WATERLOO, Iowa–Veridian Credit Union is reporting it has set aside $3 million to offer Disaster Assistance Loans to those who have suffered property damage or hardship as a result of recent storms in its communities.
The loans are designed to offer a low-interest way to help manage expenses resulting from recent weather-related damages, the credit union said. Amounts up to $5,000 are available with up to 36-month terms and a fixed rate between 6.75% and 7.5% APR, based on eligibility.
“Storm damage has caused significant, unexpected expenses for many in our community,” said Joe Lichty, Veridian’s manager of consumer lending. “The Disaster Assistance Loan is designed to offer a low-interest resource to those who might otherwise turn to high-interest credit cards to make necessary repairs.”
Individuals can apply for a Disaster Assistance Loan now through September 30, 2020 or until $3 million is loaned out, whichever occurs first.