Waterloo, Iowa: Veridian Credit Union has extended the deadline to apply for a Disaster Assistance Loan to September 30 for homeowners who have suffered property damage or hardship due to recent weather conditions. Veridian set three million dollars aside in March to offer the loans while many were repairing damage caused by frozen pipes. At that time, the deadline to apply was July 1.
Disaster Assistance Loans offer homeowners a low-interest way to manage expenses resulting from weather-related damages to their home. Such damage might include, but is not limited to, frozen pipes, flooding or storm damage. Amounts are available up to $5,000 and have terms up to 36 months*. The loan has a fixed rate between 6.75% APR and 7.5% APR, based on eligibility.
"Weather-related damages to a home can cause significant, unexpected expenses, and even temporary displacement for the owner," said Doug Gilbertson, Veridian's Senior Vice President of Operations. "The Disaster Assistance Loan is designed to offer a lower-interest option to homeowners who might otherwise turn to high-interest credit cards to make necessary repairs."
Individuals may apply for a Disaster Assistance Loan through September 30, 2014, or until $3 million is loaned out, whichever occurs first. More details and applications are available in any Veridian branch, over the phone at (800) 235-3228 or online at veridiancu.org.
About Veridian Credit Union
Veridian Credit Union, founded in 1934 in Waterloo, Iowa, is a not-for-profit financial cooperative owned by its members. The credit union offers a full range of consumer financial services and employs more than 600 Iowans throughout 26 branches. For more information, visit www.veridiancu.org or call (800) 235-3228.
*APR = Annual percentage rate. For a $5,000 Disaster Assistance Loan with a term of 36 months at 6.75% APR, the monthly payment will be $155. Loyalty Discount of .25% APR is obtained with enrollment in direct deposit of net income and automatic payments from a Veridian account. Rates, terms, and conditions subject to change without notice. Loans subject to credit approval.