Sometimes it can be hard to get the status of your loan application. This article breaks down what the typical wait-times are for a disaster loan, the different loan programs and their associated terms, and who you should contact in order to get your loan processed quickly.
How long does it typically take to get a disaster loan funded?
It can typically take up to two weeks for a disaster loan application to be processed. Disasters such as hurricanes are more likely to be funded on the same day they happen, just in case a disaster loan is necessary. However, there is no hard and fast rule that says you can’t apply for a disaster loan after a disaster has happened.
It typically takes about 3-4 weeks for a disaster loan application to be approved. However, depending on the severity of the damage it could take longer.
What are the different types of loans and their associated terms?
This blog gives a detailed explanation of the different types of loans and their associated terms. The first type is called a short term loan, which is defined as one that lasts for up to two years. A second type of loan is what’s called an installment loan, which also lasts for up to two years. The third type is called a forbearance, which means you are not making payments on your loan for an agreed-upon period of time in order to temporarily suspend repayments.
The types of loans available for your disaster are determined by the type of loan you have applied for and the status of your application. The terms associated with each type of loan are described below:
Who do I contact if I am having trouble getting my loan processed?
If you need to contact someone at the Disaster Loan Center and have issues with your loan application, please call them at (800) 203-1366 or email email@example.com.
In order to get your loan processed, you will need to contact the bank or credit union that issued your loan. If you have trouble contacting them online, you can call their customer service line for assistance.
If your application is approved, you’ll be given a date and time to come in to the bank for the loan. After you’ve met with a banker, they will give you a check and the money can’t be used until that date and time. The process typically takes about 1 hour.
After submitting your application online, you’ll be able to view the status of your application on the Disaster Recovery Center’s website. There, you’ll find an email with a link that enables you to check on your loan status at any time. The site will also show you how much money you’ve already been approved for and how much is left to be disbursed.