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Iowa Derecho Hardship Assistance

We're here to help.

Our Hardship Assistance Program was created to assist individuals who are facing unexpected financial hardship in communities affected by the August 10th Iowa Derecho Storm.

If you’ve been affected, we may be able to help you pay bills with a loan repayment term of up to 36 months (subject to qualifications and credit approval). MidWestOne bankers are ready to work directly with anyone in need of assistance. Applications will be accepted at MidWestOne locations in the affected counties.

 

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Details and Eligibility

Through our Iowa Derecho Hardship Assistance Loan, qualified borrowers may apply in person at their local MidWestOne location to receive a Hardship Assistance Loan from $1,000 up to $5,000. We also offer a discounted, fixed interest rate with automatic payment from a MidWestOne deposit account and we will waive the loan documentation fee.

To apply, individuals must live in one of these affected Iowa counties: Audubon, Benton, Boone, Cass, Cedar, Clarke, Clinton, Dallas, Greene, Grundy, Guthrie, Hardin, Iowa, Jackson, Jasper, Johnson, Jones, Linn, Madison, Marshall, Muscatine, Polk, Poweshiek, Scott, Story, Tama, and Washington.

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Hardship Assistance Loan – Iowa Derecho

  • Unsecured loan amounts from $1,000 to $5,000
  • Fixed rate loan at 2.99% Annual Percentage Rate with an automatic payment from a MidWestOne deposit account; without automatic payment from a MidWestOne deposit account the Annual Percentage Rate will increase to 3.99%.
  • Documentation Fee is waived; all other loan fees applicable
  • Loans are subject to credit approval and underwriting standards.
  • Offer available until further notice

 

Loan with Payment Deferral*

Loan without Payment Deferral*

Balance

$5,000.00

$5,000.00

Annual Percentage Rate

2.99%

2.99%

Monthly Payment

$146.11

$145.39

 

* Loan terms up to 36 months. Calculation based on a 36 month loan term with the lower available Annual Percentage Rate with automatic payments from a MidWestOne deposit account.  The Annual Percentage Rate will increase by 1.00% without automatic payments.  Borrowers have an option to choose a 90 day deferral of their first payment, however, interest will still accrue during this time. The payment deferral option will increase the monthly payment amount.

Member FDIC  |   Equal Housing Lender

 

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How it works

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Housing Expenses

Make mortgage and rent payments.
 

Business<br>Banking

Pay Bills

Pay bills and stay on top of your finances.
 

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The unknown

Be prepared for the unknown with an extra financial cushion.
 

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No payments
for up to 90 days

You can defer your first payment up to 90 days. See Banker for details.
 

Let's get started

If things are tough, we want to help. Contact a Banker and let's talk about how we can help you.

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