WARWICK, R.I. – Greenwood CU said it is cutting all loan rates for soldiers and sailors from the statutorily required 6% under the Servicemembers Civil Relief Act, to 2%.
“We believe that the men and women serving our country are not only, in many cases, putting their lives in jeopardy, their families are feeling severe consequences of any downturns in the economy,” said William Walaska, chairman of the $300 million credit union’s board.
Greenwood said it is automatically adjusting all loans to 2% from 6%.
The credit union has an open field of membership and accepts members from anywhere in the U.S.
