As of 18 March 2020, the Credit Union Board of Directors has approved that in addition to the interest rate adjustment we will offer an across-the-board loan payment deferral for a period of 1-3 months for Members in good standing.
This will be implemented in April. The board will conduct a monthly review to determine if this deferral will be extended to subsequent months. There will be no fees charged for this April deferral.
Loan deferrals after April will be considered for Members experiencing financial hardship. This includes Members in the tourism, hospitality and service industries which are heavily reliant on face-to-face contact. The deferrals will be granted on a case-by-case basis. There will be no fees charged for these deferrals.
As a reminder, the Credit Union is currently the only financial institution in the Cayman Islands that continues to offer an annual Skip-a-Payment for FREE (no fee) each November. In addition, we have continued to offer loan deferrals for months other than November, charging only a small processing fee. This normal practice was still in effect as of the second week of March this year BEFORE we made the decision to defer all loan payments in April 2020.
815-4222 or 815-4231
Please stay tuned here for continued updates as the situation evolves. We will keep you informed on any changes.