Cardinal Assistance Loan Programs
Cardinal Assistance Loan Programs
We’re Here for YOU
The health and safety of Cardinal Credit Union members and employees is our top priority. Our philosophy remains unchanged: to protect your assets, provide access to your money, and secure your financial future. People helping people has been our principal tenet for more than 67 years. One of which our Credit Union was founded on, and one of which we still honor, today.
We are a reliable, strong, and fiercely independent financial cooperative. When you bank with us, your money is safe. This includes the backing of the U.S. Government through the National Credit Union Administration (NCUA), who insures each member’s deposit up to $250,000, the maximum insurance amount.
Our Cardinal team is here for you; our call centers are staffed and ready to help. We remain diligent in monitoring the rapidly changing conditions impacting our region. We are taking preventative actions in our branches to mitigate the spread of illness and ensure seamless access to your accounts. We have recently implemented measures to help minimize the financial disruptions facing your family. Temporary assistance loan programs are detailed below.
As always, we appreciate the trust you have in us, and the opportunity to serve those families in the Cardinal community. I want to assure you that Cardinal Credit Union is equipped to face these challenges and is prepared to lead our industry with a focused commitment to keeping our members safe and financially secure. Thank you for your understanding and patronage.
Programs available for VISA®accounts:
VISA Skip-a-Pay Emergency will be available through June 30, 2020.
How do I request to Skip-a-Payment?
For a one-time Skip-a-Payment, please call PSCU (our VISA partner) at 1-866-820-5849.
If further assistance is needed, you may contact our Credit Solutions Team to discuss Cardinal’s Hardship Assistance Program. They may be reached directly at creditsolutions@cardinalcu.com or 440-266-2295.
Daily Number of Authorizations Increase
How do I Increase my number of Authorizations?
There is nothing that you need to do. The Daily Number of Authorizations will automatically increase from 15 to 25 daily, effective March 19, 2020 through June 30, 2020.
Credit Union Coverage: PSCU (our VISA partner) will be available to assist with questions. Please call PSCU (our VISA partner) at 1-866-820-5849 or email the credit union at loans@cardinalcu.com.
VISA “Temporary” Credit Line Increase
Immediate increase of $500 if account is in good standing. Share Secured VISA® excluded. The lines will lower on 12/31/2020, with more information to follow.
How do I request a VISA instant increase?
The temporary line increase can be activated by calling PSCU (our VISA partner) 1-866-820-5849.
Programs available for Consumer Loans (Auto, Recreational, Unsecured and Signature Line of Credit):
With Skip-a-Payment, we’ll let you take a break from your loan payment when you need it most.
It is easy! Just complete the Skip-a-Payment form for any qualifying loan. If you have more than one loan, you can select to skip on each eligible loan. Cardinal will then extend the term of your loan by an additional month.
What is new about Skip-a-Payment?
- We will accommodate all borrowers by changing the six-payment requirement. You can now take advantage of Skip-a-Payment after making your first loan payment.
- If you already used Skip-a-Payment, no problem! We are now offering the opportunity to use this benefit again this year. This offer is now available twice every 12 months. The second skip-a-pay may not be consecutive.
How do I request to Skip-a-Payment?
- Sign in to your online banking. Skip-a-Payment option is available under the “Services” tab.
- If you do not have online banking, we have created the form to be completed electronically on our website under COVID-19. However, please allow additional time for the handling and processing when completing electronically.
As we try to minimize call volume, please attempt options 1 or 2 first. If option 1 or 2 is not possible: request the form via drive-through or call us at 440-266-2200, and we will send the form to you via mail, email or fax.
If further assistance is needed, you may contact our Credit Solutions team to discuss Cardinal’s Hardship Assistance Program.
Programs available for First Mortgages:
The following loan types are not eligible for this option: Mortgages and Home Equity Lines of Credit (HELOC). Due to regulatory limitations, First, Second and HELOC mortgages do not qualify for the Skip-a-Payment program.
Fannie Mae has introduced a Forbearance Program for borrowers impacted by COVID-19. Please contact our mortgage department directly 440-266-2200, option 5 for existing mortgages and option 4 for new mortgage applications or mortgages in process or email mortgage@cardinalcu.com. We will continue to monitor any regulatory limitations or federal updates that may impact mortgages.
Programs available for Member Loans:
With a Member Loan, we’re here to help you find a solution, with an easy process to receive funds fast.
Member Loan
We are proud to offer Member Loans to Cardinal Credit Union’s existing members. Member Loans are for $505 or $1,005 and may be directly deposited into your account. These loans require automatic loan payments and direct deposit established. The loan has a 13-month minimum repayment term, with no payment for the first 30 days. Existing Member Loans may be eligible to refinance up to $505 or $1005 and utilize no-payment for the first 30 days, if membership is in good standing.
How do I receive a Member Loan?
- The Member Loan application is available under the “Loans” tab, at the top of this page. Select “Personal Loan” option or by click here to apply.
- Email us at loans@cardinalcu.com for form.
As we try to minimize call volume, please attempt options 1 or 2 first. If option 1 or 2 is not possible: request the form via drive-through or call us at 440-266-2200, and we will send the form to you via mail, email, or fax.
Programs available for All Members:
Cardinal is here for you, when you need it the most. Our Fees Reduced/Waived Program is more important now than ever before.
Fees Reduced/Waived Program:
- Mobile deposit check fee WAIVED
- Holiday Club withdrawal fee WAIVED
- Skip-a-Payment fee REDUCED to $12.50
- Fee for making a loan payment from an outside financial institution REDUCED to $7.50
As news and information about the coronavirus continues to circulate, the safety and well-being of our members, staff, and communities are the top priorities. Additionally, we want to help you assist your members with any Smart Option Student Loan Program challenges due to COVID-19. For those affected, Sallie Mae will suspend payment for one month and keep the loan marked in good standing. Members may extend as many months as necessary simply by contacting Sallie Mae and requesting the extension. In addition, Sallie Mae will waive late fees and can modify the account terms, as warranted.
If your borrowers with Sallie Mae private student loans have been impacted by the coronavirus, they can chat with Sallie Mae representatives via SallieMae.com or by calling 800/4-SALLIE (800-472-5543) during the following times:
- Monday – Thursday: 8:00 a.m. to 9:00 p.m. ET
- Friday: 8:00 a.m. to 8:00 p.m. ET
- Saturday: 9:00 a.m. to 6:00 p.m. ET
Students can also access their accounts anytime, using SallieMae.com or the Sallie Mae App to manage their accounts, view transactions, check balances, make payments, change passwords, and more.
SBA DISASTER LOANS FOR COVID
- May not be eligible to farmers or ranchers
- No cost to apply, only fees are for filing fees from the county/state and insurance
- Loans up to $2mil based off of each business’s financial position
- 75% for profit business
- 75% for not for profit
- Lien will be placed against the property, if loan amount is greater than $25,000. If there is a first lien it will be a second lien and so forth value of collateral means nothing right now
- Must show the ability to repay
- First payment is due 11 months from closing date
- No prepayment penalty
Applicants may apply online, receive additional disaster assistance information and download applications at: https://disasterloan.sba.gov/ela
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email DisasterCustomerService@SBA.gov for more information on SBA disaster assistance.
Individuals who are deaf or hard of hearing may call (800) 877-8339 or email DisasterCustomerService@SBA.gov
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155
Paycheck Protection Program
We’re here for you.
Cardinal is committed to helping our current members and current business owners with the Paycheck Protection Program.
Due to the volume expected and our commitment of excellence in service, we will only be accepting applications from our current business members. Currently, like other financial institutions, we are reviewing the additional guidance from the U.S. Treasury and reviewing the final guidelines and details recently received from the Small Business Administration. We will update this website as soon as we are able to begin the online application process.
Thank you for your patience during what we know is a very challenging time.
Interested in the Paycheck Protection Program? Email us at sbacares@cardinalcu.com
Before requesting to Skip-a-Payment:
Please ensure you first read the above guidelines, and know what is available for each service.