Natural Disaster Recovery: How a Personal Loan Can Help

One of the most challenging situations someone can face is the impact of a natural disaster. Whether it’s a hurricane, flood, wildfire, earthquake or tornado, these often sudden and dangerous disasters can leave behind a series of devastating and long-term effects. 

Last year alone, the US experienced three of the world’s costliest natural disasters, with over $46 billion in total damage.

When faced with a natural disaster, one of the last things you should have to worry about is your financial well-being. Unfortunately for many, the sudden impact of a natural disaster can quickly turn into a financial nightmare. 

If you’ve recently been affected by a natural disaster, know that there are available monetary options to help assist. Here we’ve outlined a few scenarios in which obtaining a personal loan during a natural disaster recovery period can help you get back on your feet. 

You’ve Exhausted All Other Financial Resources:

After a natural disaster occurs, the immediate response for many affected individuals is to contact their insurance companies and submit a claim—especially if they’ve experienced significant damage to their home, property, or valuables. However, depending on the impacted area and type of claim, the time between having your application processed and receiving your check could be lengthy. Until you receive those funds, you’re at a financial standstill.  

In addition to working with insurance companies, you may find yourself seeking assistance from other entities such as local, state, or government agencies. You may even turn to charitable programs. But sometimes these additional resources may not be enough—especially if there are limitations on the type of financial assistance that they can provide. 

In either case, a personal loan can help you move past these obstacles quickly by providing any additional financial support that you may need due to coverage limitations or long processing times. 

You Need Temporary Housing Longer Than Expected:

Depending on the type and severity of a natural disaster, you may find yourself temporarily displaced from your current living space—your home might be damaged or deemed “unlivable,” and additionally, your neighborhood might have suffered significant damage and become inaccessible. 

Either way, this could result in having to take up residence in a hotel. While this may be fine for a night or two, when you consider that the average daily rate across the US for a hotel is $135, that temporary stay can quickly become unaffordable—especially if you find yourself having to spend weeks (or even months) checked in.

If you find yourself displaced from your home due to a natural disaster, receiving a personal loan can help cover the ongoing expenses that come with temporary housing.  

You Find Yourself Temporarily Unemployed:

In the aftermath of a natural disaster, it’s not uncommon for local businesses to find themselves disrupted or even unable to recover. Depending on the nature of the business, your employer could experience damage to the actual facility, loss of connection to power and communication, inability to receive or distribute materials, or a general delay in providing goods and services. 

Until your employer can regain the ability to operate their business normally, you may find yourself temporarily unemployed and faced with the uneasy reality of having to pay bills without a steady income. 

Fortunately, if you need funding to cover bills while your employer is trying to recover from a natural disaster, a personal loan can help.  

How We Can Help:

At Credit Direct, we understand that the impact of a natural disaster can result in financial circumstances outside of your control. Which is why we make our personal loan application a seamless and straightforward process. Five minutes is all it takes to complete your application and see what offers are available to you. Apply today so you can worry less tomorrow with funding as soon as 24 hours.

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