The Credit Union Emergency Personal Loan (CUEPL) is a new loan program designed specifically to support members who have been adversely affected by COVID-19. Eligible members will receive loans up to $5,000 to help cover expenses when you need it most, right now.
The CUEPL is available now until June 30, 2020.
• CUEPL is a fixed rate term loan, available in amounts up to $5,000 to help eligible members pay for expenses when they need help the most.
• CUEPL has a special low fixed interest rate of 5.99%.
• No Payments are required until January 2021.
• You can repay the loan over up to 24 months, starting anytime between now and January 2021.
• The CUEPL cannot be used to pay any existing credit product at a credit union. If you’re struggling to make your payments for any loan or mortgage you have with the credit union, please call us to discuss our deferral programs.
• A credit application will be required to qualify for the CUEPL. CUEPL is available on approved credit.
• Existing members as of April 1, 2020 who can demonstrate they have been adversely impacted by COVID-19.
• Is in good standing with the credit union.
Call your credit union to start the CUEPL application process before June 30, 2020.
You may start repaying the loan in part or in full at any time without penalty. You will have the option to delay the start of your payments until January 2021 at the latest. No payments will be required until you choose to begin repayment, or January 2021, which ever happens first. Remember, the sooner you begin your loan repayment, the less interest you will be charged overall for the loan.