In case you are a single mom, you might be struggling to make ends meet every month. Nowadays, most single mothers will have no credit rating, slow credit or perhaps bad credit. In some cases, single mothers will be too young to establish a positive credit rating. In this article, we will look on some of the ways that you get loans for single mothers regardless of your credit history.
How to get business loans for single mothers
The government provides business loans for single mothers that would help you to start a good business. In the event that you can operate a business well, this means that you would hire others to work and help with the productivity and the country’s economy. The government has put aside $350 billion to give as loans or grant money to single moms. The loans have a low interest rate and can be acquired if and when you follow the right procedure.
Personal Loans
A personal loan that is given to someone with bad credit can allow you to fulfill any needs you have. It could be that you need funds to make major purchases such as a computer or furniture; take a vacation, pay fees for classes or buy a car. It is possible to get between $500 and $15, 000 when you apply for this type of loan. This personal loan could be secured or unsecured.
The secured loan will require you to have some form of collateral, while the unsecured loan will not require collateral. But most single moms don’t have sufficient collateral, so their only option would be the unsecured loans for single moms. In order to enhance your chances of getting approval for the amount of money that you need, it?s possible to ask a cosigner with a good credit rating to apply with you. In this case, you can ask a parent or any other family member, friend or just anyone who agrees to repay the loan if you are unable to make payments in the future.
Cash Advance Loans
You also have the cash advance loan option. This kind of loan will require no credit check, which makes it easier for you to get loan if you have a credit history that is inadequate as a single mom. This loan is designed for a short time period, often one month or maybe less and would generally be given to match with your next pay date. You are only required to have a savings or checking account as well as a job which pays every week, bi-weekly or month-to-month to get this loan. If you had received benefits from SSI, Social Security or any other programs, you can also meet the criteria to get cash advance loan.
You can conduct a research to learn more about other options available for you to get personal or business loans for single mothers.
Visit Single Mom Financial Help site to find more information and/or help on Single Mothers Loans.