Canopy Credit Union lowered loan rates and deployed several services (including a 0% APR member loan) to provide members and the community with much-needed relief during the COVID-19 pandemic.
Charlotte Nemec, President/CEO said, “Our leadership team met and in less than an hour, developed a Member Relief Loan. We’re committed to being there for our members in their time of need.”
Canopy Credit Union’s Member Relief Loan offers borrowers up to $2,500 with a 0% APR and up to 100 days before the first payment is due. “Members in good standing for 30+ days are eligible for this loan for up to a 24-month term,” said Guy Ottersen, VP of Lending and Member Services.
“For days, we’ve been working at a breakneck pace to book these loans as quickly as possible. Receiving positive member feedback has kept morale high during this stressful time,” said Ottersen.
One member wrote in, “Thank you, Canopy Credit Union, for your quick response and same-day funding. That's what I’ve always wished for from a credit union and Canopy nailed it! Appreciate knowing that Canopy Credit Union truly does care and reacted to our current world challenges.”
“We’ve witnessed an incredible need for this product. To date, we’ve lent over $58,000,” said Ottersen. “Providing members with much-needed payment relief has been gratifying for our staff.”
“The credit union has also offered members additional ‘peace of mind’ services like no-fee skip payments and interest-only payments. So far, over 124 members have been approved to skip one or more loans payments,” said Ottersen.
Interest rates on auto loans, home loans, credit cards and personal loans are some of the lowest we’ve seen in years. “Now’s the perfect time to refinance debt,” said Ottersen. The credit union is also offering borrowers up to 100-days before their first loan payment is due on loans including personal and auto loans. “Every dollar matters. Lowering monthly payments is a big win for borrowers' cash flow.”
The core of the credit union’s mission is to support their members and be available to them in times of need.
“We’re keenly aware that what we do today will have a lasting effect on how our members view us tomorrow,” said Nemec.
About Canopy Credit Union
Established in 1956, Canopy Credit Union is a not-for-profit financial institution that currently has over 11,400 members and over $160 million in assets. Over the years, their goal has remained the same: offer the community a place where everyone can grow strong financial roots. Those who live, work, worship, or attend school in Spokane County, Pend Oreille County, or Stevens County, Washington, are eligible for Canopy Credit Union membership. Learn more at www.canopycu.com.