Raleigh-based Coastal Credit Union is offering relief to its members affected by COVID-19.
"We're definitely hearing from members who are experiencing something and are looking to us for some help," said Coastal Credit Union spokesman Joe Mecca.
That help comes in the form of loan modifications such as deferred payments for up to 120 days on car loans, personal loans, credit cards and mortgages for those who qualify. Plus, there are emergency relief loans.
"We're doing small dollar loans, no application fees," Mecca said. "Those are available for members to help them meet current and immediate needs. It's a low rate loan and it's focused on helping them with immediate cash needs."
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They've already gotten more than 300 requests for these programs, Mecca said. Members must apply online and describe hardships from COVID-19.
If you qualify for a mortgage deferment, Edyta Rhodes, of Service First Mortgage in Raleigh, said the payments get added to the back of your loan and likely won't impact your credit negatively.
"We do not want to come out of this crisis with dinged up or destroyed credits since this is not the fault of the borrower," Rhodes said. "They lost a job. This is what we have to deal with. So there's definitely very strong action and very strong responsibility that the lenders are taking for making sure 2008 doesn't happen all over again."
Rhodes said you should be proactive and contact your lender. She said you'll likely have to prove you've lost income due to the coronavirus.
"The federal government, the states and the lenders are working very, very hard to make this as easy as possible on everybody," Rhodes said. "So just stay patient. Stay positive. It's very unlikely that you will lose your home right now."
It's important to note every bank or company has different requirements so you should check with them directly.
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