Short-Term Loan Payment Assistance

FMFCU understands the effect COVID-19 has had to our membership and our communities. To help, we are automatically deferring loan payments in May 2020 as we did in April 2020. There is no need to make May’s payment, unless you want to do so. The following loan types will be deferred:

Consumer

• Vehicle Loans
• Share/Certificate Loans
• Personal Loans
• Personal Lines of Credit

Business

• Vehicle Loans
• Share/Certificate Loans
• Unsecured Loans
• Equipment Loans
• Business Lines of Credit

PLEASE NOTE: If the payment is being issued from another financial institution, please contact them to defer the payment until your next due date.

If you are experiencing a hardship and have a loan product not listed above, please call to explain your situation. For mortgages, call State Financial Network Mortgage Solutions Department at 800-426-7140 option #6. For all FMFCU products, call the Member Service Center at 610-325-5100.

Frequently Asked Questions

• What is a loan payment deferral?

  A loan payment deferral is the ability to push or advance a regular monthly loan payment into the future. This deferral will also push or advance all other payments forward a month. This may extend your loan term if you take no further action. Interest will still accrue on your loan during the loan deferral period. If you have payments due from previous billing cycles, these payments are still required to be made.

• Will my loan get a loan payment deferral?

  Only certain loans are being automatically deferred based on the type of loan. These loans include vehicle loans, unsecured personal loans and personal lines of credit, and other non-real estate loans.

   

  If your loan is not eligible for this deferral program, but you are experiencing a financial hardship, please contact us to apply for a hardship modification.

• What payment is being deferred?

  Your monthly payments that would have been due in April 2020 and May 2020 are being deferred, if your loan is one of the loans mentioned above.

• Why is the Credit Union deferring loan payments?

  With the current COVID Pandemic, we realize many of our members may be experiencing financial hardships. We are deferring loan payments to help with these hardships and improve your cash flow needs.

• What if I have a recurring payment set up?

  If your payment is scheduled through FMFCU’s online or mobile banking, you can cancel these in online activities, FMFCU CAN’T stop these transactions. Don’t forget to re-establish after this deferral period. If you need assistance, just send us a Secure Message in the Online/Mobile platform and we will be happy to help.

  If your payment is scheduled from another Financial Institution via ACH or another Financial Institution’s Bill Payer, you will need to contact them to cancel this payment one time. If we receive your payment, we will apply the payment against your loan as a principle reduction or a regular payment.

• My payment automatically transfers from an FMFCU account. Will this deferral stop that transfer?

  If your transfer was created by you in the Online/Mobile platform, you will need to cancel the scheduled transfer as described above. If your payment is transferred by FMFCU when payments are due, this process will be cancelled on your behalf and no action is necessary.

• Will I be reported delinquent if my loan payment is deferred?

  No. We will report your loan payments for April and May as being current if these payments are deferred. If you have a payment due from a previous billing cycle, this will continue to be reported delinquent until the loan payment is made.

• Is there a fee for this deferral?

  No, this deferral will not require a fee and a late fee will not be assessed because of this deferral.

• How will this deferral impact the Payment Protection on my loan?

  If you have Payment Protection on your loan you will still see a charge for Payment Protection during the month of March and/or April, but it will not require a payment to be made.

• Can I pay on my regularly scheduled date?

  If your loan was advanced as part of this deferral program, you may continue to make regular payments as you normally would.

• What if I want my payment transfer to occur as scheduled?

  If your loan payment was deferred, but you would like the transfer to take place anyway, you can pay as you normally would. Go to your Online/Mobile account and perform a one-time transfer or contact us and we can help process this payment.

• What if I need a deferral beyond the month of May?

  If you need more than a two month deferral, you can apply for a hardship loan modification. It is possible that we will extend the automatic deferral program, but this decision will be made at a later date.

• What if my loan payment for April and/or May was already made, but I want it to be skipped?

  For members that have already made a payment that satisfied their April or May payment, please contact us and request that your loan payment be reversed and your payment be skipped, the easiest and fastest way to request this is sending us a Secure Message in Online or Mobile Banking.

• I have a student loan with FMFCU and I need assistance. Who can I speak to?

  Student loans are handled separate from other loan inquiries, but we have a dedicated team to help answer any of your questions and to guide you through options on an individual basis. Please reach out to this team directly at care@lendkey.com.

   

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