Disaster Relief Loan

Home Loans Disaster Relief Loan

                    First Federal Credit Union has developed a unique Disaster Relief Loan to assist members affected by the recent derecho storm.  The Disaster Relief Loan will provide up to a $5,000.00 unsecured loan at zero percent interest for up to 120 days.  This will allow a member to borrow interest free until insurance claims or other assistance is received.  If the member does NOT payoff the Disaster Relief Loan during the interest-free period, then interest will start accruing at a below-market interest rate,of 6.90% - 9.90%, depending on the borrower’s credit profile.   
 
          We recognize the difficult circumstances many area families find themselves in due to the impact of the storm and knew we needed to develop a quick program that will truly help these families and try to alleviate some of their financial concerns”.
 
          Anyone who lives, works, or worships in  Linn County, Iowa is eligible to apply for the Disaster Relief Loan.

 

Special Financing Terms

Affected members may be eligible for:

  • Unsecured loan amounts up to $5,000.00
  • Low fixed interest rate of 6.90%
  • The first monthly payment will be deferred for 120-days (until 2021) 
  • Loans will be amortized for up to 36 months, with monthly payments of $155 (based on $5,000 loan amount)
  • Loan can be paid off at any time without penalty

 

Guidelines

  • Members must show proof of financial impact related to the storm
  • Minimum loan underwriting standards may apply
  • Proceeds must be deposited into a First Federal checking account
  • Requires borrower to be member in good standing with First Federal Credit Union
 

COMPLETE THE INFORMATION BELOW TO BE CONTACTED ABOUT A DISASTER RELIEF LOAN

If you are interested in a Disaster Relief Loan, complete this simple questionnaire and we will respond to you within 24 hours.  We want to put your mind at ease! 

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