Relief Program

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Relief Program Guidelines

South Bay Credit Union has the following options available to our current members who have been financially impacted due to COVID-19:

  1. Payment Deferral – Skip-a-pay
  2. Emergency Relief LOC 

In order to receive assistance, South Bay Credit Union may ask you to provide a letter explaining the reason for financial hardship due to COVID- 19. Depending on the nature of the program below, the representative will contact you if additional supporting documents will be required. 

Learn more about these options below or contact South Bay Credit Union at 1-310-374-3436 to speak with a Relationship Manager to determine eligibility.

Payment Deferral 

Consumer loans and lines of credit may be eligible for a 30-day (1 month) payment deferral. 

For members with real estate loans held at South Bay Credit Union, you will need to request a mortgage review to determine if you qualify for an extension on your first mortgage, equity loan, or equity line of credit. To determine eligibility for an extension on an existing mortgage loan, please submit a request here.

Please complete the form if you are interested in a payment deferral skip-a-pay on your car loan, personal loan, or line of credit. For credit card skip, please see below Proof of employment will be required. You will not be charged a fee if approved.

Deferral Request

please read terms and conditions below.

Emergency Relief Loan 

If you are a current member with South Bay Credit Union and are looking for paycheck replacement or other access to funds during the time of mandated closures, we offer an Emergency Relief LOC. This unsecured, fixed-rate installment loan offers an initial interest rate of 0.00%APR** and no payment until 30 days after the mandate is lifted. After the mandate is lifted your Emergency Relief LOC will roll over to at a low-interest rate (rate determined at the time of approval*) with a maximum term of 12 months.


  • Members must apply to determine eligibility. All South Bay Credit Union credit guidelines may apply.
  • Members may request up to three month’s gross pay and should provide verification of income at the time of approval.
  • Rates: 5% APR** to current members with direct deposit, 9% APR** for current members without direct deposit

Please complete the loan application below to apply for the Emergency Relief loan product and see if you qualify.

Relief Loan Request

*Loan Disclosure: **APR: Annual Percentage Rate. You must be in good standings with South Bay Credit Union.

If you are a small business owner, please review the CARES Act & Small Business Loan Assistance here.

Payment Deferral Terms and Conditions
  • This is a one-time consumer loan skip-a-pay exception based on an emergency situation caused by the Covid-19 health Situation. Skip-a-pays are not allowed on Mortgage loans or Open-End Lines of Credit (Visa Accounts).
  • A processing fee of $0.00 per loan will apply. You must maintain a minimum balance of $5.00 in your savings account at all times.
  • When you skip a payment, interest will continue to accrue on your loan during the month(s) you skip, which may result in paying higher interest over the life of the loan. Your Credit will not be negatively affected by skip-a-pay. Credit insurance protection premiums charges (if applicable) will continue to accrue. On closed-end loans, your loan maturity date will be extended by one month (or a one-month “equivalent”) for each monthly payment you skip.
  • Marketing Club benefits will not be paid as they are based on payments being made to your loan that you will be Skipping a payment.
  • If your loan is paid via payroll deduction or other automatic deduction, the deduction will occur as it normally would. The amount of the deduction normally applied to your loan will then be deposited into your savings or checking account. If your loan is paid via a transfer from your SBCU savings or checking account, the payment will be adjusted during your skipped month(s) and no funds transferred.
  • Your regular monthly loan payments (and any pre-authorized transfers) shall resume in the month immediately following your skipped payment(s).
  • Loans secured by real property, home equity lines of credit (HELOCs), or loans with force-placed insurance are not eligible through the standard payment deferral program. You must submit a request form for review and a representative will reach out to you. 
  • For members who have Guaranteed Asset Protection (GAP), claim coverage does not extend to the amount of payment(s) deferred.  In addition, the coverage will not be extended beyond the original maturity date and will reduce your GAP coverage by the amount of your monthly payment plus any possible skip-a-pay fees.
  • LOC: No interest during the draw period. The draw period ends when people are allowed to go back to work. LOC closes when people go back to work. First Payment date 30 days after you go back to work. The loan is for a 12-month term after people go back to work. The First 6 months are at 0% APR. 90 days prior to membership required to apply. 

You might be interested in: Important Information about COVID-19