In an effort to provide immediate relief to our customers who have been impacted by Hurricane Harvey, we did in fact implement a one-page, abbreviated loan application for $500 unsecured loans. These loans are offered to existing Prosperity Bank customers and are structured as one-year, balloon notes. No payments of principal or interest are required until maturity, though customers may pre-pay at any time without penalty. Each bank customer is entitled to one loan. If there are joint owners of an account, each “owner” of that account may apply for his/her own loan. There is a “one loan per customer” limit. In light of the extraordinary circumstances and our desire to make the loan process as easy as possible, we elected to waive credit reports.
Additionally, we are waiving loan payment late fees, NSF fees and overdraft fees that were assessed during the periods of inaccessibility. Impacted customers may also apply for certain loan payment extension periods without cost. Information on these programs are available on our website.