CP Federal to Advance Due Dates to June for Member & Business Loans

(March 26,2020 9:12 PM) CP Federal Credit Union has announced members who have a loan will not be required to make a payment until their June due date.  In a statement to members, CP Federal Credit Union said, “As we navigate the uncharted territory of COVID-19 and monitor its impact on our members, we at CP Federal are working non-stop to provide support and relief where we can as we work to be exceptional stewards of all interests entrusted to our care.

Effective immediately, all CPFCU members who have a loan that is in good standing will not be required to make a loan payment until their June due date.”

CPFCU will automatically advance loan due dates to June for all member loan types listed below. 

• Auto, boat, R.V., motorcycle, motorsports, other collateral loans, fixed payment personal loans, credit card loans, and line of credit loans
• Mortgage loans owned by CPFCU*
• Fixed rate home equity loans
• Home equity line of credit loans

The statement noted these conditions:  “Please note, this extension will result in additional interest over the life of your loan if no payments are made during this time. Due to this, if you have the ability to make your regular monthly payment or have had your loan less than 6 months, we strongly encourage you to make your payments.”

CP Federal is also making the same offer to its business members with loans.  Business members who have a loan with an aggregate of less than $50,000 and in good standing will not be required to make a loan payment until their June due date. CPFCU will automatically advance loan due dates to June for all business loan types listed below.

• Available for business members with aggregate loans under $50,000
• Business loans include; auto, recreational, semi-truck & trailer, secured equipment, secured lines of credit, business Visa, unsecured term loans under $50,000, and business overdraft lines of credit
• Business members with aggregate loans greater than $50,000 may contact us to discuss specific needs

 The Credit Union notes this extension will result in additional interest over the life of the loan if no payments are made during this time. For borrowers who have the ability to make their regular monthly payment or have had the loan less than 6 months, they strongly encourage the making of payments.