Loans - Details

Loan Processing

• A customer's credit statement, furnished by Nodak, must be completed and submitted to the Nodak office to request the financing.
• Signed estimates must accompany the credit statement.
• The loan application will then be referred to the Finance Committee, and the customer will be advised of the loan status by letter.
• A check for the amount of the loan will be mailed to the customer upon completion of the project.

Requirements

• If the customer is a tenant, the landowner is required to sign a Guarantee of Repayment.
• All customers receiving loans from Nodak Electric Cooperative to assist them in the installation of their electric heating system will be required to use their electric system as their main source of heat for the duration of the loan period. Failure to comply with this regulation will deem the remainder of the balance of the principle plus interest due immediately upon notification.
• The customer is required to make at least a 20% down payment directly to the contractor. Nodak will finance 80% of the total costs up to the maximum specified loan value.
• The minimum monthly payment is $25.

Exclusions

• Fuel and gas backup systems, tanks, or fittings are not covered under our loan policy. We will continue to finance room storage heaters as a backup system for existing electric heating systems.
• If the you do the work yourself, you will not be reimbursed for your labor.