Veterans Aid Loan Program
The Veterans Aid Fund is a permanent revolving fund to be used for the purpose of making loans to North Dakota veterans or their widow/widowers.
The maximum loan amount is $5000.00 with an 8% interest rate that is calculated daily on the unpaid principle balance. The maximum time for payback is 48 months.
The Applicant Requirements
The Applicant must be either a Veteran as Defined in NDCC 37-14-01.1 or an un-remarried widow/widower of an eligible veteran.
37-14-01.1 Definition of a veteran. As used in this chapter, "veteran" means an individual who served in the armed forces of the United States on federal active duty for reasons other than training and who has been discharged under other than dishonorable conditions.
- Documentation will be required for a widow/widower of an eligible veteran applying for the Loan.
The applicant must have the financial ability to repay the loan.
- Documentation will be required
The applicant must be a resident of North Dakota for one year prior to date of application.
- Documentation will be required.
Applicants may be eligible for both the hardship assistance program as well as the loan program.
The application must be completed, dated and signed with C.V.S.O. section filled in
A credit report & bankruptcy record will be obtained for every application received.
- Loans will not be issued to anyone with an outstanding state tax lien.
- Loans will not be issued to anyone with outstanding child support.
Agency has ability to collect and assess fees when necessary. A $15.00 fee will be assessed for any payments not received by date due. A $25.00 NSF fee will be assessed for any payments that are returned for insufficient funds.
A loan shall be turned over to a collection entity after 90 days of nonpayment UNLESS the applicant has contacted the department and negotiated a repayment agreement approved by the commissioner. Deviation from the agreement may cause account to be turned over for collection.
Interest Refund Policy
One half of the interest will be refunded if the loan and al fees are paid by the date the loan is due.
Charge Off Policy
After three years of non payment, the loan is charged off, but the account may be brought back at any given time.
When a loan holder passes away, the account may be charged off upon receipt of a copy of a death certificate. The loan may be brought back at any given time.
If a loan holder files for bankruptcy, the account may be charged off with adequate documentation. The loan may be brought back at any given time.
Current as of 3/1/2010
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