Bellingham, WA (March 16, 2020) — WECU today announced it will offer two loan programs aimed at helping individuals and businesses affected by the Coronavirus.
The consumer loan program, structured to help individuals who may be financially impacted by the Coronavirus, offers access to a personal loan of up to $5,000 with terms of 3.90% for up to 24 months and no payments for the first 90 days.
The business banking emergency assistance program, which will be available starting Thursday March 19, offers loan payment deferral for current WECU business loans for up to 90 days, lines of credit up to $50,000 with first payment due in 90 days, and 0% interest rate savings secured lines of credit up to $100,000 for 12 months.
“Many individuals and businesses throughout our community have been impacted by the Coronavirus,” said Jennifer Kutcher, President & CEO of WECU. “We hope these programs will help during this very stressful time.”
WECU is also offering to waive the $15 skip-a-pay fee for any member with a consumer, non-residential loan through the credit union.
“Skip-a-Pay is an option that we offer to qualified members who hold auto and other consumer loans with WECU,” said Matt Berendsen, VP of Lending at WECU. “For those members with an immediate need, it can be a welcome option.”
Learn more about the programs and how to apply at wecu.com/crisisrelief.
About Whatcom Education Credit Union
WECU is a full-service consumer and commercial financial partner that operates 11 branch locations and two loan centers for business and home needs. WECU is proud to serve more than 125,000 members and has nearly $1.6 billion in assets. More information on WECU Charitable Giving programs can be found at wecu.com.
Keith Mader, Program Manager PR & Content at WECU, 360-756-7694, [email protected]