PORTSMOUTH, N.H. (7/28/08)--Northeast CU (NECU) is offering a relief loan program Friday to help homeowners and renters in the area recover from severe damage to their homes and properties from storms that hit Thursday. The Relief Loan Program--Neighbors Helping Neighbors--aims to help victims recover from their losses, make necessary purchases and repairs, and get back on their feet, the Portsmouth, N.H.-based credit union announced Friday. "In many cases, our neighbors may not have insurance that will cover all of the damages sustained by this devastating storm," said Peter Kavalauskas, president/CEO of the more than $550 million asset credit union. By reacting quickly, the credit union hopes to provide "another financial option while they may be waiting for government programs, private insurance or similar funding to rebuild," Kavalauskas said. The program offers two loans:
* The Homeowner Relief Loan has no payments for 90 days, a 5.9% annual percentage rate for up to $20,000 with repayment terms of 60 months, or a 6.9% APRE with repayment terms of 84 months. It is unsecured and applications are due by Aug. 31. * The Renters Relief Loan includes no payments for 90 days, a 7.49% APR for a loan up to $5,000 with repayment terms of 60 months. It, too, is unsecured and has an Aug. 31 application due-date.