Banks Offer More Credit for Sandy Victims

By on

Major credit companies are offering short-term loans and credit limit increases to those affected by Superstorm Sandy, CNN reports. But before you sign up, look at the terms and what is being offered. Short-term loans generally come with high fees. And when calculated over the average term of 10 days, APR could amount to 270 percent or more for a 10-day loan period. Meanwhile, check out what you can get from people not out to make a quick buck…

The Federal Emergency Management Agency (known as FEMA), for example, will often cover rental payments for temporary housing when a storm victim’s home isn’t available. Grants are also available for home repairs and to replace household items that were destroyed. Other disaster-related expenses like medical, dental, funeral or transportation services, may also be covered by FEMA. To apply for assistance, go to DisasterAssistance.gov. You can apply by smartphone at m.fema.gov or call 1-800-621-3362.

Meanwhile, the Small Business Administration offers disaster loans of up to $200,000 with interest rates as low as 1.7% to homeowners needing to repair or replace homes damaged or destroyed by the storm. Loans up to $40,000 are available for homeowners or renters to repair or replace personal property that was damaged.

Many nonprofits — like the American Red Cross — are also offering free assistance to storm victims, including meals, shelter, and transportation.

Do what you have to, but that should include your money-saving homework.

Sign up for our free newsletter

Like this article? Sign up for our newsletter and we'll send you a regular digest of our newest stories, full of money saving tips and advice, free! We'll also email you a PDF of Stacy Johnson's "205 Ways to Save Money" as soon as you've subscribed. It's full of great tips that'll help you save a ton of extra cash. It doesn't cost a dime, so why wait? Click here to sign up now.

Check out our hottest deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,268 more deals!

Comments & discussion

We welcome your opinions, but let’s keep it civil. Like many businesses, we reserve the right to refuse service to anyone. In our case, that means those who communicate by name-calling, racism, using words designed to hurt others or generally acting like an uninformed bully. Also, comments that include links to email addresses or commercial websites typically aren't posted. This isn't a place to advertise your business.