Navigator Hurricane Ida Relief Loan - Frequently Asked Questions

 

Who is eligible to apply for a Navigator Hurricane Ida Relief Loan?
The Hurricane Ida Relief Loan is available to current Navigator Members in good standing who meet lending criteria. Members can submit an individual or a joint application. Hurricane Ida Relief Loans are limited to one per household.

How can I request a Hurricane Ida Relief Loan?
Visit Navigator’s dedicated Hurricane Ida Relief Loan web page for a link to apply online. You can apply for a Hurricane Ida Relief Loan online in just a few minutes. You can also apply during our regular business hours by calling 800-344-3281 and choosing option 3, or by visiting any Navigator Branch to apply in person.

Are there any requirements for the Hurricane Ida Relief Loan?
Yes, the loan approval and terms are subject to creditworthiness. Employment and income criteria are not considered, but we will conduct a basic credit review which requires us to check your credit. Members who do not meet the criteria for the Hurricane Ida Relief Loan may qualify for another type of loan and will be given every consideration. The terms and conditions for loans other than Hurricane Ida Relief Loans vary.

How much can I borrow with the Hurricane Ida Relief Loan?
Hurricane Ida Relief Loans are offered in amounts up to $1,500, with terms from five to 15 months. Based on the credit review, approved loans amounts are $500 with a 5-month loan term; $1,000 with a 10-month loan term and $1,500 with a 15-month loan term.

What is the interest rate of the Hurricane Ida Relief Loan?
The Hurricane Ida Relief Loan Annual Percentage Rate is a low 6% for all three loan amounts.

Can I defer my Hurricane Ida Relief Loan payments?
You can choose to delay your first payment for up to 60 days after the Hurricane Ida Relief Loan is approved. Interest begins to accrue when the loan is funded.

When will I receive the Hurricane Ida Relief Loan?
Hurricane Ida Relief Loans are given priority processing. A loan determination will be made as quickly as possible. Please be patient and wait for our response to your application.

What’s the deadline to apply for the Hurricane Ida Relief Loan?
The Hurricane Ida Relief Loan is available for a limited time. Applications can be submitted through midnight Wednesday, Sept. 15, 2021. However, it is the right of Navigator Credit Union to discontinue this loan type at any time.