If your employment is affected by the current pandemic crisis, City of Boston Credit Union may be able to help, following are some options that may assist you:

Emergency Loan

This loan is available to current and new1 City of Boston Credit Union members who are in need of financial relief due to the government order for business closings.  These members may apply for this loan, which has the following parameters:

  • 14-month fixed term loan equal to the member’s one month net pay for the past month (maximum loan amount of $2,500).
  • The first 60 days of the loan has a 0.00% Annual Percentage Rate, with no repayment required during that 60 days.  For the remaining 12 months of the loan term the interest rate equals 8.99% Annual Percentage Rate. 2
  • Proof of last 30 days of income
  • Proof of hardship (for example, layoff notice or a recent paystub from a restaurant, retail store or other business closed due to the current pandemic)
  • If you have questions please contact us before applying.
  • Apply safely and securely online, click here
    Please note if you are not currently a City of Boston Credit Union member you may apply now for this special loan and we will contact you regarding your membership after application review)

Loan Skip-A-Payment

City of Boston Credit Union is offering members experiencing a financial hardship due to the Covid-19 pandemic the choice to skip one, two or three months of payments.  If you have more than one of the eligible loan types listed below you may choose to skip all of your payments or just one. The Skip-A-Payment option is permitted once every 12 month period for each loan product you have with the Credit Union.

The following loan types qualify for the Skip-A-Payment Program:

  • Personal Loans
  • New/Used Auto Loans
  • New/Used Motorcycle Loans
  • New/Used Recreational Vehicle Loans
  • Share Secured Loans
  • Tuition Loans
  • Home Improvement Loans
  • Visa® Credit Cards
  • Holiday Loans
  • Vacation Loans
  • Back to School Loans
  • Energy Loans
  • Mass Save HEAT Loans
  • Uniform Loans

It's easy to Skip-A-Payment, download and complete this form for each eligible loan you would like to skip and return form(s) by email to James Carden at jcarden@cityofbostoncu.com, to any branch location or mail to City of Boston Credit Union, City Hall Plaza, Room 242, Boston, MA 02201.

1 Membership eligibility qualifications apply, click here for City of Boston Credit Union membership qualifications.
2 APR = Annual Percentage Rates are accurate as of 3/18/20 and subject to change without notice.  The maximum loan amount is equivalent to or less than monthly net income with a maximum loan amount of $2,500.  
Monthly cost per $1,000 borrowed equals $87.45. Total loans written under this program will not exceed $2,000,000. Offer is subject to change or be withdrawn at any time without prior notice.