Member Assistance Program for COVID 19

FICU is ready to help our members 

No matter your specific situation of how much it has changed because of COVID-19, FICU is here for you. We are in this together. We'll work with you to keep bills paid on time, and when necessary work with you to add flexibility in paying your debts. The important thing is to to reach out as soon as possible when you have a question or concern to identify options early. Our options for financial assistance at this time only apply to existing members

Member Assistance Loan
Loan Deferment
Loan Workout
No Early Withdrawal Penalty


 
How to Apply for Member Assistance Loan 
  1. Submit loan application online. Click here to apply.
    • Loan has a 6% APR* and are available for a maximum loan amount of $3,0001 with a term of 12 months
    • No payments due for 60 days
    • FICU will do a credit check to evaluate your eligibility for qualification of the loan
    • Must have been laid off, terminated and/or experienced a reduction of work hours on or after March 1, 2020
    • Proof of financial hardship is required (Unemployment confirmation letter, Employer Notification of reduction of hours/termination/layoff)
    • Verification of past or current income is required
  2. Receiving Loan
    • Direct Deposit: Funds will be deposited into your FICU checking or savings account when your loan is funded
  3. Loan Repayment
    • No payments will be due until 60 days of loan origination date
    • Interest will begin accure the day the loan is funded
    • For reference, per $1,000 borrowed at 6% Annual Percentage Rate for a 12-month term, the monthly payment is $86.09

 

How to Request a Loan Payment Deferment
  1. You will need to provide the following items2:
    • Proof of financial hardship is required (Unemployment confirmation letter, Employer Notification of reduction of hours/termination/layoff)
    • Two most recent check stubs
    • Loan Payment Deferment Request completed and signed
  2. Submit items listed above via email to loandeferment@ficu.com or in-person at our El Centro, Calexico, or Brawley Drive-Up Teller.
  3. Notification of Loan Payment Deferment confirmation will be sent out within 24 hours. 

 

How to Request a Loan Workout

Let us help you renegotiate the terms to your existing FICU loan. Examples of relief can include extending the term of the loan or rescheduling repayments. 

  1. To apply, submit an online application and under comment section include "loan workout"
  2. You will need to provide the following items:
    • Proof of financial hardship is required (Unemployment confirmation letter, Employer Notification of reduction of hours/termination/layoff)
    • Two most recent check stubs

 

No Early Withdrawal Penalty

At this time, you may withdraw funds from your Certificate or Saver Accounts with incurring an early withdrawal penalty.


We’re here to help our members and community during periods of financial difficulty. If you have any questions, please contact us at 760-352-1540, option 0 to discuss the options that best fit your needs.

 

1 Loan amount is determined by last monthly gross income, up to $3,000. No payment due for 60 days from loan origination date. Verification of income and proof of hardship is required. Monthly payment per $1,000 borrowed for 12 months at 6% APR is $86.09.  Loan offer expires May 31, 2020 and it may canceled or extended at any time. *Annual Percentage Rate effective 4/2/2020. 

2Participants should be aware that participating in this program may extend the length of your loan. Interest, Credit Disability, Loan Life Insurance/Debt Protection premiums (if applicable) will continue to accumulate on your loan(s) during the month(s) you defer your payment. Participating in this program may reduce the claim amount of GAP Insurance coverage. In order to qualify for the Loan Deferment program, you must provide proof of financial hardship caused by COVID-19, all of your FICU accounts (including joint accounts) must be in good standing, you cannot have been delinquent on payments or caused the credit union a loss during the life of the loan(s), and the first contractual payment on your loan(s) must have been made prior to the skipped month. Program excludes first mortgage and home equity lines of credit (HELOC). Loan Deferment assistance expires May 31, 2020 and it may canceled or extended at any time.

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