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Loans For Low Income Moms – Single Moms With Bad Credit

Being a single mother juggling work and taking care of your young children can be very difficult and stressful, especially so when you do not have a stable income and frequently run out of cash. It can be frustrating when you need extra money for furthering studies like attending college or buying a new home. These type of expenses can cost you a lot, and this is when you need to turn to loans for low income mothers. These loans are crafted suitably for single moms. However, to qualify for such single parent loans can be difficult, especially when you are a single parent with bad credit. There are different types of loans which you can apply, and a good starting point is to go online and search for them so that you can have a better understanding of the types of loans available for single moms. Always bear in mind never to borrow money more than what you can comfortably pay for.

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Personal Loans For Single Unemployed Mothers

If you are a low income mother with bad credit, it doesn’t mean you won’t be applicable for a loan, as there are still ways and means to avail an unemployment loan for a single mom. Now, when it comes to getting a loan for single mothers, you really should start by asking yourself a few questions. Do you really need a loan? Where can i find loans for low income moms. If so, how much money can i borrow? If you think you need a large sum of money – for example, to pay for university education or home or pay for a big item – you are probably having to take out a personal loan for single mothers. Banks do offer personal loans for single moms to apply for – but the catch is you need to establish good credit worthiness with the bank or able to pledge collateral against any bank loan you wish to apply for.

Loans For People On Single Income

Collateral aside, having a good credit record is always important if you want to avail any kind of loan on a single income. If you want to borrow money with bad credit, you will have very little chance of actually getting that loan from traditional means such as a bank or financial institutions. Furthermore, even if you do manage to secure an unsecured bad credit loan, you will have to accept paying a lot more money with higher interest rates. So make good habit of maintaining good credit if you want to take out a loan.

Government Grants For Single Mothers

Now there are a few kinds of loans that a single mom with low income can apply even if you don’t have good credit. If you are planning to further your education as a single parent, you can get a student loan for single mothers. If it is a federal student loan, having good or bad credit has no bearing on whether you qualify for the federal loan for not. With the aid from government grants, this can make going to college or getting some sort of professional certifications possible for low income single moms with bad credit. Do remember that federal student loans are still ultimately a loan, and will need to be repaid with interest. It’s just that you can qualify for them with bad credit, and you can repay them over a longer period where at a certain time, may also qualify for student loan forgiveness.

Online Loans For Low Income Single Moms

If you are a single mom with low income just looking for a small short term loan, say you need to borrow 700 dollars now or get 500 dollar cash, you might consider looking at a payday loan. Payday loans tend to have higher interest rates than a traditional bank loan but it is a very viable option if you have bad credit or mired in single parent debts, where it is next to impossible to get a low income personal loan. However, as a single parent, you should do your sums and decide if you have the capability to repay. Never take out a payday loan for single parent if you are unable to repay the loan by your next paycheck as missing a payment or two will make the loan amount in interest owed higher than what you originally borrowed and set you deeper in debt.

 

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Posted July 12th, 2011. Filed under Budgeting Unemployment

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2 Responses so far

  1. [...] payday loan for single mothers is a type of personal loan which is backed by your next paycheck. These are unsecured loans, which [...]

  2. [...] you need to find quick easy money for single moms to take out a personal loan for single mothers, the first choice is always to borrow from a bank – but you are going to need to have good [...]

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