COVID-19 Income Assistance Program
As we navigate these unprecedented times, we understand the hardship a loss or reduction of income generates. To assist our members who are experiencing a loss of income as a result of COVID-19, we have the following program available.
Midcoast Income Assistance Loan2
- Up to $5,000
- 1.99% APR1
- Up to 36 Month Term
- 90-day Payment Delay
- Borrow a month of lost income up to $5,000
- 90-day no payment grace period
- Up to 36 equal installment payments
- No prepayment or early payment penalties
- Verification of financial hardship required
We are here to help! However, communication is essential. If you have an existing loan with us and need payment relief, please contact our Member Contact Center. Additional information regarding COVID-19 communications can be found here.
1. Annual Percentage Rate. 2. Must provide proof of hardship by form of paystubs indicating reduced income or letter from employer or provide a general understanding of the hardship impact (i.e. medical equipment). Two recent paystubs are required. Payment examples are approximate: $2,000 at 1.99% APR for 12 months equals $168 per month after the 90 day repayment delay. $5,000 at 1.99% APR for 36 months equals $143 per month after the 90 day repayment delay.