guy working on a car

Financial Relief Programs

loan payment assistance

If you or your family have been impacted by COVID-19 and need financial support, we've put together loan payment assistance options to help. We understand that the scope of impact may include areas outside of your control and our team members are ready to provide financial guidance and discuss solutions that may be available to you.
 
If you currently have a delinquent loan or need additional payment assistance, please contact us at (800) 777-6728, extension 110 at your convenience to discuss short-term modifications. We are in your corner in your time of need.
 
Auto & Personal Loan Skip-A-Payment
We’re waiving the application fee on our entire Skip-A-Payment* program. Eligible loans include: auto, motorcycle, jet ski, boat, RV, ATVs, snowmobiles and personal loans.
 
 
Credit Card Skip-A-Payment
To accommodate our members, all CCF credit cards are also now eligible for Skip-A-Payment* at no cost.
 
 
Home Equity Real Estate Loan Skip-A-Payment
In addition to consumer loans, home equity loans are now also eligible for Skip-A-Payment* at no additional charge.
 
 
To skip your payment, follow the instructions below using Online or Mobile Banking.

Online Banking:

  1. Log in to Online Banking
  2. Click “Move Money” at the top of the page, in the blue bar
  3. Drop the menu and select “Skip Payment”
  4. If the loan is eligible, you will be able to select what loan payment you would like to skip. Click “Next”
  5. The terms and conditions are listed on the next screen. Click “Agree” to continue.
  6. The next screen will recap the choices and click “Done” to go back to Online Banking.

In the CCF Mobile Banking App:

  1. Log in to Mobile Banking
  2. In the top left corner, click the 3 lines to drop the menu down
  3. Select “Skip Payment”
  4. If the loan is eligible, you will be able to select what loan payment you would like to skip. Click “Next”
  5. The terms and conditions are listed on the next screen. Click “Agree” to continue.
  6. The next screen will recap the choices, then click “Done”.
 
Mortgage Payment Relief
Cornerstone Community Financial is a participant in the MI Mortgage Relief Partnership to offer financial relief to our members. CCF is offering several mortgage relief programs aligned with the intent to keep our members in their homes. 
 
Important things to consider:

For many homeowners with mortgages, there’s help. But first, assess your situation.

1. If you can pay your mortgage, pay your mortgage. Don’t call your mortgage servicer if you aren’t facing an immediate issue. Mortgage servicers are getting a lot of calls and need to first help those who won’t be able to pay their mortgage. Check their website first for possible options.

2. If you can’t pay your mortgage, or can only pay a portion, contact your mortgage servicer immediately. It may take a while to get a loan servicer on the phone. Loan servicers are experiencing a high call volume and may also be impacted by the pandemic. 

Our solutions are best suited to your personal needs. To learn more and to discuss the options available to you, please contact our team at 800-777-6728, ext 154.

 
 
*By completing a Skip-A-Payment you are requesting Cornerstone Community Financial Credit Union to advance the loan due date equal to one month’s payment. You understand that the current balance of the loan is extended by the amount of the payment skipped and that interest will continue to accrue on your loan balance throughout the deferred payment period, which may further extend the term of your loan. If there is more than one borrower on a loan, only one borrower is required to authorize a Skip-A-Payment request.

90 days no payment

Loan & Cash-Out Refinancing
In addition to possible payment and interest savings, you will be payment-free for 90 days* when you refinance any loan held at another financial institution. Or, refinance an existing loan for cash out and still pay nothing for 90 days.
 
 
**CCF auto loan rates are “as low as” and based on credit score, term of loan and collateral. Subject to change at any time. Limited time offer, restrictions apply. Auto loans currently financed with CCF are not eligible for the 90 days no payment offer.

Lend-a-hand loan

With a little help from CCF, get the cash you need quickly to handle today's uncertainty. Even if it's just a little, find financial peace of mind with our Lend-A-Hand* personal loan special. Use funds to purchase everyday necessities, supplement your income, or to stash in a savings account for comfort. 
 
Details:
  • Loans up to $5,000
  • Terms up to 24 months
  • Rates as low as 6.99% APR**
  • Make no payments for 60 days***
  • Easy application and timely approvals
 
 
 
 
*All loans subject to credit approval. Some restrictions may apply. Limited time offer and subject to change at any time.
**APR = Annual Percentage Rate. Rate dependent upon credit criteria. 
***60 days without a payment - Interest will accrue during 60-day deferment period. Not applicable on existing CCF loans. 
 

business services relief

We know that businesses of nearly every size are financially impacted right now. State-wide SBA relief changes have been announced and many small businesses can now benefit from the CARES Act.  
 

Paycheck Protection Program (PPP)

In response to the CARES Act Cornerstone is now accepting PPP applications. PPP loans provide small businesses with funds to pay up to 8 weeks of payroll costs including benefits. At this time CCF is only accepting PPP applications for existing Small Business Account members. 
 
Who can apply?
  • All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorship's, self-employed individuals, and independent contractors – with
    500 or fewer employees can apply.
  • Businesses in certain industries can have more than 500
    employees if they meet applicable SBA employee-based size standards for those industries (click HERE for additional detail).
What can I use the loan for?
  • Payroll costs, including benefits;
  • Interest on mortgage obligations, incurred before February 15, 2020;
  • Rent, under lease agreements in force before February 15, 2020; and
  • Utilities, for which service began before February 15, 2020.
Where can I find more information?
To learn more about PPP loans or for answers to the most frequently asked questions, please view the PPP Fact Sheet.
 
How do I apply for a PPP loan?
Please note: Additional funding for this loan appears to be appropriated soon. When these funds are made available they will be limited. CCF provides no assurance that it will receive Small Business Administration (SBA) approval for your loan request prior to the program funding limit being reached. By continuing with the application process, you agree to waive and release all claims against CCF in the event the program funding limit is reached prior to SBA approval being obtained.

To apply for a PPP loan please follow the steps outlined below. 

Step 1: Download and fill out each of the forms located below. An application cannot be accepted unless all required forms are completed. 
 
If you have questions about the application or the information you are required to provide, please email us at CornerstoneSBA@CCFinancial.com or call us directly at (800) 777-6728 ext 119.
 
Step 2: Gather all supplemental items as outlined in the Loan Checklist (above), including all supporting payroll documents.
 
Step 3: Once you've filled out all application forms and gathered the required documentation, please return to us via:
  • Email: CornerstoneSBA@CCFinancial.com
  • Conversations: Login to Online Banking to send a secure message and attach your documents in the Message center
    • Select Messages from your menu on the left
    • Select "Start a Conversation" on the right
  • Fax to: (248) 373-1297 - Attention: Cornerstone SBA
We are doing everything we can to assist each one of our business members, and we appreciate your patience as we quickly adapt to your changing needs. If you have questions and would like to speak with a CCF team member,  please call: (800) 777-6728 ext 119
 
PPP Loan Forgiveness
To apply for forgiveness of your PPP Loan, please complete the application below. Additional information regarding PPP loan forgiveness can be found on treasury.gov. 
 

Additional Resources

Please review the resources below if you are a small business owner and are in need of assistance. Here you will find links to additional support information and answers to FAQs as they relate to the CARES Act.

 
 
You are also welcome to contact us and we can talk through your specific situation. 
 

greenpath financial wellness 

 

Our partners at GreenPath Financial Wellness can help you create a plan to stay on track financially during this evolving public health situation.

Through comprehensive education and exceptional service, GreenPath has been assisting people like you for more than 50 years. 

Working together with GreenPath, you will enjoy unlimited access to financial counselors and can receive assistance with: 

  • Personal and family budgeting
  • Understanding your credit report and how to improve your score
  • Personal money management
  • Debt repayment
  • Avoiding bankruptcy, foreclosure and repossession

GreenPath can give personalized answers to your individual needs.

connect with greenpath