Notice of Special Loan Deferment Policy
In light of the extraordinary economic and social circumstances surrounding the global COVID-19 Coronavirus pandemic, the Credit Union’s Board of Directors has approved a deferment policy on all current Penn South Federal Credit Union loans.
Effective April 1, 2020, Credit Union members may defer any loan payments until their June 2020 payment without proof of financial hardship, penalty, or adverse reporting to its credit bureau.
No application, letter or request is needed to take advantage of this program.
- Deferring payments will extend the repayment term of your loan.
- Interest will continue to accrue during the deferment period.
- You may continue to make loan payments to maintain your current loan repayment term.
- This option is not available for loans already in default. Please contact us at 212-765-1517 or firstname.lastname@example.org if your account was late prior to April 1, 2020.
- If you are on auto-ACH for your loan payments through Klik, please make sure to suspend your service until June 1 by emailing email@example.com – please put “Loan Deferment” in the subject line of your email. We will automatically reinstate your auto-ACH after June 1.