EDISON, N.J. - Midlantic National Bank is offering a concessionary loan package to New Jersey residents whose property was damaged by the severe storm of Dec. 11-12.
Those providing proof of damage, whether or not they own their homes, can apply through Jan. 15 for loans of $2,500 to $10,000 with terms up to five years.
The interest rate is 7.75% if payments are automatically debited from a Midlantic checking account. For noncustomers, the interest rate is 8.25%.
Valley National Bank of Wayne also announced a storm recovery program: up to $10,000 for as long as five years at a 7% annual percentage rate with no points, application or appraisal fees, or closing costs.