Frequently Asked Questions

We are here to help you. Here you will find the answers to frequently asked questions related to the measures we have taken due to the spread of the coronavirus (COVID-19).

Economic Relief Plan

Can I apply for the extension if I did not do so in previous months?

Yes, as long as you meet the following requirements:

Auto loan customers with their account up-to-date as of March 17 (less than 30 days overdue as of that date) qualify for an automatic moratorium until September 30, 2020, up to a maximum of 6 months without making payments. 

Credit card customers with their account up-to-date as of March 17 (less than 30 days overdue as of that date) qualify for an automatic moratorium for a total of 6 billing periods; however, deferred payments will not be extended beyond August 2020. The Bank will provide a minimum payment of $0 for 6 billing periods.

Auto loan customers with one or two overdue payments (30-89 overdue days) as of March 17, 2020, and all auto lease, boat loan, and personal loan customers, should contact us at 787-729-8161 to extend the moratorium. Customers with a personal loan from our Money Express subsidiary should contact their preferred branch. 

Each case will be individually evaluated to determine eligibility, and the moratorium will not be automatically applied. The evaluation will be based mainly on the loss of income due to the coronavirus (COVID-19) pandemic.  

As for mortgage customers, it will depend on loan type, total months overdue, and your particular situation due to the current emergency. You should contact us to learn more about the different options available to you.
 

Which FirstBank customers can request the Financial Relief Plan extension?

The Financial Relief Plan extension applies to customers with auto leases, boat loans, personal loans, and personal loans from our Money Express subsidiary.  If your economic situation does not yet allow you to resume your payments, you should contact us at 787-729-8161 to evaluate a moratorium extension. Customers with a personal loan from our Money Express subsidiary should contact their preferred branch.  

This also applies to auto loan customers if the account had one or two overdue payments (30-89 overdue days) as of March 17, 2020.  If your economic situation does not allow you to resume your payments, you should contact us at 787-729-8161 to evaluate a moratorium extension.  

Each case will be individually evaluated to determine eligibility. The evaluation will be based mainly on the loss of income due to the coronavirus (COVID-19) pandemic.

For customers with auto loans, credit cards, and credit lines whose accounts are up-to-date (less than 30 days overdue) as of March 17, 2020, the moratorium extension will be applied automatically.  Auto loans may be extended to August 31, 2020 or September 30, 2020, as long as the loan does not exceed the maximum of 6 months without making payments between March and September 2020.  Credit cards and credit lines will not require a minimum payment until August 31, 2020.  

For mortgages, the program extension will depend on loan type, total months overdue, your particular situation due to the emergency, and the options provided to you when your current moratorium was approved. You should contact us to learn more about the different options available to you.
 

How long will the Financial Relief Plan extension be in effect?

The Financial Relief Plan extension applies to July, August, and September 2020 payments, with a maximum of up to 6 months without making payments, starting in March 2020. No extensions will be made after September 30, 2020. Examples: If you applied for the moratorium from March 2020 onwards and into subsequent months, your moratorium will extend until August 2020, and you will start making your payments in September 2020; if you applied for the moratorium in April 2020, your moratorium will extend until September 2020, and you will start making your payments in October 2020.

If you started your moratorium in March 2020 but made payments in subsequent months, your moratorium may then be extended to September 2020, thus meeting the maximum of 6 months without making payments, with September 30 being the deadline to receive deferrals.
 

Where can I find more information about the Financial Relief Plan extension for FirstBank customers?

If you have any questions about the Financial Relief Plan or its extension, you may contact us at 787-729-8161, by email to [email protected], or via private message on our Facebook page.

How does the Financial Relief Plan work?

  • Auto Loans, Auto Leases, Boat Loans, Personal Loans, and Small Personal Loans from our Money Express subsidiary
    • The extension includes principal and interest payments. Interests will keep accruing over the extension period, as agreed in the original promissory note or contract, and the loan term will be extended. However, optional insurances will not be automatically extended.
  • Personal Credit Cards and Credit Lines
    • The account statement will reflect a minimum payment of $0 for six (6) consecutive billing periods. Interests will continue accruing as per the terms and conditions in the original credit agreement. If you wish, you may make the minimum payment or pay any amount you like.
  • Mortgages
    • The program varies based on the type of mortgage you have. To learn more about the different options available, you should call 787-725-2511, Monday to Sunday, from 8:00 a.m. to 9:00 p.m.

Will I be charged late payment fees if I resort to the Financial Relief Plan?

During this payment Relief period, you:

  • Will not be charged late payment fees.
  • Will not be reported to the credit bureau for late payments.

What are my alternatives to catch up on my mortgage payments after the Financial Relief Plan ends?

  • Pay the balance corresponding to the months of the moratorium period in a single payment.
  • Request a payment plan for the months you applied for the moratorium, and/or
  • Request a loan modification, which could extend the term of your mortgage.
  • Payment plans and loan modifications may be subject to additional costs.

Considerations

During the Financial Relief Plan extension period:

  • If you do not wish to apply for the moratorium extension, or if your financial condition improves during this period, and you are willing and able to continue making your payments, we encourage you to continue doing so as usual.
  • If you have direct debit set up for any of your products, the Bank will continue debiting the corresponding payments from your accounts.
  • If you wish to apply for the payment extension, you should call 787-729-8161 or contact your financial institution to request a temporary suspension of the direct debit service with FirstBank.
  • The Financial Relief Plan is subject to certain terms, conditions, and restrictions.

What will happen with my mortgage payments after the Relief period?

Most of our mortgage loans qualify for the Financial Relief program, through which they may go from 3 months to 6 months without making payments. Once this period ends, the customer must resume their payments. As for federally guaranteed loans, any months included in the moratorium will be addressed through a payment plan or loan modification. For all other loans, these deferrals will be transferred to the end of the loan term.

Branches and ATMs

Where can I find out more information about open branches?

At present, most of our branches are operating from Monday to Friday, 8:30 a.m. to 4:30 p.m., Saturdays from 9:00 a.m. to 1:00 p.m. Branches will remain closed on Sundays. You can see the Branch list here: https://direc.to/cayi

Are the ATMs available?

Our ATMs remain available 24/7 for cash withdrawals and transactions. Find your nearest ATM here. If you need to deposit cash or checks, you may use any of our more than 70 ATMs with Depósito Expreso. Find the one nearest to you here

What are my options if I don't want to go to a branch?

We offer electronic tools so you can continue managing your finances 24/7 without needing to visit our branches. Here are the links for each electronic service so you can learn more about them:

Frequently Asked Questions

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