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COVID-19 Help for Members

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COVID-19 Help for Members

7/29/2020

COVID-19 Help for Members

COVID-19 Loan Toolkit

Skip-A-Pay:  Check out the options GenFed offers for skipping a loan payment.  With eSignatures or a phone call you don’t even have to come into a branch!

DocuSign: Sign loan documents electronically for protection and convenience!

Heart First Loan: This is a special closed end, low fixed rate, 2 year term loan.  The loan amount is based on income before COVID-19 interruption related to the pandemic and credit will be reviewed.

Emergency Line of Credit: a line of credit to help in this time of need.  

GenFed Harship Loan Advisor:  Contact your local branch to talk with a GenFed Hardship Loan Advisor for payment and financial counseling when COVID-19 has caused you a financial hardship.  We understand that every member’s life is different and we will work with you on options that fit your specific needs.

Request an Emergency Loan Deferment:  For members who have reduced income due to the COVID-19 Pandemic, with consumer loans in good standing, contact us to discuss skipping up to 3 payments without penalty.  Interest will accrue during the deferment.  Please contact our Hardship Loan Advisor for mortgage payment deferral inquiries as well.

Quick Loans: Relaxed procedures make it even easier/quicker for you to receive funds, and now finish the process with DocuSign.

Loan Modifications-Term Extensions: please get in touch with your local branch.

Refinance your loans to consolidate debt to lower payments using eSignatures.  GenFed offers 90 days without a payment when you move Auto, RV, Motorcycle and Boat Loans here from another lender.

GreenPath Member’s Financial Counseling:  Whether you are experiencing a temporary disruption to your paycheck, a longer-term income loss from layoff or job loss, or are just worried about your financial future, GreenPath’s NFCC-certified counselors will walk through your whole financial picture and help you identify options that can relieve stress, and make it easier to bounce back.  Free to all members – call 1-877-337-3399, request an appointment online using the call request form or visit Greenpath Financial Wellness.  For additional COVID-19 financial wellness resources, visit GreenPath’s COVID-19 resource page.

TruStage Insurance Premiums:  Liberty Mutual is providing auto insurance policyholders a 15% refund on two months of their annual premium.  Effective March 12, 2020, TruStage will not cancel or non-renew any life insurance policy for failure to pay premiums due for 90 days.  In addition, Liberty Mutual is also prepared to work closely with any member that needs assistance on deferring Auto or Homeowner payments to avoid cancellation of the policy.  Please visit Liberty Mutual COVID-19 for more information.

GenFed IRA Required Minimum Distributions (RMD):  With GenFed’s implementation of the CARES Act, RMDs are being waived for 2020.  To participate, fill in and return the form you’ll receive from Ascensus in the US Mail.



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