Member Assistance Program
We care about our members’ personal and financial health and we are here to support you in these difficult times. In response to continued disruption caused by COVID-19 (Coronavirus), we are here to assist our members who are facing hardship in the following ways:
Loan Payment Deferral
We are providing loan payment deferral* for a wide variety of loan types.
- Auto Loans
- Credit Cards (Personal & Business)
- Home Equity Line of Credit (excluding Interest Only HELOCs)
- Second Mortgages
- Personal Loans
- Overdraft Lines of Credit
Other things to know:
- There is no fee for this loan payment deferral offer.
- The loan payment deferral will not be reported to credit bureaus
- Your loan will continue to be reported accurately to credit bureaus
Fill out the Loan Payment Deferral Form.
Make sure to stop any automatic payments you may already have set up (either with another bank/credit union or with us here at Premier Members).
If you have an Interest Only HELOC or if you are delinquent on your current loan type from the list above by 60+ days, we can still help. Please contact us at 303.657.7000 to discuss your options.
FAQS ABOUT THE LOAN PAYMENT DEFERRAL PROGRAM
Will the next payment include the deferred payment?
No, this payment will be moved to the end of the loan.
Does this affect my credit score?
Your credit score will not be affected.
Will this deferral be reported in a negative manner with anyone including PMCU?
No, this information will not be shared with a 3rd party.
Will interest still accrue?
Yes, interest will continue to accrue on your loan.
Is there a fee to defer my payment?
No, we are not charging a fee.
Will this payment be moved to the end of my loan?
Yes, this payment will be added to the end of the term.
When will my credit card show the payment deferral online?
Once the Visa cycles after the 15th you will see the change in the due date.
*By participating in the PMCU payment deferment offer, you are requesting to defer your loan payments as indicated above. You agree and understand that:1.) You must specify whether your loan is paid with an ACH or payroll deduction in order for PMCU to stop payment. If PMCU is unable to stop your ACH or payroll deduction payment in time, your payment deferral may be delayed until the next scheduled payment; 2.) You must specify whether your loan is paid by auto-deduct through online banking or another method from any banking institution (including PMCU). PMCU is unable to stop payments set up though these methods. Any payment(s) that are approved for deferral but automatically made through an automatic payment method will be re-directed as a deposit into your share account; 3.) Deferring your payment(s) may result in your having to pay a higher total finance charge than if you made your payment(s) as originally scheduled. Interest will continue to accrue on the outstanding principal balance during the payment deferral period; 4.) The payment deferral may extend the maturity date and payment terms for each of your loan(s) on which one or more payments are deferred, and you have to make more payments to extinguish the balance of your loan(s) than was originally specified in your loan documents. In the event your payment deferral request is granted, you agree to fully cooperate with PMCU to sign any and all documents requested by PMCU to: a. Document the payment deferral and loan modification; b. Preserve any and all PMCU security interest and rights indicated on the initial loan documents; 5.) If you elected to add GAP or Warranty Coverage to your loan(s), the coverage may not extend beyond the original maturity date; 6.) You are required to resume your payments when the deferral period is over; 7.) All payment deferrals are subject to Credit Union approval. Not all loans will qualify. All loans that have a status of repossession, bankruptcy, foreclosure, deceased, or have a legal inquiry will not be deferred.
To help members who may be suffering financial hardship due to losing their job or another loss of income, you may qualify for a forbearance on your mortgage payment.**
If you are in need of a mortgage forbearance, please fill out the online form and a Premier Members representative will call you back to discuss your options.
**Additional disclosures and requirements will be provided to you after speaking with a PMCU representative who can address your specific situation and the options available to you.
SBA Paycheck Protection Program
We want to help you get the Small Business Administration (SBA) Paycheck Protection Program emergency funds you may need to continue paying your employees and supporting your business. You may be eligible for a loan under the SBA’s new Paycheck Protection Program. The program is designed to provide small businesses access to capital for payroll and other overhead costs. For more information, please click on our SBA Paycheck Protection Program page.
Other Information And How You Can Help
We’re here for you. Since 1959, Premier Members Credit Union remains committed to our membership and supporting our local communities. We continue to stand strong with those who matter most: our members, our employees and our communities.
Individual Financial Assistance and Resources
- Aunt Bertha Social Care Network
- Chalkbeat Denver Area Meal Distribution Sites
- Colorado Apartment Association Housing Financial Assistance Programs
- Comcast Internet Essentials
- Connect for Health Colorado Health Insurance Special Enrollment
- Eviction Defense Project Colorado Tenant’s Guide to COVID-19
- Feeding Colorado Find Food Assistance
- Mental Health Center of Denver COVID-19 Resources
- United Way 2-1-1 Community Resource Center
Small Business Financial Assistance and Resources
- Colorado Creative Industries Resources to Support the Arts
- Colorado Department of Labor Information and Resources
- Colorado Office of Economic Development Business Resource Center
- Colorado Restaurant Association Coronavirus Resources
- Colorado SBDC Small Business Disaster Preparedness
- Facebook Small Business Grants Program
- Help Colorado Now Colorado COVID Relief Fund
- Professional Beauty Association COVID-19 Relief Fund
- SBA Guidance & Loan Resources
- US Senate Small Business Owner’s Guide to the CARES Act
- Verizon Small Business Recovery Grant
How You Can Help:
From helping your elderly neighbor by providing grocery shopping, to chalk-written messages of inspiration on city walkways and bikeways, we encourage you to play a role by supporting one or more of the local efforts related to overcoming the devastating impacts of COVID-19.
Here are just a few ways you can help:
- 2-1-1 Colorado Volunteer or donate funds. 2-1-1 Colorado connects all communities to critical resources simply by dialing the three-digit number.
- Colorado Mask Project Make face masks to slow the spread of COVID-19 for your friends, neighbors, or donate to those in the medical field.
- Feeding Colorado Connect with your local foodbank to provide volunteer time or funding.
- Help Colorado Now Volunteer and donate to statewide causes related to COVID-19.
- United Way Worldwide Connect with your local United Way to offer your time and talent through volunteering at or donating funds to help with COVID-19 relief efforts.