What should I do if I’m having financial difficulties, and I can’t make my loan payment?

Susan Strayer
2023-04-25T21:07:48Z

Mission City Federal Credit Union does provide financial assistance for times of difficulty and we hope to offer suitable options once your eligibility has been determined.

The options are customized for each loan. Hardship plans offered depend on a variety of factors for your loan, including, any previous loan modifications, the number of payments remaining for your loan, and the creditor’s authorization.

Hardship plans offered will only be available if you are eligible after your request is reviewed. Hardship requests can take up to 30 days to process after having received a complete application.

Frequently Asked Questions

How Do I Apply?

You must be logged into your account in order to access the hardship application . After logging into your account you can apply here.

You will typically be notified via email at the email address on file, along with an update on your dashboard within 7 business days with a decision. During our review you may be asked to provide additional documentation to complete your request. If approved, you will be provided the available options on your dashboard.

Please note, if you have multiple loans, a separate hardship request is required for each loan you need assistance with.

What Are the Eligibility Requirements?

For most loans, the initial eligibility requires you to have completed anywhere from 2 to 4 payments. Some of the additional eligibility requirements are:

Loan is not charged off

Loan is not in the final payment period

Loan has not been modified by settlement

Eligibility requirements may vary depending on the loan, so we recommend that you submit an application for your eligibility to be determined. If you are not eligible after the application is reviewed, additional details will be provided though your email address on file and in the message box on your dashboard.

What Are My Next Steps After Approval?

To review and accept a plan:

1. Log into your dashboard.

2. Select ‘View Loan’. You will have a banner that reads ‘We have received your request for assistance and can present you with a few options. Select a plan.’

3. Click on ‘Select a plan,’ and this will bring up the acceptance page where the details of the hardship plan are listed.

4. After selecting a hardship plan, you will be prompted to select a future payment method

5. Click ‘Begin New Plan’ to complete the process.

Please note that the hardship plans presented upon approval are the only options available. We are unable to modify or extend them.

How Does Hardship Impact My Credit?

Not acting could result in a negative impact on your credit score or keep you from obtaining financing in the future. Depending on the type of hardship plan you select, it may be reported to the credit bureaus as modified, forbearance, or partial payment agreement.

For more information, we recommend that you reach out to the credit bureaus.

What Are My Options Outside of Hardship?

Utilizing the Grace Period: With every due date, you automatically receive a 15 day grace period. A late fee will be assessed on the 16th day an account becomes past due.

Bringing the account to current before the next due date: Accounts are reported to the credit bureaus as of each due date. If an account is current by its next due date it will not be reported as past due.

Making multiple smaller payments that add up to the monthly amount due, on the dates that work best for you: Split payments can be made at any time from your dashboard or over the phone. If you do plan to make smaller payments when you are able, please keep in mind the last day of grace, our credit reporting policies, and that interest accrues on a daily basis. Also please be aware that one-time payments do not cancel out recurring payments. However, you may turn off the recurring payments at any time through your borrower dashboard.