Around 80% of credit unions are offering some form of new loan for their members, CUNA Senior Economist Jordan van Rijn told Forbes recently for an article on coronavirus hardship loans. The article notes that many credit unions have developed their own versions of coronavirus hardship loans.
Van Rijn notes that credit union personal loans related to the pandemic generally have terms of around three months, are in amounts up to $2,000 and often have a low or 0% interest rate.
“A lot of these credit unions are waiving origination and prepayment fees or offering no payments or interest for 90 days,” van Rijn told Forbes.
The article also provides specific examples from credit unions in Michigan, Indiana and Florida, and links to America’s Credit Unions for the latest information on coronavirus-related assistance.