Last week, after the country watched in horror as a deadlytornado ripped through Moore, Okla., many were shocked again at the lack of stormshelters in the heart of Tornado Alley.

But these are tough economic times and residential stormshelters typically cost between $2,000 and $5,000. They can costmore than $10,000 if they have mechanized doors or otherupgrades.

Because of the high cost of lives and property, many Oklahoma credit unions are currently offering low APR loans onstorm shelters.

“Focus FCU has been offering tornado shelter loans for about twomonths,” said Chandra Goodson, director of marketing and businessdevelopment at Focus FCU. “We decided to offer these types ofloans after getting inquiries from members and feedback from ourstaff last year. The rate is a fixed rate loan at 2.75% APR.Our lending staff looks at the members' overall credit picture, asthese loans are not score based.”

Due to the number of tornados and the huge number of peopleimpacted this week, Focus, a $548 million credit unionlocated in Oklahoma City, quickly moved to offer victims severaltornado relief options and emailed information to members as wellas partner groups such as storm shelter installers.

“Prior to the May 19 and 20^th tornados, we had funded30 storm shelter loans,” Goodson said. “Since then we have beeninundated with phone calls and loan applications from Oklahomanswanting to protect their families”

The $877 million Communication FCU in Oklahoma City is offeringstorm shelter loans at a 0.99% APR. The storm shelter rate is fixedand will never change over the term of the loan. SinceCommunication FCU's program's original inception two years ago,more than 600 storm shelters have been installed, that credit unionsaid.

Other credit unions offering loans for storm shelters are the$491 million Oklahoma Central in Tulsa, the $3 billion Tinker Federal Credit Union in Oklahoma City and the $106million Oklahoma Educators Credit Union, also located in OklahomaCity and all are offering 2.99% APR.

“Anytime you can take out a loan for a storm shelter you need todo it,” said state Rep. Joe Dorman, a Democrat from rural RushSprings, about 60 miles southwest of Oklahoma City. “People need tobe able to afford to protect themselves, especially in thevulnerable areas where there have been tornado outbreaks.”

FAA Credit Union also offers storm shelter loans for members.They are 2.95% for up to 36 months and for up to $5,000. They arecurrently evaluating this rate and are looking at offering a 1%rate for 12 months in addition to 90 days no payments.

“We feel like this program is important because our job as acredit union is to take care of our member's needs,” said AlisonWolf, vice president of marketing at FAA CU

“Human life is priceless and we don't want cost to be aconsideration when it comes to safety.”

Also from Oklahoma Tornado:

• Ohio, Kansas, California Joins in ReliefEffort
• Pen Air FCU Starts ReliefCollections
• Redstone Collecting Donations inAlabama
• Manager Tells Tale of Tinker Safe Survival(video)
• Leagues Chip In, Life-Saving Vault StillInaccessible
• CUNA Mutual Contacts 57 CUs
• Branch's Vault Still StandsSentinel
• NCUA Activates Relief Policy
• Weokie Staff Also Retreated toVault
• CUNA Mutual Sending DisasterTeam
• League, NCUF Assessing Impact
• Tinker Staffers Survive in Safe