CAPITOLA, Calif.–With broad swaths of California having been hit by heavy rains, snowstorms and flooding, credit unions have been offering relief to members. Among them: Bay Federal Credit Union, which serves Santa Cruz and Monterey counties and which it said “is here to support our members as they begin to clean up and repair their homes and businesses.”
The $1.6-billion Bay FCU said it is offering emergency loans to any members affected by the weather.
“For individual members, this can help cover the cost of temporary housing, insurance deductibles, or supplies,” the credit union said. “For our business members, this could help with flood clean up, business repairs, or supplementing lost income or wages to staff.”
In addition, it has also introduced a resource page for those affected by the storms, those who want to prepare, and those who want to help.
What’s Available
- Personal Emergency Loans. For members who have been personally affected by the storm, Bay FCU was offering emergency loans of up to $2,500 with a rate of 5% APR and no payments for 90 days. The maximum loan term is 12 months. Eligible borrower(s) must be a member(s) at least 30 days prior to evacuation. Bay FCU said no minimum credit score or income verification required and to qualify all existing loans cannot be more than 30 days past due. Borrower(s) must also provide verification that they were under evacuation.
- Emergency Business Loan. For members whose business has been affected by the storm, Bay FCU is offering emergency personal loans of up to $5,000 with a rate of 6.00% APR and no payments for 90 days. The maximum loan term is 24 months. Other terms also apply.
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