When The United Methodist Credit Union was founded in 1952, the only people who could become members were clergy. That is because it was recognized that clergy had very unique financial challenges – not the least of which was securing credit. Most pastors had relatively low earnings (made to look even lower with housing allowances), rarely owned a home, and moved frequently.
TUMCU understands answering the call to serve as clergy comes with these unique financial challenges. Debt burden can impact peace of mind, and in turn, the capacity to serve. TUMCU is here to help clergy live a better financial life.
Pastors must first become TUMCU members to apply for lending services. That part is easy and free, and that can be done using this link > https://www.tumcu.org/join/
The purpose of ClergyAssist is to provide the opportunities for both active and retired clergy to make significant progress towards relieving their overall debt burden.
First, clergy can borrow up to $25,000, unsecured, to alleviate high-interest debt. Rates are as low as 6.49% APR (Annual Percentage Rate). These unsecured loans are subject to TUMCU’s underwriting and documentation and are subject to credit and income evaluation. Terms can be up to 60 months (other terms and conditions may apply).
Second, if you have an urgent financial need, clergy can apply for up to $3,000, without a credit check, for up to 24 months at only 7.00%. These smaller loans can often assist clergy to bridge the gap during tight financial times, preventing serious long-term debt or getting involved with predatory lenders, and funds can be made available in as little as the next business day after application.
Third, thanks to a partnership with WesPath and a grant from the Lilly Foundation, TUMCU can offer a 4.99% loan to clergy that agree to the following:
– Remaining members of their current Conference or Episcopal area
– Agree to participate in a financial wellness course provided by the credit union
– Make their loan payments using payroll deduction or automatic payment
Applying for help using ClergyAssist is easy – get started by completing our ClergyAssist application using the button below.
Looking for other Financial Education Resources?
Check out the financial education resources linked below to assist you in your journey towards better financial well-being.
Saving Grace – A Guide To Financial Well-Being
Workbook for Clergy > https://www.amazon.com/Saving-Grace-Clergy-Workbook-Well-Being/dp/1791008372
Workbook for Laity > https://www.amazon.com/Saving-Grace-Participant-Workbook-Well-Being-ebook/dp/B085LRDSKW
Sessions > https://my.amplifymedia.com/amplify/series/unitedmethodistpublishinghouse/38746-saving-grace
Note: You must be a TUMCU Member and in good standing for at least 1 year before receiving a ClergyAssist Loan. We allow members to have only one (1) loan of this type (a loan with no credit-check). If you have another ‘no credit-check loan’ from us with a balance, it must be paid off first before receiving another.
Equal Housing Lender - We do business in accordance with the Federal Fair Housing Law and the Equal Housing Opportunity Act.
