Even when we try to prepare for the worst and hope for the best, sometimes disasters happen. Just in June 2012, the Federal Emergency Management Agency (FEMA) has designated four major disaster areas in the United States.
Navy Federal Credit Union (NFCU) has recently announced a formalization of their programs to help members who are impacted by federally declared disaster areas. Areas of assistance include emergency relief loans, increased lines of credit on existing credit accounts, deferred payments on existing loans, and expedited delivery of new credit cards, debit cards, and checks. While I am sure that NFCU would be able to organize each of these items on an individual basis, it is nice to know that they have a strategic plan. I love plans!
From the website:
Emergency Relief Loan Terms and Rates
- Up to $15,000
- Up to 60 months*
- 6% APR
- Payments can be deferred for 90 days, interest will accrue during this period
Members requesting an Emergency Relief Loan will be limited to the following loan amounts and conditions:
- Up to $15,000 to cover evacuation expenses or related damages.
- Must be a resident or own a property in a county FEMA has declared a disaster area. To find out if your area is a FEMA disaster area,click here.
(To qualify for an Emergency Relief Loan, you must supply proof of home ownership or residential status. Accepted documentation includes: driver’s license, real estate tax bill, mortgage statements, insurance policy, or bill.)
- Must apply within 45 days of the date that FEMA makes the declaration.
- Direct Deposit and automatic payment through a Navy Federal checking account must be set up within 90 days, or the loan will revert to the prevailing Personal Loan rate.
- One Emergency Relief Loan per residence.
- Emergency Relief Loans cannot be used to refinance or consolidate existing loans.
There will still be some level of review before loans can be offered.
If you have been impacted by a federally designated disaster, you can contact NFCU at 1-888-842-6328. I truly hope that you never need to take advantage of these programs, but it is nice to know that they are available.
Have a safe and happy weekend!