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Frequently Asked Questions for Loan Deferment

These are unprecedented times ahead and we want you to know that GMFCU is available to help you through them. GMFCU is here to work with each member to meet their distinctive needs.

If a member is impacted financially, they can request relief on their GMFCU consumer loan.

Q: Which consumer loans are eligible for deferment?
A: Auto Loans, Home Equity Loans, VISA credit cards and Unsecured Loans.

Q: What is the loan deferment schedule?
A: The schedule is as follows:

  • 1 – 4 week work stoppage/reduced income – 2 month deferment
  • 4 – 6 week work stoppage/reduced income – 3 month deferment
  • 6 or more week work stoppage/reduced income – to be determined case by case

Q: How long do I need to be impacted by a work stoppage/reduced income to qualify for deferment on their loans?
A: One week.

Q: What happens if the work stoppage/reduced income goes beyond six (6) weeks?
A: GMFCU will work with members who are in this situation to help them through this difficulty.

Q: How will interest on these loans be affected?
A: During the deferral period, interest will continue to accrue at the contracted rate.

Q: How does repayment of a loan deferral work?
A: For Consumer Loans, the deferred payments are added to the end of the loan, extending the term.
Note: A deferment could have a negative impact on your credit.

Q: Does this apply to members who are already past due on their loan?
A: Members with a past due amount on a Consumer Loan or VISA would still be responsible for the delinquency. GMFCU would continue to collect on any delinquencies. However, we will work with those in delinquency to find a way to help with repayment plans.

Note: Please communicate with us no matter what your current status of repayment. If you communicate with GMFCU, we can work for find a way to help.

Q: Is an application necessary for a Consumer Loan deferral?
A: Yes, you must first contact us and then complete a Consumer Loan Relief Agreement for our records.

If you would like to speak to a member of our team about your situation, please contact us by email, text or phone at lending@greatmeadowfcu.com, call (518) 642-8100 or text 518-552-8063 or 518-552-8086.

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