MSGCU offering Economic Relief Loan to those impacted by UAW strike

CLINTON TOWNSHIP, Mich. – Oct. 17, 2023 – Michigan Schools and Government Credit Union (MSGCU) announced it is supporting community members impacted by the UAW strike by offering an Economic Relief Loan. MSGCU also offers additional services that are always available to help those who are facing budget challenges achieve financial success.

To help local residents in the neighborhoods it serves, MSGCU is offering the Economic Relief Loan to striking workers from GM, Ford, and Stellantis. They can apply for loans of up to $3,000 at a fixed rate of 7.50% APR* with no payment due for the first 45 days and repayment terms up to 24 months. Loan applications can be completed online at msgcu.org/economicreliefloan, by visiting one of MSGCU’s 19 branch offices, or calling (866) 674-2848.

"As an organization that is dedicated to giving back, we wanted to provide a solution for those in our community that may be struggling with financial challenges due to the ongoing strike," said Steve Brewer, MSGCU President/CEO. "MSGCU aligns our services with the credit union philosophy of people helping people, and this loan is one way of helping others during this time of uncertainty."

MSGCU also encourages striking workers, or anyone, to visit any of its branch offices to meet with a certified financial counselor who can review their finances and provide budgeting guidance and money saving tips. The credit union also provides free financial education at msgcu.org/education, which is available 24/7 and features articles and interactive lessons on a variety of money topics.

Additional relief options for current MSGCU members include loan extensions^ and Skip-A-Pay†, allowing members to adjust loan terms and payments or skip a payment on many of MSGCU’s consumer loans. Visit msgcu.org/economicreliefloan for more information, including important terms and conditions, and contact MSGCU with any questions.

*APR=Annual Percentage Rate. Must provide proof of employment by General Motors, Ford Motor Company, or Stellantis. Limit of one loan per person per year. Loan subject to credit approval. Example: A loan amount of $3,000.00 with a rate of 7.50% APR for 24 months would have a monthly payment of $135.03. Contact an MSGCU Representative for details.
^Loan extensions terms and conditions apply. Contact an MSGCU Repayments Representative for details.
†To take advantage of MSGCU’s Skip-A-Pay Program, all accounts (including loans and credit cards) you have at MSGCU must be current and in good standing (no outstanding NSF charges, no extensions over the last 12 months, no forced-placed insurance, and no delinquencies in the past 6 months). Skip-a-payment is not permitted on real estate secured loans, personal line of credit and Visa loans. The Skip-A-Pay Program is not eligible on loans that have had a Skip-A-Pay within the past 12 months and loans that have been open for fewer than 6 months. Skipping a payment will extend the term of the loan, will result in increased finance charges and may reduce the amount of any benefits from disability, life, and/or GAP insurance by the amount of the payment skipped. Contact an MSGCU Representative for details.