia Federal Credit Union said it made more than 300 loans worth $ 1.15 million in emergency support to members Against the background of the coronavirus epidemic.
The loans were made under the credit union’s recently launched hardship program, which has 0% interest for the first 60 days and requires no payment for the first 60 days.
“The coronavirus pandemic has created many unforeseen challenges for our members and nonprofit partners,” Mary Posluszny, marketing director for the credit union, said in a statement. “As a member-owned, community-driven institution, we do everything we can to help our members stay financially secure and our long-time nonprofit partners provide vital support to our neighbors in these times. difficult. ”
Posluszny added, “These programs and services are needed more than ever by Philadelphians, and we are all in the same boat.”
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The 120,000-member credit union said members whose accounts have been open for at least 90 days are eligible to apply for a hardship loan. The loans, which are low-rate unsecured personal loans, are subject to underwriting guidelines, Posluszny said.
Federal Financial Regulatory Agencies in March encouraged banks, savings associations and credit unions to “deliver responsible small dollar lending to consumers and small businesses in response to COVID-19.” The agencies said they “recognize the important role that responsibly-offered small dollar loans can play in helping clients meet their credit needs due to temporary cash flow imbalances, unforeseen expenses or credit default. win in times of economic crisis or disaster recovery. . “
PFCU members in good standing can enroll in a program called Skip-a-Pay. The program allows a borrower to skip three payments on a qualifying loan – including personal and auto loans – within a 12-month window. The loan must be open for at least 30 days and the normal $ 30 fee waived until further notice.
Posluszny said 110 employees – 65% of the PFCU’s operations center staff – were working from home amid the pandemic crisis.
“Under these circumstances the staff are doing well and staying positive,” Posluszny said in an email to CU time. “The speed with which we were able to set up so many employees to work from home was impressive. I think the staff appreciate the ability to continue to serve our members and keep the operation going. “
PFCU, which has more than $ 1 billion in assets, said it has donated $ 2,500 each to Philadelphia nonprofits Lutheran Settlement House, Gaudenzia House of Passage, DePaul USA and Turning Points for Children .
