Thanks to a generous offer from Citizens Bank, many victims of Hurricane Irene can now see some light at the end of the tunnel.
The bank have extended a hand to consumers, small business owners and nonprofit organizations in need of some extra cash to rebuild by offering loans and credit cards with zero percent interest.
Citizens Bank branches across the hurricane zone, including Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Philadelphia, Rhode Island and Vermont are extending special lines of credit to those in the greatest need.
Existing Citizens Bank customers are able to apply for special low interest loans and zero percent credit card accounts for short term use. Among the offers available are unsecured loans of up to $10,000 over a period of 1 to 7 years at a low interest rate of 5 percent.
Interest free lines of personal credit up to $15,000 are also available for up to six months. Small businesses and nonprofits can also make use of 90 day bridge loans at low rates of interest while 0% APR credit cards are also offered for a limited time to consumers and small businesses.
These offers will provide much needed relief for those individuals trying to bridge the gap until federal funding is approved. The services are being subbed “credit lifelines” by many financial experts. Dan Fitzpatrick, president and CEO of Citizens Bank said,
We are pleased to offer financial assistance to those who were adversely affected by Hurricane Irene. We hope this support provides the immediate resources people need to clean up from the devastation left by the hurricane.
Since launching these short term products to assist those who were caught in Hurricane Irene’s destructive path, Citizens Bank have also extended to emergency loans and credit card offers to individuals and business owners who were equally affected by Tropical Storm Lee.
The products are now available to customers in Pennsylvania, New Jersey, Delaware and New York who sustained substantial damage when hit by the tropical storm just days after being battered by Hurricane Irene.
Citizens Bank is not alone in their efforts. Webster Bank have also offered special rates for new home improvement loans until the end of September to allow their customers to have additional access to cash required to make repairs and clean up after Hurricane Irene. A number of banks also waived ATM fees for the duration of the Hurricane to allow consumers greater access to funds in case of emergency.