Financial Relief Programs

During the state of emergency, the credit union stands ready to help our members who are impacted by a reduction or total loss of income due to reduced hours or temporary layoffs. We are all in this together and Stoneham ME Federal Credit Union is always ready to help our members in good times and especially in these times of uncertainty. As we learn to navigate through these stressful times, we want you to know that we are here for you. That’s why we put together these programs to help make managing your money easier.

Skip-A-Payment-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 2 months. This applies to the following loan types:
•Auto
•Personal
•VISA Credit Card

Please call the credit union to arrange for a skip a payment :
781-438-3959

Penalty-free certificate withdrawals

Members will be able to withdraw up to $3,000 per day from certificates of any term without a penalty.

Micro Relief Loan

Existing members who are experiencing a financial hardship due to the state of emergency may be eligible to borrow up to $1,000.00 for 15 months at 0% interest with no payments for 90 days. Only available to active /existing members who are in good standing with the credit union. 

Emergency Loan

Existing members who are experiencing a financial hardship due to the state of emergency may be eligible to borrow up to $5,000.00 for up to 48 months. Initial rate 0% with no payments for 90 days. Once in repayment the rate converts to 4.00%. Must meet current consumer underwriting guidelines and must have a direct deposit relationship with the credit union. Only available to active /existing members who are in good standing with the credit union. 

Mortgage Deferments

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 the credit union directly to discuss options for deferred payments. Mortgage deferrals will be considered on a case by case basis. Please contact us at 781-438-3959.