2010 Nashville Flood Information

Vanderbilt Credit Union Flood Relief Programs

AVAILABLE MAY 10, 2010 TO AUGUST 31, 2010

  • Program #1- Credit Union “People Helping People” Flood Relief Loan — $1,000 for 10 months at 0% interest
  • Program #2- Loan Payment Extensions – - Credit Union will defer 1 month payment on existing credit union loans
  • Program #3- Special Credit Union Appliances Loan Up to $5,000 for 24 months at 9.9% APR for purchase of appliances

Loan Program Details:

Program #1 – Credit Union “People Helping People” Flood Relief Loan

  • $1,000 for 10 months at 0% interest
  • No application fee
  • Must be a credit union member before loan is disbursed
  • Membership fee to join the credit union is 25¢
  • Minimum deposit in credit union account is $25.
  • No credit requirement
  • Only pull a credit report to ensure that member is not currently under bankruptcy
  • Only repayment option is payroll deduction at $100 per month for 10 months
  • Cannot be combined with other loans
  • Total credit union unsecured debt < $10,000
  • Must be employed for 12 months at Vanderbilt
  • Must show proof of loss, such as FEMA application or insurance claim
  • Can be referred to credit union through Vanderbilt Worklife Connections – EAP
  • Maximum number of loans is 250 – First Come First Served

Program #2 – Loan payment extensions

  • We will defer 1 month payment on existing loans
  • Available to existing credit union members with a credit union loan
  • Loan payment will be added to the end of existing loan
  • Interest would continue to accrue
  • Loan must not be delinquent or delinquent in past 6 months
  • Loan extension must not have been granted in past 12 months
  • Member must sign subsequent action form in credit union office
  • Must show proof of loss, such as FEMA application or insurance claim
  • Can be referred to credit union through Vanderbilt Worklife Connections – EAP

Program #3 – Special Credit Union “Appliances Loan”

  • Up to $5,000 for 24 months at 9.9% APR
  • No application fee
  • Can only be used for the purchase of appliances
  • Must be a credit union member or join the credit union before loan is disbursed (membership is 25¢)+($25 member account deposit)
  • Secured loan – Credit Union will file UCC-1 form
  • Cannot be combined with other loans
  • Must meet all existing credit union loan policies and guidelines
  • Member must pay UCC-1 filing fees
  • Member must bring sales receipt or credit card receipt
  • Loan check payable to merchant or credit card company
  • Loan check will not be made payable to member
  • Loan amount cannot exceed amount of appliances purchase price
  • Must show proof of loss, such as FEMA application or insurance claim
  • Can be referred to credit union through Vanderbilt Worklife Connections – EAP