Financial Support for Workers Impacted by COVID-19
March 20, 2020
To help workers impacted by the COVID-19 pandemic, Community Savings Credit Union has launched a financial support package for its membership. The package includes a 6 Month Interest Free Line of Credit up to $2500, mortgage and loan postponements, and several features to help its Members reduce payments in these difficult times.
“Community Savings can provide immediate assistance to people who have been impacted by the COVID-19 pandemic. We hear from our members every day, see their struggles, and can act quickly to help them out. This is a major health crisis and a potential financial crisis for thousands of Canadians. The Community Savings team is working harder than ever to help our members navigate this situation - we will get through it together,” said Mike Schilling, President and CEO.
Community Savings Members can defer mortgage or loan payments up to 6 months. Each case will be assessed individually to help Members overcome the financial struggles they are currently facing. With the lower prime rate, CSCU is also working with its Members to take advantage of the current lower interest rates to help reduce monthly payments.
The Interest Free Line of Credit up to $2500 provides Membership immediate access to funds over six months. Community Savings Line of Credit can accommodate people that have been recently laid off or are receiving reduced work hours. “We understand the financial challenges laid off workers are facing today, and the last thing they need is a difficult application requirement when it comes to sourcing interest free funding. We are here to help people during this crisis,” added Mike Schilling, President & CEO.
Credit unions have a long history of standing by Canadians through difficult times, and support will continue throughout this crisis and beyond. Community Savings Credit Union is committed to working with its Members to find solutions to fight the financial impact of the COVID-19 pandemic.
We are in this together.
To reach us, please call:
Lower Mainland: 604-654-2000
Victoria: 250-385-8431
Toll Free: 1-888-963-2000
About Community Savings
Community Savings Credit Union is BC’s largest fully unionized credit union and is dedicated to being the credit union of choice within the working community. At Community Savings Credit Union, we are known for providing exceptional service to each member, and our passion lies in empowering our members to achieve their financial goals. Being member owned and operated, Community Savings invests in our communities by supporting local charities and non-profit organizations to help create stronger and more vibrant communities.
