Tel: (617) 288-2420

Coronavirus Relief for Members

Helping our members and their families get through the tough times is what we were established to do.  For anyone needing assistance during this time, we are offering the three new programs listed below.  If there is any other way we can help you, please don't hesitate to give us a call.

We will all get through this together!

Mortgage Deferrals

It is our desire to work with any mortgagee who is experiencing a financial hardship due to the state of emergency.  Members who are experiencing a financial hardship as a result of the state of emergency surrounding COVID-19, are encouraged to contact BFCU directly to discuss options for deferred payments.  Deferrals will be handled on a case by case basis for initial periods of up to three months.  Extensions beyond that time frame will be discussed at the conclusion of the initial period and will be determined by the circumstances in place at that time.

Consumer Loan Deferrals

Members whose consumer loans were in good standing as of March 1, 2020 may be eligible for a payment deferral of up to 3 months.  This applies to the following loan types:

  • Auto
  • Personal
  • Holiday
  • Vacation
  • VISA Credit Card
  • Student Loans

Emergency Loan Program

This loan will be available in amounts up to $5,000 for members who are in need of financial assistance due to a loss of income attributable to the state of emergency that has been declared in response to COVID-19.  Members participating in this program will be required to have a direct deposit relationship with BFCU and loans will be processed and underwritten in accordance with BFCU policies and procedures.  

There will be no required payment during the initial 90 days following the disbursement and the interest rate during that timeframe will be 0% APR (Annual Percentage Rate).  Interest at 4.00% APR will be calculated beginning on the 91st day following disbursement and the initial payment will be due on or about the 120th day.  Payments will then continue over a 12 month period unless the loan is prepaid at the member's option.

Table data for COVID-19 Emergency Loan
 Rates Effective 08-14-2020
Term Rate APR Payment Example per $1,000 Alert Me
First 90 Days 0.00% 0.00% N/A
1 Year 4.00% 4.00% $85.71/Month
APR = Annual Percentage Rate Maximum amount is $5,000 for members who are in need of financial assistance due to a loss of income attributable to the state of emergency that has been declared in response to COVID-19. Must have existing direct deposit with BFCU. There will be no required payment during the initial 90 days following the disbursement and the interest rate during that time frame will be 0% APR. Interest at 4.00% APR will be calculated beginning on the 91st day following disbursement. Payments will then continue over a 12 month period. No pre-payment penalties.
Table data for COVID-19 Emergency Loan Payment Example
 Rates Effective 08-14-2020
Loan Amount Term APR Monthly Payment # of Monthly Payments Total of Payments Alert Me
$5,000 1 Year 4.00% $428.55 12 $5,142.64