Churches Cooperative Credit Union Limited (CCCU) says it will free its members from making loan payments in December.

The waiver would apply only to principal payments on both secured and unsecured loans, and is available only to members who are up to date on servicing their debt.

Financial challenges

"Many of our members have dealt with unprecedented financial challenges this year and even without a recession, December is always a month where there are increasing demands on personal spending, so we are offering a loan moratorium to ease some of the pressure we know our members are facing," said Janyce Robinson, assistant general manager in charge of credit administration and operations, in a company statement.

CCCU has a membership base of 115,000.

The helping hand to borrowers follows adjustments on the pricing of the credit union's car loans, which starts at 19.95 per cent interest and a 50 per cent cut in processing fees.

business@gleanerjm.com