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.
If you meet the following, you are a good candidate for this program: You are a BECU member in good standing; your loans are current; you have positive balances in your deposit accounts; and insurance on your vehicles.
If you have a loan 16 or more days past due, a vehicle loan without sufficient insurance coverage, or a deposit account with a negative account balance, we may not be able to defer or modify loan payments. However, we still encourage you to submit your request if relief is needed. Our specialists will contact you via phone or secure email to discuss your options after you apply.
All vehicles must have full coverage insurance in place with a deductible of $1,000 or less and BECU named on the policy as the lien holder.
When submitting your request, please select any applicable loans that you have with BECU which would benefit from payment relief or modifications.
You will be asked to provide your name, contact information, and last four digits of your BECU savings account number. You can find your account number in Online Banking or our mobile app. You can also choose to provide additional information regarding your current hardship circumstances; this information will help our specialists determine the right relief options to best meet your need.
We do not charge additional penalties or fees to apply for or process relief requests.
Once your request has been approved, you will receive documents in the mail that outline your approval and the steps taken to modify your loan. These documents will be sent 5 to 7 business days after your request has been submitted. If there are outstanding questions or issues processing your request, our specialists will contact you within 2 to 4 business days to discuss your options.
If you don't qualify for payment relief, our specialists will work with you to outline the reason for a denial as well as next steps needed for you to meet the qualifications.
Once you are approved for relief, simply follow the new payment terms. You do not need to take any further action with BECU. If you have automatic payments coming from another financial institution, you may need to contact them to adjust your payment schedule.
Please note: After accepting a loan payment deferment, all your open lines of credit with BECU will be suspended (including credit cards, HELOCs, and personal lines of credit). These suspensions will be permanent, and you must re-apply at a later date to reinstate your credit line.
We want members to explore all other options available before requesting a deferral. If you're falling behind on loan payments, we first recommend using funds from another resource, such as savings or an existing line of credit, before requesting a deferral.
Deferred payments continue to accrue interest 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.
Have a deferred closed-end loan? Your payment schedule will be recalculated and extended. If you have automatic payments coming from another financial institution, you may need to contact them to adjust your payments accordingly.
- 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.