As fuel prices continue to rise, Quincy Credit Union has introduced a new loan product to help members "ease the burden" of unforeseen heating expenses in the coming months.
"We began looking not only at the gasoline prices for vehicles but at home heating costs for this winter," said Judy Brazil, director of marketing at QCU. "We wanted to come up with a way to help members when they need it."
The Fuel Assistance Loan product is a $1,000 revolving line of credit with an APR of 5% - "Well below the credit card rate," Brazil said. "The minimum payment is $100 per month, a rate that we thought wouldn't be too cumbersome or too much to handle."
Eligible members-those who are in good standing and can verify income-will get convenience checks that are tied to the FAL line of credit. Brazil said the $250-million QCU will run the campaign from Oct. 15 through April 15.
"The real goal behind this is just to be able to provide a service to members when it really need it,'' she said. "We've already talked to people who think that it's going to be well received. A lot are so worried about the gas prices right now that they haven't even started to think bout how much more it's going to cost them to heat their homes this winter."
