As more and more businesses make necessary changes to operations to stop the progression of Coronavirus, Mobiloil Credit Union is here to help our members address their financial concerns.
Effective May 26, 2020, Mobiloil Credit Union has or will defer contractually-scheduled payments on eligible loans for the next 30 days for eligible members. There is not a processing fee for this benefit. You can confirm whether or not your loan payment has already been deferred within online banking or our mobile app. Click below to download the mobile app.
Eligible loans must have at least the first monthly payment posted to the account. This benefit is not available for mortgage loans, home equity loans, real estate loans, credit cards, lines of credit, business loans or certificate or share secured loans. However, assistance may be available for such loans. Please contact the respective departments regarding these loans as follows:
This benefit is not available for members who are not in good standing, who have declared bankruptcy, and/or who have loans that are in default.
Please note that more than two skip payments for the life of the loan are not covered by GAP insurance.
While Mobiloil Credit Union has applied or will apply this benefit to eligible loans, a member may still continue to make payments on any affected loan. There is no penalty for not accepting the benefit. Just keep making your regularly-scheduled payment(s). If you would like to notify us personally of your decision to opt-out, then feel free to email us at email@example.com.
Please note that the payment deferral will extend the terms of an affected loan and that interest on the principal balance on the affected loan will continue to accrue at the contractual rate. Payment deferral may also result in more interest being paid on the loan than was processed at the time of loan origination.
Your regularly-scheduled contractual payment will resume following the benefit time period.