Lending

Veridian CU Unveils Storm Loan Program

CU sets aside $3 million to help members affected by rain, flooding, and storms.

July 18, 2011
KEYWORDS iowa , loan , storm
/ PRINT / ShareShare / Text Size +

Veridian Credit Union, Waterloo, Iowa, has set aside $3 million for a special Storm Loan program to help those who’ve suffered property damage or hardship due to recent storms.

The $1.8 billion asset credit union’s Storm Loan features a 7.5% fixed rate interest rate for loans up to $5,000; 7% if payments are made via automatic transfer or payroll deduction.

Borrowers will be asked to indicate the specific purpose for the loan at application. Funds can’t be used to pay off an existing loan, and only one Storm Loan per household is permitted.

Many Iowa communities have been affected by rain, floods, and storms this season. Some Iowa families are displaced from their homes because of flood waters, and many others are left with clean-up from storm-related damage.

People may apply for the loan through Oct. 31, 2011, or until the $3 million fund is loaned out, whichever occurs first.

Post a comment to this story

What's Popular

Popular Stories

Recent Discussion

Your Say: What's Your Expected Loan Growth in 2015?

View Results Poll Archive