Being a single parent is always a hard job you need to do without weekends, holidays, and vacations. And financial emergencies that single moms face are usually especially tough. However, there are various types of financial assistance single mothers can access in Tremplocounty Loans. Let’s take a closer look at available options, from personal loans to federal aid.
What Types of Loans Are Available for Single Moms
Being a single mother doesn’t set any restrictions on a lender you can seek help from or a loan type you can choose. However, there are other factors, such as your credit history and monthly income, that can be significant when a lender checks your application details. Here are some types of loans for single mothers you can consider (for both bad and good credit).
Personal Loans for Single Mothers
Banks and credit unions offer both secured and unsecured loan options that are available for single moms. While an unsecured loan may come with strict minimum credit score requirements, secured personal loans are typically available with any credit. However, a secured loan requires collateral in the form of your valuable property, such as a car, a house, or a balance of your savings account.
In both cases, traditional financial institutions will perform hard credit checks, so it may drop your credit score by a few points. Typically, you can obtain up to $50,000 if you prove your income is sufficient for such an amount. Loan terms are more likely to be between 12 and 60 months.
Installment Loans for Single Moms
Installment loans are offered by private and online lenders as a bad credit alternative to personal loans. Single mothers are allowed to access up to $5,000 and repay the money within 24 months. There will be no hard pulls conducted, so your credit score remains the same. Also, installment loans are faster, so you can commonly access the funds within one business day.
Payday Loans for Single Mothers
Payday loans are short-term financial solutions that allow you to get up to $1,000 and repay the money within two to four weeks. These loans were designed to help single mothers overcome small financial emergencies without wasting time. You can apply for a payday loan online and get the funds directly in your bank account within 24 hours.
Credit Card Cash Advances
A credit card can provide you with funds that will always be by hand in case of any unplanned expenses. You can access the money within limits set by a credit card issuer. There are credit cards for single mothers with both bad and good credit. However, an interest rate for bad credit options may be quite higher.
Other Types of Financial Aid for Single Mothers
Besides the options above, there are also various types of federal aid single mothers can access for specific purposes. Here are some of them:
Non-profit aid for single moms –
This option includes federal grants that need no repayment and other types of financial assistance single mothers can access to buy food, cover rent costs, or critical medical bills.
Home loans for single mothers –
If raising a child leads to some financial hardships, you can count on several first-time buyer home programs for single moms that can help you purchase a home without accessing a traditional mortgage. They include FHA loans and VA loans;
Educational loans for single mothers –
If you want to get a higher education while raising a child, you can apply for plenty of scholarships aimed at helping single mothers continue their education to build a career in the future;
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