Veridian extends deadline for disaster loans

The state's largest credit union is extending the deadline to apply for disaster assistance loans after recent storms created additional need.

Veridian Credit Union said the new application deadline is Sept. 30 for homeowners who have suffered property damage or hardship due to the recent weather. The Waterloo-based credit union, with branches in the Corridor, set $3 million aside in March to offer the loans while many were repairing damage caused by frozen pipes.

The original 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. The 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 annual percentage rate between 6.75 percent and 7.5 percent, based on eligibility.

For example, a $5,000 loan with a term of 36 months and a 6.75 percent annual percentage rate, the monthly payment will be $155.

'Weather-related damages to a home can cause significant, unexpected expenses, and even temporary displacement for the owner,” said Doug Gilbertson, Veridian 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.”

Gilbertson said individuals can apply for a loan through Sept. 30, or until $3 million is loaned out, whichever occurs first.