Many Ottawa and Gatineau residents will need to recover after tornadoes ripped through their regions last Friday, and at least one mortgage loan company stepped up to the plate, as Alterna Savings announced they would be offering emergency interest-free loans to their members.
The firm is allowing members access of up to $5,000 in credit if they need financial assistance right away, and for the first 90 days the loans will not accrue interest. After 90 days, a low-interest base rate will apply on terms of 2-5 years, with the option to pre-pay at any time without penalty.
It is also important to note that applicants will need to visit a branch to review terms and conditions before signing.
"It can take some time for insurance to pay out, and not all homeowners even have home insurance that covers damage resulting from tornadoes and other extreme weather. The 90-day interest-free grace period gives people time to make financial arrangements," explained Alterna President and CEO Rob Paterson.
"It's about helping to support our communities, and we're here to help. With many homes left in ruins, we are particularly concerned about what people need today in order to feel safe. Even if someone isn't an Alterna member, we're happy to talk," he concluded.
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