If you are a single mother, it is quite likely that you have looked at your finances from time to time and wished for some sort of magic wand that would let you get everything under control immediately. While we wish that were a possibility, the reality is that your finances are often something that have to be done in “baby steps”.
Remember how your child learned to walk? Those small stumbling first steps didn’t seem like they would ever add up to that full-blown running that takes your growing child across the playground or up a flight of stairs, but they did.
This is exactly how you must view your efforts at keeping or getting finances under control – one small baby step at a time. Fortunately, there are many types of loans for single mothers that can actually help you out tremendously if you find that you cannot wait to move from toddling to running.
For example, if you are unable to pay for housing, transportation, food, utilities, etc., you have several realistic places to turn for some help and financial stability. The very first place to turn is to local social services agencies, religious organizations, etc. Consider the many dedicated assistance programs for single moms too. These groups have emergency funds always available an can help with life’s essentials if financial problems are a serious challenge.
Apart from the “dire” emergency loans for single mothers, there are other opportunities. In fact, if you are struggling with debt, bills, or everyday expenses, you have many places that are happy to offer you everything from education to actual funding.
Begin with your state’s 211 Service, and learn what sort of legitimate options exist. Then move on to the traditional “lending” agencies. Let’s consider them now…
Emergency Loans for Underemployed Single Moms
If you are a working parent, we salute you. It is incredibly challenging to be a single parent, and even more so if you carry the typical 9-5 job. However, one thing we have to tell you right at the start is to avoid the use of “payday loans” of any kind.
Most of them work like this: You write the “lender” a check for $200, plus an additional fee of $40. For that, you get $255 in cash. They do not deposit your check right away, but will do so when your next paycheck is to be deposited into your account. In essence, you just paid $40 to get the money for less than two weeks. That is a ruthless process, and you don’t want to get stuck using it.
Avoid taking out any emergency loans, simply because their terms are always the least favorable to you as the borrower. Why not consider a personal loan that helps you to consolidate debts into one monthly payment, improves credit, and helps you keep track of every penny with ease?
This would be possible with a personal loan – of course, your credit has to enter the equation.
Personal Loans for Single Moms with Bad Credit
If you have good credit, consult with your bank, credit union, or even your mortgage lender to determine if they have options.
If your credit is bad, still begin by going to your bank or to local banks if you do not yet have an account. Some haveprograms for loans for single mothers, and they will be able to review any available options. If your credit score is too low, some banks or lenders cannot help you. However, don’t close an account because it is always beneficial to be an established customer with at least one reputable bank.
This is why you may need to find a private lender or a source for a secured or unsecured loan. There are too many sources to list here, but let’s look at the loans for single mothers they make available.
Secured loans – Some lenders make funds available if you can offer up a security for collateral. For example, your home or car can serve as security. Obviously, you must think a lot about this because you don’t want to jeopardize your lifestyle in order to borrow some money.
Unsecured loans – There are a lot of ways to obtain them, and they can come from credit unions, friends and family, or groups of lenders. Check with the Better Business Bureau before accepting cash from a group of private lenders, and if they are without any complaints, this could be a good solution. (WAHM)
Don’t overlook one of the most obvious options for loans for single mothers – government loans.
Government Loans for Single Moms
If your finances are in order but you want to return to school or start a business, there are many kinds of loans for single mothers. There are also grant options for single mothers as well, and these are funds that do not have to be repaid.
As you can see there are loan options for all situations, but the best way to find and get a loan is long before you need the money. Start looking today and have all of the resources you need even before you need a loan.
SingleMom.com. Dedicated Assistance Programs for Single Moms. SingleMom.com 2014. http://www.singlemom.com/dedicated-assistance-programs/
Wolf, Jennifer. Help for Single Moms – 211 Services. About.com 2014. http://singleparents.about.com/od/financialhelp/a/2_1_1_help.htm
WAHM. An Introduction to Loans for Single Mothers. WAHM.com. 2014.