Single Mom Loans: How to Get the One during an Emergency?
Many single moms struggle to make ends meet. Sometimes a single mom ends up with a cash shortage and needs to find a way to overcome it. Loans for single mothers are available. In case, if you are facing any financial emergencies, you can consider requesting single mom loans to solve your unexpected and short-term financial problems.
But, the first actions to consider before requesting for single mom loans are that options that are less expensive ones like,
- Having a garage sale
- Borrowing money from family members or friends
- Selling things you do not use - on eBay or other websites
- If you have a second car, sell it
Other alternatives for single mom loans include:
Getting a second job or side job (many single moms are already working more than 1 job, but if not, it is an option)
- Get a bank loan, the process is slow and requires a good credit
- Get cash from your credit card
- Get a second loan from your home mortgage, if you own one
- Get help from local or national programs like the Temporary Assistance for Needy Families (TANF) federal program
Before getting a quick single mom loan, like a payday loan, you should consider several things:
How much do you need to borrow?
Payday loans are normally from $100 to $500. Installment loans are normally $1,000 or more.
When can you repay your loan?
Payday loans are normally paid back on your next paycheck so be sure you can do that if you get one. Installment loans are normally for 1 year and payments are monthly.
When will you get your money?
If you need money fast, then only installment or payday loans will work. You can usually get cash in 1 business day if approved.
Getting a Loan for a Single Mother
A payday loan can be a great option for single mothers. It is easy to request, secure and you get your cash fast. For emergency cash needs, payday loans for single mothers can be a great solution. The cash is deposited into your bank account and repaid on your next pay date.
To qualify for a payday loan, you need to have a resident address, phone (cell is ok), email address, bank account, and recent income of at least $1,000 a month. There may be other qualifications in some states. Laws do vary from state to state.
You do not need good credit to get single mom loans with bad credit. With no credit check payday loans, payday lenders do not check your credit. They are most concerned with your recent income history as it is the best indicator of your ability to repay your loan. Thus, most payday loans are for people with bad credit including single moms. Loans for single mothers may be costly. Payday loans are fee-based but missing your repayment can result in additional fees and/or penalties. You do not want to get trapped into more fees for a small loan so be sure you can repay your loan on the day it is due.
I receive government benefits. Can I still get a single mom loan?
Yes, you can get a single mom loan. Depending on the benefit and the amount you receive monthly, you may qualify for a single mom loan based solely on that income. Disability and social security payments can qualify you for a loan. Request a payday loan online and, if you qualify, a lender will answer all your questions about the loan and paying it back as well as fees.
Will bad credit affect my chances of getting approved for a single mom loan?
No, payday lenders do not perform credit checks. If you have a steady income and can repay the loan when it is due, then you are likely to be approved for a bad credit payday loan.
How can I find the right lender for a single mom loan?
Simple, go to CashOne and complete the short, secure loan request form. It usually takes just a few minutes. Then hit ‘submit’ and get an answer in 90 seconds or less. If you are approved, you will be contacted immediately. Be sure to ask any questions you have and go over all terms and conditions of your loan. You are not obligated to accept a loan offer from any company.