App Store Google Play
Launch will be closed Mon., Oct 14th for Columbus Day   Learn More

Struggling To Pay Your Loans? Here’s What To Do

What To Do If You Can’t Pay Your Loans

COVID-19 is affecting millions of people’s finances. For some, it’s hard to keep up with loan payments in light of layoffs and reduced work. Launch CU’s top priority is the financial health of our members so we’ve gathered a few tips you can use if you’re struggling to pay your loans right now.

1.) Reach Out To Your Financial Institution

The earlier you let your financial institution know you’re experiencing financial hardship the better. Start with open communication and let them know your situation. As a Launch member, we will work to find the best solution for you. For hardship requests, call us at either 1-800-662-5257 or 321-455-9400 and use option 3.

2.) Skip-A-Pay

This is a great option to look at if you need some breathing room. Don’t just NOT pay your loan. Arranging a skip-a-pay gives you the ability to skip a loan payment for a specific month. Reach out to us and see if you’re eligible. Call us at either 1-800-662-5257 or 321-455-9400 and use option 3.

3.) Assistance With Other Bills

211.org offers a variety of programs including rent & utility assistance. Qualifying for bill assistance can relieve some financial strain you’re experiencing. You can then prioritize which bills to pay first. United Way also offers financial assistance. Florida Power and Light is also offering help with payment assistance.

211 Brevard

211 Volusia-Flagler Counties

United Way of Brevard

United Way Volusia-Flagler Counties

FPL

4.) Student Loans Deferment

Check in with your student loan servicer to see what deferment, forbearance, or income-drive plans they have available. Currently, all federal student loans have a 0% interest rate until September 30th, 2020. Check Federal Student Aid for the most up to date information.

5.) Payment Plans

Call your lenders and see if you’re able to set up a payment plan where you can pay a lesser amount for the time being.

6.) Refinance Loans

Look at refinancing a high-rate auto or home loan.This way the loan is only for the amount that you owe NOW, and you might be able to lower your payment considerably by financing the smaller amount. Launch offers many options for home and auto. Launch can’t refinance your current Launch loan, but can refinance a loan you have with another financial institution.

Other alternatives include Launch’s Relief Loan for qualifying members and waived early withdrawal penalties for share certificates and holiday club accounts.Contact a member services representative to see what’s best for you.We hope these tips help if you’re struggling to pay your loans right now.

Related Posts

February 22, 2024
Smart Ways to Use Your Tax Refund If you're expecting a tax refund this year, consider smart ways to use your tax refund so you can set yourself up for financial success.
January 26, 2024
Watch Out for These Valentine’s Day Scams As Valentine's Day approaches, so does the number of online scams. We dive into the common scams you should look out for in February.
December 26, 2023
Goal Setting Strategies For the New Year Whether your goal is personal development, career advancement, or a healthier lifestyle, effective goal setting is the key to success.
Visit any branch location to open your account. For questions call 321-455-9400 (inside Brevard) or 800-662-5257 (outside Brevard).
Back to top