Somerville’s Credit Union is offering the opportunity for financial relief to members who are impacted financially by the COVID -19 pandemic.
As a not-for-profit financial cooperative we are dedicated to helping those members who have experienced job loss, unemployment, furloughs and an overall reduction in income due to these uncertain times. We want to be there for you and will do our best to collectively make sure our branch in-person service window and 24/7 electronic banking services are available to help our 2,500 members through this difficult time.
Unfortunately we have limited resources and may not be able to help everyone. Please review the loan program below which may provide you with needed funds in a pandemic related emergency situation. Click the appropriate ‘Inquire Now!’ box, fill out the short info section, and hit ‘submit form’, and a Credit Union representative will contact you at our earliest convenience. Please note that certain restrictions and eligibility rules apply, and all borrowers may not qualify for these programs.
If you do not hear back from us within 3 business days of submitting your loan request please contact us directly at 617-625-0898.
Emergency Covid-19 Loan*
- Borrow up to $2,500 for 18 Months at a fixed rate of 3% APR** for all applicants regardless of credit score (effective as of April 10, 2020 but subject to change without notice).
- First payment due in 60 or 90 days from date of loan depending on the option selected.
** Annual Percentage Rate. Borrow $2,500 at 3% APR for 18 months, pay monthly $56.88 per $1,000 borrowed.
* Applicants/borrowers must be eligible and qualified under Credit Union underwriting guidelines and policies to receive an Emergency COVID-19 Loan approval, and certain restrictions and conditions may apply. All applicants/borrowers must have been a member in good standing with Somerville’s Credit Union for 3 months or longer. Applicants/borrowers with any delinquency prior to March 15, 2020 may not be eligible for these programs. Your existing Credit Union loans must be less than 30 days past due. This offer is subject to change at any time.