Helping Our Members Recover From COVID-19

 

 

UPDATE: TUMCU IS NOW PART OF THE SBA PAYCHECK PROTECTION PROGRAM. IF YOUR CHURCH NEEDS THIS RESOURCE, CLICK HERE FOR MORE INFORMATION.


While we all pray for the COVID-19 pandemic to come under some measure of control and to have some normalcy returned to our lives, we also know that many people are having a tough time with their personal finances.

In times of crisis, people often turn to cash advances from their credit cards or to title loan companies for ready cash, both of which are typically costly. TUMCU wants to help by allowing you to borrow money at a low rate, then defer repayment for a couple of months until things get turned around. This could be a much better solution for you and your family. Likewise, many churches are struggling with reduced giving (and constant expenses), making on-going operations and meeting obligations very difficult.

While the government is planning some individual relief in that regard, The United Methodist Credit Union has come up with four ways that we can help you and your church:

  1. We may arrange for you to Skip-A-Payment – If money is tight or you’re temporarily out of work, we may be able to allow you to skip your payment on your TUMCU vehicle loans, personal loans, and credit cards. We’ve even reduced the fee for this service until the current crisis is over. Follow this link for more details and to request to skip a payment.
  2. We can help you get a personal emergency loan right away – If money is tight or you’re temporarily out of work, we can help. If you’ve been a member in good standing for at least a year, we’ll make you a low-interest loan at only 8% (usually up to 14%), up to $1,000 without a credit check or a lot of paperwork. We can get you funds in just one or two business days from your request, and we will defer your first payment for 60 days. Call us for more details or follow this link to apply for a quick emergency loan.If your needs are greater, you can also apply online for an extended personal loan of up to $10,000 (with approved credit). Due to the crisis, we’ve reduced our interest rates on these loans to the lowest point ever (only 8%). We can also defer your first payment for 60 days. Use this link to apply for an extended emergency personal loan.
  3. Some families also need some help and guidance with their finances – We are happy to provide our members, at no charge, the services of our affiliate, GreenPath Financial Wellness. They can help with everything from debt management, bill payment assistance, to financial counseling. You can access these financial resources online by following this link to the GreenPath Financial Wellness website.
  4. Your church may also need funds right now, too – We have developed an expedited, unsecured emergency loan for churches that requires minimal paperwork. Up to $10,000 can be provided in just one or two business days from when we get the signed form. This loan can be structured as a fixed rate or a line of credit. Because of the crisis, we are also making these loans at just 4% (and they can be repaid up to 24 months). Follow this link for more information and to access the application.

As the COVID-19 situation has caused unfortunate distress in many people’s lives both medically and financially, we wanted to assure you that we are doing everything possible to help our members recover from its effects.

Posted by Parker Eads in Blogs.


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