ROCKVILLE, Md.-The National Institutes of Health FCU is offering its Weather Shield Express Signature Loan program as a vehicle to help members whose homes have been damaged by winter weather.
Members and area biomedical professionals can take advantage of loans between $1,000 and $20,000 to fix malfunctioning furnaces, broken windows, get rid of felled trees or any other damages that come as a result of harsh winter storms.
NIHFCU President and CEO Juli Ann Callis said that not only is this loan program a good way for members to solve unexpected cold-weather problems, but that there is a financial education piece in play, too.
Consumers who take advantage of this kind of program, she said, quickly see the benefits of installment loans, versus deepening their revolving debt by relying on credit cards. Rates for the program start at 7.99% and are currently capped at 9.99%. Last year, NIHFCU provided more than 300 such loans, totaling $2.4 million.
Callis said she expects the program to do similar business this year. This program accounts for less than 3% of NIHFCU's unsecured portfolio. NIHFCU has more than $550 million in assets, with more than 42,000 members.
