Struggling To Pay Your Loans? Here’s What To Do
COVID-19 is affecting millions of people’s finances. For some, it’s hard to keep up with loan payments in light of layoffs and reduced work. Launch CU’s top priority is the financial health of our members so we’ve gathered a few tips you can use if you’re struggling to pay your loans right now.
1.) Reach Out To Your Financial Institution
The earlier you let your financial institution know you’re experiencing financial hardship the better. Start with open communication and let them know your situation. As a Launch member, we will work to find the best solution for you. For hardship requests, call us at either 1-800-662-5257 or 321-455-9400 and use option 3.
This is a great option to look at if you need some breathing room. Don’t just NOT pay your loan. Arranging a skip-a-pay gives you the ability to skip a loan payment for a specific month. Reach out to us and see if you’re eligible. Call us at either 1-800-662-5257 or 321-455-9400 and use option 3.
3.) Assistance With Other Bills
211.org offers a variety of programs including rent & utility assistance. Qualifying for bill assistance can relieve some financial strain you’re experiencing. You can then prioritize which bills to pay first. United Way also offers financial assistance. Florida Power and Light is also offering help with payment assistance.
4.) Student Loans Deferment
Check in with your student loan servicer to see what deferment, forbearance, or income-drive plans they have available. Currently, all federal student loans have a 0% interest rate until September 30th, 2020. Check Federal Student Aid for the most up to date information.
5.) Payment Plans
Call your lenders and see if you’re able to set up a payment plan where you can pay a lesser amount for the time being.
6.) Refinance Loans
Look at refinancing a high-rate auto or home loan.This way the loan is only for the amount that you owe NOW, and you might be able to lower your payment considerably by financing the smaller amount. Launch offers many options for home and auto. Launch can’t refinance your current Launch loan, but can refinance a loan you have with another financial institution.
Other alternatives include Launch’s Relief Loan for qualifying members and waived early withdrawal penalties for share certificates and holiday club accounts.Contact a member services representative to see what’s best for you.We hope these tips help if you’re struggling to pay your loans right now.