Credit Unions: Better for Illinois

IMPORTANT INFORMATION ABOUT ILLINOIS CREDIT UNIONS AND COVID-19

 

 

During this COVID-19 pandemic, credit unions are creating new programs to meet their members’ changing needs. In response to these unprecedented circumstances many Illinois credit unions are currently offering their communities:

  • Up to 90-Day deferment on loan payments including mortgages
  • Skip-a-pay programs on auto and home loans and credit cards
  • Access to equity on auto loans
  • Up to 90-Day no payment on new auto loans
  • Waived fees for early CD withdrawals
  • Waived fees on overdrafts and other services
  • Lower interest rates on loans
  • Emergency hardship loans
  • Extended due dates on collections
  • Employee Assistance Account for emergency funds
  • Financial counseling for members to assist with debt consolidation and protecting their credit
  • Developed innovative ways to serve members safely.
  • Donations and assistance to local community organizations

For more information about how Credit Unions are responding to the COVID-19 crisis, go to AmericasCreditUnions.org.

The Better Choice for Illinois Families

Credit unions are the better choice for Illinois' middle-class families. They work to help Illinoisans build their dreams, keep their homes, start and expand small businesses, and hold their communities together.

Illinois credit unions are local community-based not for profit financial cooperatives that are owned and run by their members. Local credit unions keep money in our communities instead of shipping profits to Wall Street and they share earnings with their members by providing dividends and lower rates on loans along with higher interest on savings.

They support members in times of need with low-interest loans for medical emergencies, more options to help families pay for college or buy a home and with financial literacy programs to empower consumers to improve their financial lives.

Credit unions are not for profit institutions that are helping Illinois grow and prosper. New taxes on credit unions are not going to solve Illinois' fiscal problems and will only result in taking money out of the pockets of already overburdened middle-class families.

Advancing Illinois Communities Through:

3.3 Million Credit Union Members
$4.9 Billion Economic Impact
24,012 Jobs
241 Credit Unions
$437 Million in Benefits for Illinois Consumers
$261 Benefits Per Household