Member Assistance Program
Consumer Loan and Credit Card Payment Relief
The BECU Member Assistance Team is here to support members facing financial hardship due to circumstances like the COVID-19 pandemic. We are committed to doing what we can to help members during this difficult situation.
This program is for:
- Existing BECU members with consumer loans and credit cards
Please note: Members who accept a loan payment deferment will have all open lines of credit suspended (including credit cards, HELOCs, and personal lines of credit). These suspensions will be permanent, and a member must re-apply at a later date to reinstate the credit line that was suspended.1
This program does not assist with student loans, mortgages, or business products. Refer to the resources below to find additional assistance:
Payment Relief Options and Terms
The Member Assistance Team may be able to help with short-term payment relief and loan modifications on BECU loans and revolving credit including home equity, auto, boat, RV, credit cards and personal loans.2 In addition, as we assess the continuing financial impact of COVID-19 on our membership, BECU has suspended foreclosure actions during the COVID-19 crisis.
One of our specialists will work with you to determine the right relief option to best meet your needs. Relief may be offered in the following ways:
|Auto & Vehicle Loans (Auto, RV, etc.)||
Vehicles without required insurance on file with BECU may not be eligible
|HELOC (Home Equity Line of Credit)||
Reduce minimum payments to interest-only
We are only able to reduce principle & interest payments to interest-only. If you already are on an interest-only payment plan, we are unable to offer additional assistance.
|Personal Line of Credit||
Reduce minimum payments to interest-only (or comparable amount)
|Visa Credit Card||
Interest continues to accrue during the deferment period. Payments will resume at the same amount outlined in your loan contract, and accrued interest must be paid off before payments are applied to principal again.
When paying deferred closed-end loans, the payment schedule will be recalculated and extended.
Additionally, members who accept a loan payment deferment will have all open lines of credit suspended (including credit cards, HELOCs, and personal lines of credit). These suspensions will be permanent, and a member must re-apply at a later date to reinstate their credit line.
Timeline and What to Expect
- Day 1: Payment relief request received.
- Day 2-4: Payment relief requests reviewed. A Member Assistance Specialist contacts you by phone or secure email if there are outstanding questions or processing issues.
- Day 5-7: Letter is sent to your address on file stating your request has been processed and the relief option BECU was able to offer.
- Avoiding Foreclosure (PDF)
- Personal Budget Worksheet (PDF)
- Financial Relief Assistance - How We Can Help
- Small Business Assistance - Paycheck Protection Program
- GreenPath Financial Counseling
- BECU's COVID-19 Response
You may also consider refinancing or applying for a new loan to take advantage of lower interest rates.
If you're a BECU member experiencing a financial hardship, and you'd like more information, please call 800-233-2328 to speak to a representative.
1Approval subject to BECU membership, credit approval and other underwriting criteria; not every applicant will qualify. In some cases, we may be able to reinstate your HELOC account without requiring a complete application process. Your suspension of credit limit letter will include additional details about HELOC reinstatement.
2A specialist will work with you to determine the duration of assistance. With deferred payments, interest will continue to accrue during the deferment period. Payments will resume at the same amount outlined in your loan contract, and accrued interest must be paid off before payments are applied again to principal. For deferred closed-end loans, your payment schedule will be recalculated and extended.