BATON ROUGE, LA – After learning New Orleans may soon seek additional financial assistance, the Louisiana Bond Commission reportedly confirmed the city’s next loan application will be processed using the same standards typically reserved for customers trying to finance a $60,000 used SUV with a 422 credit score.
State loan reviewers said they appreciated the city’s willingness to “put a few hundred on it” but explained that a down payment only goes so far when an applicant’s financial history raises “a few routine questions.”
Among the additional requirements are six months of bank statements, cell phone bill (must be current), three personal references, and a qualified cosigner with no active warrants or felony convictions.
“We’re not saying no,” one bond commissioner explained. “We’re just saying we’d feel a lot better if someone with a proven track record was willing to sign beside them.”
Officials also confirmed the city will need to demonstrate it can make at least twelve consecutive on-time payments before becoming eligible for the state’s preferred interest rate.
