HONOLULU — Hawaii State Federal Credit Union has expanded its Emergency Member Relief Program to provide financial assistance to members affected by Hurricane Lowell, including those on Kauai who are dealing with storm damage and unexpected expenses.
The credit union said the program provides qualifying members with emergency loans, loan-payment deferrals and penalty-free withdrawals from term share accounts.
Hawaii State FCU recently made the same program available to members affected by Hurricane Lala.
‘Heartbreaking’ Devastation
“The devastation left by Hurricane Lowell, particularly on Kauai, has been heartbreaking to see, and our thoughts are with everyone who has been impacted,” said Ashley Noji, senior vice president and chief marketing officer at Hawaii State FCU.
Noji said the credit union wants to provide members with additional financial flexibility as they begin recovering from the storm.
“For families dealing with damage to their homes, unexpected expenses and the many challenges that come with a disaster of this magnitude, financial concerns should not add to an already difficult situation,” Noji said.
Relief Options Available
According to Hawaii State FCU, assistance available to qualifying members includes:
- Emergency assistance loans: Members may borrow up to $5,000, with no payments required for the first three months and no prepayment penalty.
- Loan-payment deferrals: Eligible consumer loan payments may be deferred for one to three months. Interest will continue to accrue during the deferral period, and the loan term will be extended, resulting in a final balloon payment. Options for mortgages, home equity lines of credit and revolving credit may differ.
- Penalty-free term share withdrawals: Members may withdraw funds from existing term share accounts without paying an early withdrawal penalty.
