Disaster Loan

Sierra Central Disaster Relief Unsecured Loan Request.
Sierra Central is offering a Disaster Relief Signature Loan for members that may need help during this recent disaster.

  • We’re offering a 2.0% interest rate loan
  • An unsecured loan offering up to $5,000
  • A maximum term of 60 months and the first payment due 90 days from the date of funding

Payment example: $5,000 @ 2.0% APR for 60 months = $87.64

Request To Be Contacted

Please choose your preferred Sierra Central branch location.
Applying members will need to demonstrate that they live or work in areas directly affected by the disaster.

*APR=Annual Percentage Rate, 2% APR for a limited time and subject to change without notice. Must be an existing Sierra Central Member. The minimum payment will be $50 per month. Proof of residence or employment in affected areas required. The loan proceeds may not be used to pay off existing debt. All loan requests will be reviewed for compliance with regulations, credit union policies and subject to credit union underwriting guidelines as determined for disaster relief loan program . Membership and/or participation fees may apply. Rate, terms and conditions may vary and are subject to change at any time without notice. We reserve the right to correct printing errors.

Forbearance. Deferred Payment from Sierra Central Credit Union.

Mortgage Loan and Consumer Loan Forbearance (Deferred Payment);

  1. A forbearance is a temporary pause in your loan payments to help you during the period of shelter-in-place and quarantine called for by our federal, state, and local governments.  If your regular income has been reduced or lost altogether during this period, a forbearance may be beneficial to you until you’re able to return to work. Our forbearance plans for both consumer and real estate loans (first mortgages, home equity loans, and home equity lines of credit) are currently offered for 90 days.
  2. A forbearance plan is very easy to apply for – use the request options below, complete the required information and submit.  We will respond during our regular business hours. After-hour requests will be responded to the next business day.
  3. You don’t need to be behind on your payments to apply for a forbearance plan.  The plan is designed to help you avoid late charges and negative credit reporting during your temporary loss of income.  There will be no future repercussions if you apply for a forbearance plan for a Sierra Central loan.  If you think you’re going to fall behind on your payments, please contact us immediately to apply for a forbearance plan so that we can help you avoid that.
  4. A forbearance plan is not a refinance, an interest rate modification, or a cancellation or forgiveness of your loan obligation. It is simply a deferment of payments and will require re-payment.  
  5. Once your request is approved, we will send you a document for you to sign agreeing to the temporary pause in your loan payments – please sign and return that document as soon as possible.
  6. A forbearance plan is usually the best option for members with temporary financial hardships.  If you don’t think your full financial health will be restored soon, we have other options we will discuss with you.
  7. Before the end of the 3-month forbearance period, we will offer you three options for repaying the principal and interest payments that we deferred according to your forbearance agreement. Those three options are:
    1. Pay your loan balance in full.
    2. Pay the three deferred payments in full, plus the then-due payment.
    3. Or, agree to modify your mortgage by resuming your original principal and interest payment, specified in your original promissory note, and adding the interest portion of the three deferred mortgage payments to your outstanding balance.
    If you choose to modify your Sierra Central mortgage under option (3), we will not change your monthly payment amount or your interest rate. We will extend the remaining term, and thereby the maturity date, of your mortgage for a sufficient number of months to fully amortize your balance. There are no fees or other charges associated with this modification.

    If you have questions about any of these three options, or about forbearances modifications in general, please call us.

Additional Resources Available

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