Q. I may not be able to make my loan payment. What options are available to members?
A. We are working with members to help them avoid becoming delinquent and impacting their credit scores.
To apply for assistance and learn more about our relief programs, please go to spectrumcu.org/loanhelp.
Here you’ll be able to review your options and determine if you qualify. You’ll also be able to apply directly online. There’s no need to call as your online request will be placed in line in the same order as if you contacted us
Note on Mortgages: As relief programs are announced by different states, please do not assume that you can automatically stop making payments for a period of time. You must contact us to be eligible for loan assistance.
Q. What options are available if I happen to overdraw my Checking account?
A. First, you should set up overdraft protection. When you have overdraft protection,
we will automatically transfer the funds needed from your designated account sources (usually other deposit accounts or lines of credit) to cover any overdrafts, so you don’t have to worry about returned payment fees.
You may also want to sign up for Courtesy Pay, which will cover an overdraft if you inadvertently overdraw your account. Keep in mind that there is a fee involved with Courtesy Pay.
To sign up for overdraft protection, learn if you qualify for Courtesy Pay, or set up Courtesy Pay, please send us a Secure Email from within Online or Mobile Banking.
If you are looking for an extra cushion during uncertain times, a personal loan, which is currently available
at a special rate of 7.90% APR,* is another option to consider.
Q. I have money locked in a Share Certificate, but I need funds now. What can I do?
A. One option is to use a Certificate Secured Loan to borrow against your Share Certificate account. When you do this, certificate funds equaling
the amount of the loan are frozen from use and released when your Secured Loan is paid back. The money in the certificate continues to collect dividends, which helps offset the already low interest charged on the loan.
This allows you to
avoid certificate early closure fees, which can equal 3 to 12 months of dividends depending on the original term of your Share Certificate. Learn more on our Secured Loans page.
Q. Are you participating in the U.S. Small Business Administration’s Paycheck Protection Program?
A. The Credit Union is focused on providing individual members with deposit and lending products. While we realize some of our members might be small business owners as well, we do not provide small business loans. If you have a current
small business loan with another lender, you may want to discuss with them the Paycheck Protection Program or other Small Business Administration lending options.