What happens to Media Credit Union if I don’t pay back a loan?
Think of our Credit Union as a team. It’s not just a bank. It’s a not-for-profit cooperative where all of us, as members, pool our resources to offer other each other savings and loan opportunities.
The profits we make go straight back to members, so if a member can’t pay back a loan, the lost principal and interest also directly affects what we can offer everyone else in the credit union.
It’s not just your credit history and financial future you put in jeopardy when you don’t repay a loan; the whole credit union suffers the loss. But, when we all play our part, we all benefit. That’s what makes being part of a credit union unique.
If you are struggling to make your payments, reach out to one of our loan officers. Remember to ask about Skip-a-Pay options. If you keep lines of communication open about your situation, you give us the opportunity to work with you, not against you, on repaying your loans.