Flood insurance and other government assistance may help pay for property damage if you or someone you know has been affected by the Louisiana flooding. However, those payments may not be enough to cover all your expenses. Low interest loans are available now, which can be a much cheaper option than carrying a high interest balance on a credit card. We are highlighting two options, but there are many more opportunities out there if you or someone you know could use some financing.
If you are looking for a relatively small amount of cash to help you through the near future until you get back on your feet, you may qualify for an unsecured personal loan through a bank. Whitney Bank, for instance, is offering loans to qualified flood victims of up to $50,000, with low interest rates and no payments for 90 days. Call Tyelise Vavasseur at (225) 381-0452 for information.
If you are a flood victim and are looking for a larger loan or are looking to refinance your home mortgage, you may qualify for a low interest loan through the Small Business Administration (even if you do not own a business). These loans typically require you to mortgage your home or other real property. See more on SBA disaster loans here or visit a local disaster recovery center to speak with an SBA representative.