Many single mothers find themselves in situations where they cannot borrow money especially from the credit lenders. Such mothers usually find themselves not being able to qualify for the loans because of bad credit scores. Most of the major lenders will require that applicants have good credit score.
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Such lenders will also perform income verification and credit checks. Such things prevent the single mothers from getting the conventional loans. But there are various ways that single mothers can get bad credit loans. This means that single mothers can get loans to deal with different kinds of emergencies even if they have poor credit scores. Here are the several ways for single mothers to get loans despite having bad credit :
Pay Day Loans
A single mother can readily get a pay day loan provided the mother is able to provide proof of employment or other sources of income. These loans are usually provided by lenders even to people with bad credit score as along as those people have a source of income. The loans are short term and this is why they are referred to as pay day loans. In fact, most lenders expect borrowers to pay with their salaries. Most of the lenders who provide these loans do not check the credit scores of the applicants. Instead, one can just apply regardless of the credit score.
There are even online lenders who provide these loans where single women who have a source of income can apply and get the money even within twenty-four hours. One can get between $3500 and $1500 depending on the income. Because of how fast these loans are executed they are ideal for single women with financial emergencies.
Another ideal source of loan for single moms with bad credit is through getting loans through cars. This can also be helpful to the mothers who own cars but are faced with a certain emergency that require quick money. In such a situation one just needs to prove ownership of the car so as to get the bad credit loans. One can opt to go to a car dealer and request for a loan with the details proving the ownership of the vehicle being the security.
One can also take the documents proving ownership to different financial institutions and the loans will be processed conveniently. There are even lenders who give single mothers loans so that they can buy vehicles. Such lenders remain with the document showing the ownership and let the single mothers continue using the vehicles. Such loans mean that the lender still owns the car but the single mother can go on using it until all the payments are completed.
Since most mainstream lenders do not easily give loans to single mothers with bad credit, such mothers can opt to use co-signers. These are people who accept to repay the loans in case the single mother is unable to repay. Most single mothers usually look for relatives or close friends so that they can be their co-signers. In most cases the people who are selected usually have good credit scores and this is why they are trusted by most lenders.
Such people also need to show the lenders that they have the ability and will to repay the loans on behalf of the single mother. Many people accept to sign these loans when they are aimed at purchasing certain things. This is because such things can be sold in case the single mother is unable to repay the loan borrowed. It is important to get a trusted person who will accept to carry the burden in case things do not go well.
Personal Loans For Single Mom’s With Bad Credit
There are lenders who give personal loans purposely to single mothers. Such loans are given to women who can prove that they are single mothers and are going through financial difficulties. This means that such loans have a minimum requirement of being a single mother. These loans do not necessarily require one to have a good credit score. This is because they are given primarily to help the women who apply for them.
Because of this they do not have a lot of requirements so that more women can qualify for them. Single mothers can qualify for these bad credit loans to even purchase home appliances or deal with other emergencies. The amounts that single mothers qualify for range from $500 to $1500.
The personal loan can be either secured or unsecured. With the secured option one will need to give the lender some sort of security such as a house. Most of the people who seek for these loans usually seek to invest or buy other things that might require substantial amounts of money. But the loans can still be used to deal with different of emergencies that single mothers might be facing.
Scholarship and Grants for Single Mothers
It is common for single mothers to decide to go back to school to advance their education. This is especially the single mothers who might be working in a dead-end job that are not likely to progress until one advances her education. In such situations there are grants and loans for single mothers who wish to go back to school. These loans do not matter whether one has bad credit or not. But there are other conditions that every single mother must meet.
The amounts one get also depend about an assortment of reasons. Most of these grants do not require to be paid back and as a result they can be very helpful. The grants can cover up to $5, 500 per academic year and as a result single mothers can benefit a lot from these loans.
It is evident that it is possible for single mothers to get emergency financial assistant even if they have bad credit scores. All what one needs is to know the lenders who do not worry about the credit scores of the applicants. Nowadays it is possible to get such lenders through the internet and have the money even within 24-hours. This is very helpful especially while one has an emergency that needs to be sorted within a short time. Therefore, bad credit loans are usually very helpful to single women who know how to get them.