Posts tagged loan deferment
Michigan credit unions offer assistance to workers impacted by UAW strike
October 24, 2023 // To assist these workers, who will be without their usual wage for an undetermined amount of time, credit unions around the state have reached out to their members to offer a wide array of relief options. Most common among options are skip-a-pay waivers, modifications to existing loans and new loan products with one-to-three month payment extensions. “When our members struggle financially, credit unions consistently step up with solutions,” said Terry Katzur, CEO of ELGA Credit Union in Grand Blanc. “We did it during the COVID pandemic when our members were without jobs and we are showing the credit union difference again as a response to the UAW Strike.” ELGA Credit Union is providing fee-free loan payment deferment for any worker impacted, whether they are a UAW worker on strike or laid off due to strikes, as are many non-union workers at auto parts suppliers. The credit union is also offering personal loans to UAW workers. LAFCU, the Lansing-based credit union founded by Oldsmobile employees 87 years ago, is offering special strike loans (up to $4,000 for 36 months at 8.99% APR), as well as debt consolidation, refinancing options and free credit counseling.