STCU rolls out disaster relief loans in wake of Upriver fire

In light of the Upriver fire that burned 14 homes and killed one person in Spokane, STCU is rolling out special low-interest loans to members affected by wildfires and other natural disasters.

These 2.99% annual-percentage-rate loans are available in sums up to $10,000. Members do not have to pay back the loan for the first 90 days of its term. Given the early start to the fire season and odds of it being a particularly brutal one, these loans are available from now until Oct. 31.

Dan Hansen, the strategic communications manager for STCU, said there’s not another good comparison when it comes to this kind of loan, as they only roll it out when it’s deemed necessary. A couple years ago, when wildfires tore through Elk, Medical Lake and Malden, STCU issued similar loans.

“Obviously 10,000 isn’t going to replace a house, but it will help people while they’re waiting for insurance,” Hansen said.

Hansen said the closest kind of loan he could think of that has a similar low APR is a home equity line of credit loan, with rates as low as 6.74% APR.

Anyone who joined STCU before Monday is now free to apply. Individual amounts and terms vary, and all loans are subject to approval. Interested members can visit stcu.org/wildlife-relief, call 509-326-1954, or simply visit the nearest branch .

“Our hearts were with the families, businesses, and communities impacted by the wildfire,” said STCU President and CEO Lindsey Myhre. “We know many of our members and employees were facing uncertainty and potential loss. These loans are one way we can provide support during a difficult time and do what credit unions do best – help people and strengthen our communities.”