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Financial institutions offer loan payment deferrals during coronavirus, COVID-19 pandemic

Banks and credit unions are also offering crisis loans.

PORTLAND, Maine — If you're out of work during the coronavirus pandemic, it's a pretty good bet you're worried about money. Many Mainers are filing for unemployment, but there are other ways to bridge the financial gap during this stressful time.

Jon Paradise of Town and Country Federal Credit Union says many financial institutions are offering loan payment deferrals.  Different banks have different programs, but at Town and Country, they're offering six months of relief on mortgages and up to 90 days for other loans.

Institutions are also offering their own special short term loans.  Again, they vary from bank to bank.  Paradise says, "we have something called a Crisis Assistance Relief Loan that's been very popular with members."

What about temporarily increasing your credit card limit?  Paradise says it is a viable option just as long as you're careful.  He says, "We recognize these are unusual times that call for unusual options."

At NEWS CENTER Maine, we're focusing our news coverage on the facts and not the fear around the illness. To see our full coverage, visit our coronavirus section, here: /coronavirus

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