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UMassFive Extends Personalized Assistance to Those Facing Income Reduction

May 6, 2020 - News

Since their founding, UMassFive College Federal Credit Union (UMassFive) has taken pride in offering financial solutions and guidance to their members, and communities. While the COVID-19 pandemic continues, many employers are facing difficult choices in regards to staffing, and reduction of operation. As furloughs and layoffs are announced, UMassFive would like to remind those facing loss of income that they are here to help.

One-on-One Phone Consultations

UMassFive is committed to answering questions and helping members understand the options available to them throughout this ongoing time of economic uncertainty. Members, as well as those looking to work with the Credit Union, are encouraged to reach out for one-on-one phone consultations with the Credit Union’s knowledgeable staff by calling 800.852.5886.

Emergency Relief Payment Deferral

UMassFive is offering loan payment deferral for up to 3 months on all qualified consumer loans. Members can visit umassfive.coop/Emergency-Relief to learn which loans qualify, and to submit their Emergency Relief Payment Deferral requests through an easy-to-fill-out web form.

GreenPath Financial Coaching

GreenPath is an additional complimentary service UMassFive offers, which includes assistance in creating and managing debt management plans. To find more information about these services, please visit umassfive.coop/resources/greenpath-financial-coaching.

Reduced Rates for Short-Term Personal Loans

As a way to make things a little easier for qualified borrowers who decide to take on some short-term debt to address their current needs, UMassFive has temporarily lowered the rate of all new personal loans to 5.99% APR for amounts of $2,000 or less. New and existing members can apply for this loan online at www.umassfive.coop/personalloan. After signing up (for new users), or logging in, applicants should select “Fixed-Term Loan”, then “Loan Special” and continue filling out the form until fully submitted. The Credit Union strongly encourages seeking alternative options before taking on additional debt.