Credit Union of Southern California

Credit Union of Southern California (CU SoCal): During times of uncertainty due to COVID-19, it is our responsibility as a credit union to offer as much aid and support as possible to serve our Members’ financial needs.

In an effort to ease COVID-19-related financial hardship that many of our Members are experiencing, below are CU SoCal relief programs to help our Members navigate through challenging times and build a sustainable future.

For Coronavirus updates, visit CUSoCal.org/Coronavirus

MORTGAGE LENDING

CONSUMER LENDING

  • Emergency Loan
  • Unsecured/Signature Loan—$10,000 max (per household).
  • Loan amount will be equal to one month’s net income (after taxes), not to exceed $10,000.
  • 3.25% fixed rate.
  • Up to 60-month term.
  • No payment due for 90 days.
  • Member must credit qualify; normal unsecured underwriting standards will apply.
  • Preferred Partner Loan
  • No credit check.
  • Delay payments for 90 days.
  • Low 9.99% APR for 24 months.
  • Emergency Consumer Deferral
  • 60-day deferral on consumer loans.
  • To qualify, Member must meet the criteria listed below:
  • Payment deferral is available for Consumer Loans and Visa® products.
  • Loan must have been open for 30 days.
  • No Skip/Deferral within the last 6 months (look for Skip Tracking).
  • Loan cannot be more than 10 days late.
  • Collections Department Holds
  • Lifted restrictions on online banking, mobile banking, and debit cards for delinquent Members.
  • Repossessions on hold.
  • Employee PPL Loan
  • $1,500.
  • 24-month term.
  • 90 days to first payment.
  • 4.99% fixed rate.
  • No credit check.
  • Qualified team members must be employed ≥3 months with CU SoCal, have a CU SoCal Checking Account with a minimum monthly direct deposit of $250, and be in good standing.

COMMERCIAL REAL ESTATE

  • Payment Deferrals
  • Loan deferral options up to 90 days.
  • During the forbearance period, monthly payments (PITI) are suspended; finance charges continue to accrue.
  • No fees incurred.
  • Negative credit reporting and late charges will not occur during the duration of the forbearance period.
  • Toward the end of the forbearance period, status will be reassessed to determine eligibility for additional workout options, which may include a repayment plan or a loan modification.
  • The number of payments deferred will be determined on a case-by-case basis.
  • Interest Only Payments
  • Interest only payments for up to 6 months may be offered; approved in 3-month increments.
  • No fees incurred.

CREDIT CARDS

  • 60-Day Payment Deferrals 
  • Available for Members who are in need of payment assistance on any of our Visa Credit Cards. Payment deferral options vary based on Member’s financial need and payment cycle.
  • Visa Topaz
  • Visa Topaz Card offers 0% APR for 9 months and only 2% balance transfer fee.

ACCOUNT SERVICE FEE WAIVERS

  • The following fees are temporarily suspended effective March 24, 2020 
  • Overdraft Transfer Fee
  • Usually charged when we transfer money from one of the Member’s CU SoCal accounts to cover an overdraft incurred on another CU SoCal account due to insufficient funds.
  • Holiday and/or Summer Savers early withdrawal fee
  • Usually charged when a Member withdraws funds outside of the scheduled withdrawal period.
  • Certificate early withdrawal penalty fee
  • Usually charged when Member withdraw funds prior to the certificate maturity date.

FINANCIAL WELLNESS SERVICES

  • CU SoCal has a variety of helpful online financial guidance resources to offer crisis relief to individuals and families. https://www.cusocal.org/Learn/Financial-Guidance
  • Certified, confidential financial coaches through our financial fitness partner, BALANCE.
  • A library of financial education videos and online classes.
  • Monthly webinars through BALANCE.

BRANCHES

  • Masks provided to Members for branch entry in addition to team members.
  • Hand sanitizers provided to Members (one/Member).

THANK YOU!

We appreciate your care, continued support, and delivery of exceptional Member experiences as we navigate through challenging times.

 

 

 

 

 

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