NOTICE

In response to the COVID-19 pandemic, the credit union continues to work with members via phone, fax and e-mail. Members are unable to enter the credit union branch until further notice. Borrowers who have suffered a substantial drop in income as a direct result of the COVID-19 pandemic may be eligible for a 90-DAY loan payment forbearance. Click here to learn more.

San Joaquin Power Employees Credit Union

PG&E credit union since 1934

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Borrowers Financially Impacted by COVID-19 May Qualify for a 90-Day Loan Payment Forbearance

Members that have been financially impacted by the ongoing COVID-19 Pandemic may qualify for a 90-Day Loan Payment Forbearance. This program is to assist our borrowers who have been most hurt financially by the pandemic. If qualified, a borrower will not be required to make a loan payment for 90 days from the current due date. A loan payment forbearance is not a loan forgiveness, and interest will accrue during the forbearance period. The maturity date of the loan will also be extended as a result.

A loan qualifies for forbearance if:

  1. The borrower(s) combined monthly gross income has decreased by 20% or more. (A reduction in overtime is not considered as SJPECU does not utilize overtime pay when approving loans.)
  2. The subject loan was current prior to the COVID-19 related loss of income.

To request a 90-day forbearance you will need to do the following:

  1. Call the credit union at 1-800-637-5993 or e-mail a credit union employee to request a forbearance.
  2. Provide paystubs for the entire month of February.
  3. Provide paystubs for the most current month if still employed.
  4. Provide a copy of a severance notice if a borrower lost employment.

 NOTE: Mortgage Loans with Impound Accounts: Borrower qualifying for a forbearance on their 1st mortgage who also have SJPECU impound for their taxes and/or insurance will need to make a lump sum payment equal to 3-months of impound payments as soon as possible to avoid non-payment of property tax and insurance.

If you have been impacted financially by the COVID-19 pandemic and are in need of loan payment forbearance contact the credit union at 1-800-637-5993.

“Dedicated to serving ONLY employees and retirees of PG&E since 1934!”