Employee Loan for Hurricane damage

We are considering an employee Hurricane Relief loan up to $2,500- unsecured to employees that have suffered damage caused by the hurricane to assist with deductibles and what ever else. Would this be consumer purpose? Can we do automatic approval? Considering a 24 month loan with first three payments deferred, amortizing over remaining 21 months. Priced at Prime-0.5% fixed.

What do I need to make sure that we are handling correctly?[/i][/color]

Definitely consumer purpose and subject to Regulation Z. Underwriting is a bank decision. I am not sure how to answer your last question. You will need a loan agreement/note that supports this product and it will have to be properly loaded onto your loan system.

Another consideration: We provide employees a disclosure on what may happen to their preferential employee loan rate rate should they leave employment with us.