Hanscom FCU Offers LifeLine Loan to Members

lending a helping hand to climber

Hanscom Federal Credit Union is offering an array of programs and services designed to help ease financial burdens during the COVID-19 pandemic.

We're offering a LifeLine Loan of up to $5,000 with a 0.0% APR* for the first 60 days of the loan. We designed this loan so our members have access to the funds they need to take care of necessary expenses despite job loss or economic hardship. If more time is needed to pay the loan, it will be converted to a 12-month term loan with a fixed rate of 8.49% APR*. Please see our LifeLine Loan page for more details.

“We're here to support our members in a time of need,” said Ray Phillips, Hanscom FCU's chairman of the board. “We have a history of offering a helping hand to our members whose income or benefits were affected by government shutdowns. This pandemic is on a greater scale, and we can't think of a time when our member base needed us more. We want them to know: We're here and we're ready to lend them a hand."

In addition, Hanscom FCU will waive penalties for premature withdrawals on term share certificates and allow qualified members to skip certain consumer loan payments with no fee.

Anyone facing a sudden drop in income can download our Financial First Aid tool kit from Hanscom FCU’s web site, which includes worksheets, checklists, and helpful tips.

And through our partnership with BALANCE, Hanscom FCU members can schedule a free, confidential one-on-one phone session with a certified financial counselor for help with budgeting, managing credit, and assessing finances..

For details on these programs, call 800-656-4328, or stop by one of our branches.

Download our free Financial First Aid Guide! It'll walk you through the best ways to manage your money during uncertain times. We’ll show you how to take inventory and review all your expenses, assess your debts, prioritize bills and communicate with creditors, and so much more!

Financial First Aid eGuide

*APR: Annual Percentage Rate. 0.0% for the first 60 days with no payments required. If the loan is not repaid within 60 days, the borrower would be responsible for making installment payments subject to an Annual Percentage Rate of 8.49%. The maximum repayment term will be 12 months (beginning after the initial 60-day interest free period). No application fees associated with this LifeLine Loan. Eligibility is based on the member being negatively financially impacted by the COVID-19 state of emergency. 

Must be a member of Hanscom Federal Credit Union or eligible for membership. He or she will need to open a membership with a savings and checking account first. Applicant must have an active Hanscom Federal Credit Union share savings account in which loan proceeds will be deposited into.  Applicant must be an existing member in good standing. As always, there is a minimum $25 required to open a membership. Hanscom Federal Credit Union membership required. Terms and conditions are subject to change without notice.

Others are reading:

5 Ways to Save on Wedding Gifts Without Looking Cheap
Tax Season Scams: What You Need to Know

About Author

Hanscom Federal Credit Union
Hanscom Federal Credit Union

Related Posts
The Rules for Passing Retirement Accounts to Loved Ones
The Rules for Passing Retirement Accounts to Loved Ones
Attend a Free Financial Education Webinar This Fall
Attend a Free Financial Education Webinar This Fall
Here’s How to Make Your Checking Account Pay YOU
Here’s How to Make Your Checking Account Pay YOU


Subscribe To Blog

Subscribe to Email Updates