It's an unprecedented cash crunch, and with unemployment sky-rocketing and money not coming in, what do you do if you have a car loan or a credit card bill coming that's due?
Finally, what may be some good news, many major banks announced they're easing payment deadlines and waiving fees. But what do you have to do to get this cash consideration?
"They have these things that kick in during disasters like hurricanes, wildfires and terror attacks, and the coronavirus certainly applies," said Matt Schulz, of Lending Tree.
Schulz says relief is out there for those hit hard in their wallet by the coronavirus pandemic.
The big banks like Chase, Citibank and Bank of America are all extending credit limits, extending payment deadlines, waiving late fees, lowering minimum payments and are not reporting missed payments to credit bureaus.
"If you miss one payment it's not something that just dings your credit during this virus outbreak," Schulz said. "It's something that sticks on your credit report for quite some time."
You can also temporarily suspend auto loan payments. Ally is offering 120-day extensions without late payments.
Hyundai is offering to help car buyers with payment coverage who lost jobs because of the coronavirus and Wells Fargo is suspending auto repossessions.
For mortgages, the U.S. Department of Housing and Urban Development has suspended foreclosures for at least two months.
The key is you usually have to make the first step, because if you're falling behind on your home loan or any other debt, call your lender and ask about your options.
"It never hurts to ask," Schulz said. "The worst thing they can say is no, but now banks are working with its customers."
Some additional help, the U.S. Department of Education has automatically set a 0% interest for federal student loans for at least 60 days, meaning you don't have to pay interest for two months.
Auto insurer Geico also stated it won't cancel your coverage if you're late.
Here is a list of what banks and mortgage companies are doing to help customers affected by the coronavirus:
Effective Wednesday, March 18, Ally is offering the following financial support initiatives: Will defer payment for existing auto customers for up to 120 days without incurring late fees or finance charges. Will give new auto customers the option to delay first payment for 90 days. Will defer payment for existing mortgage customers for up to 120 days without incurring late fees or finance charges. Will waive overdraft, expedited checks and debit card fees for existing bank customers for the next 120 days.
Link to Ally: https://www.ally.com/coronavirus-response/?CP=EML400001705
Bank of America
Will refund overdraft fees, non-sufficient funds fees and monthly maintenance fees upon request for banking and small business customers. Will defer payments and issue refunds on late fees upon request for banking and small business customers .Will defer payments and issue refunds on late fees for small business loans upon request. Will defer payments, with payments added to the end of the loan, for auto loans upon request. Will defer payments, with payments added to the end of the loan, for mortgages and home equity lines of credit upon request. Will pause foreclosure sales, evictions and repossession.
Link to BOA: https://about.bankofamerica.com/promo/assistance/latest-updates-from-bank-of-america-coronavirus
Will offer financial relief options upon request, including limiting fees, providing minimum payment assistance and offering deferred loan payments.
Link to Capitol One: https://www.capitalone.com/coronavirus/
The bank has said it will offer additional assistance to those affected by coronavirus.
Link to Chase: https://www.chase.com/digital/resources/coronavirus
Effective Monday, March 9, Citi will do the following for an initial 30 days: Will waive fees on monthly services and penalties for early CD withdrawal for banking customers. Will waive monthly service fees, remote deposit capture charges and penalties for early CD withdrawal for small business customers. Offer credit line increases and collection forbearance programs for credit card customers. Offer a range of hardship programs through their service provider, Cenlar FSB, for eligible mortgage customers.
Link to Citi: https://online.citi.com/US/JRS/pands/detail.do?ID=covid19
Will temporarily suspend payments, as well as refund late payment and overdraft fees for bank customers, stop collection calls, suspend mortgage and home equity line of credit foreclosures. It will also waive early withdrawal penalties on CDs and waive outgoing wire fees for customers. Will offer extensions and payment deferral accommodations for smalls business clients. And will over credit card limit increases. It will also expand payment deferrals, waive late charges and issue lease extensions.
Link for Santander: https://www.prnewswire.com/news-releases/santander-us-announces-covid-19-relief-efforts-301028271.html
Will offer financial relief options upon request, including fee refunds, early penalty-free access to CDs and payment extensions.
Link for TD Bank: https://www.td.com/us/en/personal-banking/COVID-19/
Will offer fee waivers, payment deferrals and other expanded assistance for credit card, auto, mortgage, small business and personal lending customers who contact Wells Fargo directly. Will suspend residential property foreclosure sales, evictions and involuntary auto repossessions.
Link to Wells Fargo: https://www.wellsfargo.com/jump/enterprise/coronavirus-response
Offering up to six months of payment coverage if you bought a Hyundai between March 14 and April 30, 2020 and lost your job this year. It's also offering up to three months of deferred payments through April 30, as well as other coverage for customers who recently lost their job.
Link to Hyundai: https://www.hyundaiusa.com/us/en/assurance/hyundai-assurance
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