UMassFive College Credit Union Offers Financial Resources, Community Support
HADLEY — As a local nonprofit financial cooperative, UMassFive College Federal Credit Union (UMassFive) is known for playing an active role in supporting and educating members and local communities. In response to the COVID-19 pandemic, UMassFive has launched a number of initiatives to continue supporting its membership and people in the local community.
For example, UMassFive has joined forces with Log Rolling Catering to donate 350 meals to individuals and families in need, as well as those on the front lines of the coronavirus pandemic. The Amherst Survival Center will receive 150 prepared meals for distribution to those in need, and another 200 meals will go to the ER staff at both Mercy Medical Center in Springfield and UMass Medical Center in Worcester.
In addition, UMassFive has pledged $1,000 to the Food Bank of Western Massachusetts and donated another $1,000 to the local farming nonprofit Community Involved in Sustaining Agriculture, which will use the funds as part of its campaign to raise $50,000 for emergency loans to local farms.
Credit-union members can also participate by making charitable donations in support of their local community through the UMassFive Buzz Points program, including options benefiting the Food Bank and the Amherst Survival Center
UMassFive is committed to answering questions and providing financial guidance to its members throughout this ongoing time of economic uncertainty. Members are encouraged to reach out for one-on-one phone consultations with credit union staff to better understand what options are available to them at this time.
For instance, UMassFive is offering loan-payment deferral for up to three months on all qualified consumer loans. Members can visit www.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.
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.
“We want our members and communities to know we are here for you — especially in times of crisis,” said Craig Boivin, vice president of Marketing at UMassFive. “If you’re experiencing hardship and need someone to talk to about your financial situation, or even know someone who could use the help, UMassFive is a resource you can count on.”
For more information and resources, and to stay up to date with UMassFive’s operational hours and branch schedule, visit www.umassfive.coop/covid-19.