COVID-19 Lending Solutions

GOLD is Still Here to Help

Lending solutions for COVID-19 financial strain.

Did you know that it was during the Great Depression that credit unions in America really took off? They lent to those who needed it most in a time when credit was hardest to come by. Why? Because the mission of a credit union is to serve the Members.

GOLD is here for our Members during COVID-19, a health crisis that has turned into a financial one for many. We've developed several short-term programs to help you get through this time until life returns to normal. Do you have a loan you're having trouble paying or need a loan to get by? Keep reading for the ways GOLD may be able to help or call our lending team directly to talk through your own personal situation: 484-233-4216.

Skip-a-Pay

Are due dates for bills getting closer and you're not sure how you're going to pay them? If you have a payment due on a GOLD loan, we may be able to help through our Skip-a-Pay program¹.

Skip-a-Pay allows you to skip up to two monthly payments during a calendar year for eligible consumer loans including personal loans, auto loans, and RV loans. While this program doesn't usually allow for back-to-back skipped payments or use on lines of credit (PLOC, HELOC, and GOLD Credit Card), if your request is due to COVID-19 related hardship, exceptions can be made. Additionally, you may be able to skip up to three payments and exclude them from the loan lifetime max which is equal to the term of the loan in years.

When requesting to skip a payment at GOLD or with another loan provider, it's important that you understand what that will mean for your loan. In our program, the term of your loan will not be extended. That means your final payment will be larger than your other payments, aka a balloon payment equal to your regular monthly payment plus any payments you skipped during the life of the loan. Interest will continue to accrue when payments are skipped.

Would skipping a loan payment help you? Call our lending team to talk through it and complete the authorization form: 484-223-4216.

GOLD Mortgages

If you have a mortgage through GOLD and need payment relief, please give us a call and we'll facilitate getting in touch with your mortgage servicer.

Due Date Realignment

If you've made extra payments or paid more than your minimum monthly payments on a loan, you may be eligible for a due date realignment. Paying extra on your loan will help you pay it off faster and reduce the interest that accrues, but doesn't usually affect your monthly due date.

If you'd like to take advantage of this program, a Loan Officer will look at your loan and calculate just how much extra you've paid into your loan. If the total you've paid is more than one month's payment, we can move the due date back one month, letting you skip one monthly payment.

This program is similar in the short-term to the Skip-a-Pay, but won't create a final balloon payment at the end of your loan. The rest of your payments will be the same as they were.

Loan Modification

If lower monthly payments on your GOLD loan would help you stay current, we can talk to you about a loan modification. Lengthening the term of your current loan spreads the remaining amount due out over a longer period of time, so your monthly payments become smaller.

It will take longer to pay the loan back, and interest will accrue for a longer period of time, but your payments will be more manageable, helping you get through a period of tighter finances. The amount borrowed cannot be increased as part of the loan modification.

Call us to discuss this option: 484-223-4216.

Do you need help? Let's talk.

Our lending team is here to help. Please give us a call so we can learn about your unique situation and recommend the best options for help: 484-223-4216.

¹Credit Union eligibility and Membership are required prior to opening an account or loan. Membership requires you to maintain a share deposit ($5.00) in a GOLD Share Savings account. Verification or affirmation of Membership eligibility may be required. Rate, term, loan and line amount vary based on credit review. Not all applicants will qualify for approval. GOLD Credit Union has the discretion to require collateral as a condition for approval. Due to the COVID-19 Pandemic all loan applications, Skip-A-Pay requests, and loan modification requests will be reviewed on a case by case basis; not all requests will qualify for approval. Other fees, terms and conditions may apply. See Credit Union for details.