HIGHTSTOWN, N.J. and ALBANY, N.Y. (11/8/12)--Although New Jersey and New York credit unions were dramatically affected by Hurricane Sandy, they are reaching out to their members to provide financial assistance.
For instance, Healthcare Employees FCU, Princeton, N.J., is offering an emergency loan with no payments due for the first 90 days. Members can obtain up to $3,000 at 3% for 30 months. Loans will be made available through Dec. 15, according to the New Jersey Credit Union League.
ABCO FCU, Rancocas, N.J., is offering a low-interest, disaster relief loan to its membership. For homeowners, up to $25,000 is available at 2.99% annual percentage rate (APR) for up to 48 months. For renters, up to $5,000 is available at 2.99% APR for up to 48 months. Members can use this loan for flood damage, tree removal, vehicle damage, fence repair, shrub replacement, generators and insurance deductibles.
Polish & Slavic FCU, Brooklyn, has set up charging stations in its branches for members who are still without power. A special area has been designated at its Clifton branch for neighborhood children who might need electricity to complete their homework assignments. The CU has also started collecting necessary non-perishable items, such as batteries, blankets, pillows, warm clothing, and outerwear, as well as personal hygiene products, such as toothpaste, toothbrushes, deodorant, and other personal hygiene items for the hurricane victims.
Bethpage FCU, Bethpage, N.Y, will waive late fees and insufficient fund fees for members affected by the storm.
Nassau Educators FCU, Westbury, N.Y., is also offering a Hurricane Relief Loan, with a fixed interest rate of 1% APR for the first year, and an optional 90-day deferral of your the payment. The credit union is also offering a 90-day first-payment deferral on auto loans and a 0% rate on credit card home improvement purchases.
Palisades FCU, Pearl River, N.Y., is offering a hurricane relief loan at 50% off standard personal loans rates with terms up to 24 months for those impacted by the storm. Community members can borrow up to $5,000 to help aid with storm related issues.
Also, New Jersey Credit Union League president/CEO Paul Gentile spoke with CUbroadcast host Mike Lawson this week to provide a first-hand account of how Hurricane Sandy has affected New Jersey credit unions and what disaster recovery efforts are underway (The Daily Exchange Nov. 7).
The video includes photos submitted damages caused by the hurricane. Gentile speaks about the devastation of the shore towns and surrounding areas and his personal experience with damages.