While 7 17 remains hopeful that any impact of the coronavirus (COVID-19) on our communities is well-mitigated and short-lived, we are committed to working with members that may suffer financial hardships as the result of the current situation.
To help our members through this difficult time, 7 17 is offering:
- free skip payments
- loan extension agreements
- loan modifications
- 60-day foreclosure and repossession holiday
- emergency loans
Members can learn more by calling our TeleServices Department
No-cost, online skip payment option for 7 17 member loans during COVID-19
We understand that we’re all in the midst of challenging times. We want our members to know that we are committed to helping to ease your financial burden and overall peace of mind. 7 17 Credit Union is providing members affected by the COVID-19 pandemic with the opportunity to skip their loan and mortgage payments.
7 17 members can use the link below to access our secure, online form to submit a request to skip two loan payments on most credit union loans. Processing fees will be waived if your skip payment request is authorized.
7 17 members can use the link below to access our secure, online form to submit a request to skip two mortgage loan payments. Members will receive a loan modification form that must be signed by all borrowers (either by remote signature, through the mail or in a branch by appointment) before your skip payment is authorized. Processing fees will be waived if your skip payment request is authorized.
SPECIAL NOTICE TO MEMBERS WITH MORTGAGE LOANS SERVICED BY MIDWEST:
Please do not use this online form. To request a mortgage payment skip, you will need to contact Midwest directly at 1-800-240-4214 and select Option 1. This will connect you to their collections department; please not this is NOT A COLLECTION matter, but the department is able to process your request.
If you find yourself in a difficult financial position, your credit union is here to help.
Members can take advantage of 7 17’s Emergency Loans to help them navigate the financial impacts from the COVID-19 pandemic. Members can apply for a loan amount that works for them – up to $15,000*, and choose their loan term – up to 60 months. Plus, we’re offering 90 days until your first payment.
Note: A $150 processing fee will be included in your approved 7 17 Credit Union Emergency Loan.
Here’s an example of how it works:
If you need $10,000, borrow $10,150 for 60 months and your monthly payment could be as low as $203.26.**
Please contact us for complete details on our Emergency Loan program and how we may be able to help you during this difficult time.
(Important: when using our online loan application, select “Note Loan” as the Product, then select “Emergency Loan” as the Loan Purpose).
*For well-qualified borrowers. **You must be a member in good standing and credit qualify. Payment example for a $10,150 Emergency Loan and term of 60 months assumes a rate of 6.99% (7.58% APR – Annual Percentage Rate) and these requirements: a credit score of 740. Other examples (when all requirements are met): If you borrow $10,150 for 48 months at a rate of 6.99% (7.70% APR), your approximate monthly payment would be $245.81; or if you borrow $10,150 for 36 months at a rate of 6.99% (7.90% APR), your approximate monthly payment would be $316.96; or if you borrow $10,150 for 30 months at a rate of 6.99% (8.05% APR), your approximate monthly payment would be $373.99. Payment examples are for illustrative purposes only – other loan amount and terms are available. Your individual Emergency Loan payment amount, rate and APR will vary based on factors such as, but not limited to, credit worthiness, loan amount and loan term. Emergency Loans are not eligible for any discounts. A one-time processing fee of $150.00 applies to any Emergency Loan, which is included in the loan amount; for example, if you borrow $10,150.00, you will receive $10,000.00 in disbursed funds. Contact us for complete details and current rates.
With all the uncertainty surrounding the COVID-19 pandemic, we wanted to remind members that our financial education partner, KOFE (Knowledge of Financial Education) is an excellent resource. They’ve compiled a list of free tips and resources to help you navigate the short and long-term financial impacts from COVID- 19. To learn more visit, 717cu.kofetime.com/financial-tips-for-a-pandemic
Member Assistance Programs
7 17 has compiled a list of organizations in the region geared towards helping our members during this difficult time. If you are experiencing hardships, please visit our list of assistance programs
*7 17 Credit Union does not make any claims, endorsements or guarantees if you contact or enter into any kind of relationship with any of these service providers.