Somerville, MA - Naveo Credit Union launched a Bicycle Loan, a unique new product geared at helping community members purchase city or family/cargo bikes as an alternative means of transportation. Naveo created this loan to help individuals who are interested in being more eco-friendly and healthy with an affordable loan option. This product is one that local financial institutions have not provided before. Naveo, who has branches in Somerville and Cambridge, is in the midst of some of the biggest bicycling communities in the country. More and more people are trading in their cars for bikes, which can be costly depending on your needs and lifestyle. Some individuals want custom-made bikes or family/cargo bikes, while others simply want a reliable city bike. The Naveo Bicycle Loan would cover any type of bike, plus some of its accessories. The Bicycle Loan is available in amounts up to $5,000 and in terms of 6 months to 36 months. The loan covers the cost of the bicycle, plus up to 10% of the loan amount in accessories, including child seats, weatherization accessories, helmets, etc. The Bicycle Loan features a lower-than-usual rate for an unsecured loan, making this an affordable solution for those looking a new bike. Naveo has partnered with local bike shops to ensure the community takes advantage of their offerings. “We love seeing all the bicyclists passing by our locations in Somerville and Cambridge on a daily basis. The Bicycle Loan Program is one more way for Naveo to serve our neighbors and to support their environmentally-friendly lifestyle choices. We are providing for an unmet need in our community and introducing Naveo to many recent residents of our community,” commented Albert Pinho, Vice President of Lending at Naveo Credit Union.