UMassFive Extends Personalized Assistance to Those Facing Income Reduction
HADLEY — While the COVID-19 pandemic continues, many employers are facing difficult choices in regard to staffing and reduction of operation. As furloughs and layoffs are announced, UMassFive College Federal Credit Union would like to remind those facing loss of income of services that may help, including:
• 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 a one-on-one phone consultation with a staff member by calling (800) 852-5886.
• Emergency-relief payment deferral. UMassFive is offering loan-payment deferral for up to three months on all qualified consumer loans. Members can visit umassfive.coop/emergency-relief to learn which loans qualify, and to submit their 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, 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.