Northeast Credit Union provides relief for Market Basket employees
07/31/2014 03:53 PM
Northeast Credit Union announced today that it has developed a personal loan specifically for Market Basket employees who may be experiencing financial hardship.
“Northeast Credit Union is a locally-based, member-owned credit union,” said Timothy J. Collia, Northeast Credit Union President and CEO. “We believe it is our responsibility to assist our members through financial hard times, and this could be one of those times for some of our members. As part of our mission to support the local communities we serve, we are also pleased to announce this loan program is being offered to non-member grocery employees that may be affected as well.”
Loan offer details
- Reduced interest rate of 4.99% APR1 (see website for full rate and disclosures)
- Loan term up to 12 months
- No payments for 90 days
- Loan amounts based on gross monthly income, maximum loan of $5,000
Affected Northeast Credit Union members can also take advantage of 90 days deferment on all existing consumer loans to include auto loans, personal loans and equity loans. (Excludes: mortgage loans and credit cards) To apply, members and non-members must present a recent Market Basket paystub.
About Northeast Credit Union
Northeast Credit Union (NECU) is a leading not-for-profit, cooperative financial services organization owned by its members. NECU offers an array of financial services, to include: competitive financing rates, checking and savings, retirement planning, online banking and bill pay, mortgages, home equity loans, and business services. NECU currently has over $1 billion in assets and serves over 101,000 members at branches in Berlin, Concord, Conway, Dover, Exeter, Gorham, Lebanon, Lee, Manchester, Merrimack, Northwood, Plymouth, Portsmouth, the Portsmouth Naval Shipyard, and Rochester. For more information about choosing the right financial product or service, please visit www.necu.org or call 888-436-1847. This credit union is federally insured by the National Credit Union Administration. Equal Housing Opportunity.
See more at
1. Annual Percentage Rate (APR) is accurate as of 7/31/14 and subject to change without notice. NECU will provide financial assistance to members of our community who are currently employed or had been employed at Market Basket as of July 1, 2014. This loan does not qualify for additional discounts. Personal loan amount will be equivalent to or less than monthly gross income, up to a maximum of $5,000. Maximum term of 12 months. 90 day deferment option may extend the term of your loan. Example for a $2,000 loan with a rate of 4.99% APR for 12 months: monthly payment is approximately $ 174.22. Total finance charge is $2090.61. Includes life and disability protection.
2. Account must be in good standing. Does not apply to mortgage loans.
To take advantage of these options, members or prospective members must be in good standing with the credit union. Other restrictions may apply. Subject to credit approval. Offers subject to change at any time. Membership required. Federally insured by NCUA. Equal Housing Opportunity.