VSECU offers Emergency Loan for Members

As the COVID-19 crisis evolves, we are aware that many of our members are facing financial difficulties due to loss of work. This Member Emergency Loan is designed to specifically help members who are struggling financially as a result of the crisis.

Thanks to a unique partnership with The Vermont Community Foundation, we are able to expand this loan offering, beyond our membership, to all Vermonters! If you are not currently a member of VSECU but are suffering from financial distress due to COVID-19, please apply. Note: Once you have been approved for the loan, you will need to join in order to access funds.

Through collaboration with Let’s Grow Kids, we are able to fund the $25 membership deposit and first loan payment on loans to childcare providers. If you offer childcare in Vermont, the Member Emergency Loan may be a great option for you.

We are committed to working with you to ensure that you can emerge from this crisis financially sound and will continue to work with community partners to expand this offering to more people throughout the community. Don’t wait until things get worse. Act now to ensure financial stability as the crisis develops.

To access the loan, you must meet the following criteria: you must have lost income due to

  • COVID-19 illness,
  • Quarantine,
  • Monitoring,
  • Reduction in hours, or
  • Missed pay to care for a family member.

To apply for the loan, you will need documentation from your employer indicating a change in your pay/work hours due to COVID-19. If you are employed by a daycare provider, you will need to provide a letter from your employer that includes their BFIS number. This loan offers a quick turnaround, providing reduced underwriting requirements and electronic application and funding.

Apply Now

Maximum Loan Amount: $2,000

Term up to: 24 Months

APR as low as: 0%

APR = Annual Percentage Rate. APR is effective as of 03/17/2020 and reflects the current minimum APR offered. Other rates and terms may be available.


Loans are not the only way to ease your financial burden. Here are some other options to help you stay afloat:

SKIP-A-PAY—If you are struggling to make a payment on your closed-end loan at VSECU (your car loan or personal loan, for example), you can apply for Skip-a-Pay. We are currently waiving the $25 fee on this program, which allows you to skip one annual payment on qualifying loans.

CUSTOM SOLUTIONS—If you aren’t able to cover payments on your other loans, lines of credit, or a credit card(s) with VSECU, give us a call. We may be able to find other solutions through our asset recovery team, including payment reductions or payment plans.

LOCAL SOLUTIONS—Don’t forget to search online for support from your community.

  1. If you have lost your job, be sure to file for unemployment with the Vermont Department of Labor. Claims will be filed within 24 hours and the federal government is allowing states to loosen unemployment requirements. You may qualify for unemployment benefits if:
    • a. Your employer temporarily ceases operations due to COVID-19, preventing you from going to work,
    • b. You are quarantined with the expectation of returning to work after the quarantine is over, or
    • c. You leave employment due to a risk of exposure or infection or to care for a family member.
  2. You may be able to take paid leave from work. Ask your employer if the coronavirus emergency relief package, passed by the federal government on March 18, applies to your situation.
  3. Get updates from the Vermont Department of Health by calling 211 or visiting healthvermont.gov/covid19.