Credit Union Financial Supports During COVID-19
17 Apr 2020
The credit union is more than just a place for savings and loans – it’s a place for community, a place of support. If you’re struggling to repay a loan, need additional support on your social welfare payment, are cocooning and worried about access to cash, need help paying/processing your bills, are worried about finances because a loved one has passed, or maybe you just need guidance on what steps to take - we’re here to help.
Below is a list of services offered by many credit unions. We ask that when inquiring or applying for new services listed below, phone or go online where possible. Although every credit union is different in the services they offer, you can contact your own local credit union here, and they will be happy to help in whatever what they can.
1. Loan repayment break
Widely known to most at this stage, many credit unions are offering loan repayment breaks or reductions. Before applying, sit down and work out the pros and cons of this with your local credit union– sometimes a repayment reduction could work, but every case will be different.
2. Emergency Credit
Some credit unions are offering low-cost credit on small amounts, which hope to deter people from opting for high-cost money lenders. Many serve people who are receiving the COVID-payment. We’ve listed below some examples, which are not available in every credit union. But if you do have a query or need any financial support, please get in touch with your local credit union to see how they can help.
Stay on Track Loan from First South credit union is offering a loan for those with reduced income at just 1.5%.
Stay at Home Emergency Loan: This loan from Tipperary credit union
Here2Help Loan: Roscommon credit union have implemented a loan for those directly in receipt of the COVID-19 payment, and need help making ends meet.
Annsac Credit union have also launched a specific loan for members feeling financial stress.
Youghal Credit Union have initiated small loans to make up the shortfall should members need it.
Loan Advance: Clonard credit union are offering advances to fill the stop gap before payment of social welfare.
3. Personal Micro-Credit
Also known as the “It Makes Sense” loan, the scheme is aimed at those in receipt of social welfare, particularly those who may have used or considered using the services of a moneylender. You can find more information on this type of credit here.
4. Cash delivery service
Many credit unions are doing their best to serve vulnerable cocooning members, and will allow members to nominate an authenticated third party to collect and deliver cash in these instances. Some credit unions are using their own resources to offer a delivery service to members. Credit unions are aware of the added financial risk especially to these members, and are doing their best to ensure this is done as securely as possible.
5. Loan Insurance
Credit unions offer loan protection insurance to eligible members. This means should a member with an outstanding loan balance die, the balance is repaid in full, subject to terms and conditions and certain cover limits which apply. Click here for more info.
Another service offered to some credit unions to eligible members is Death benefit insurance, which helps pay for end of life expenses. It pays a fixed lump sum in the event of death and where death is as a result of an accident, the lump sum can be doubled. There are some terms and conditions to meet for inclusion. Click here for more information.
6. A helping hand
Lastly, maybe you have financial strain and you just want someone to speak to. Why not get in touch if you support or need help in making a decision.