- February 28, 2023
How Can Emergency Loans Help Single Mums?
Bringing up children as a lone mother is exhausting. Apart from ensuring a vast amount of love and care, mothers must be on top of their finances. Liabilities like school fees, medical needs, and other child expenses impact the budget drastically.
Amid so much to manage single-handedly, it is possible to get out of cash at the most unexpected moment.
And where there is a crisis-like situation, getting quick help from your dear ones seems nearly impossible. Thus, you must have a backup that you can rely upon to counter any urgent cash issues.
What Are Loans for Single Mothers?
Loans for single mothers are unsecured personal loans that one can tap to meet everyday urgent or emergency expenses like- paying rent, managing utility bills, medical emergencies, etc.
The qualification largely depends on the borrower’s affordability than credit score. It implies that you may qualify even with a bad credit score if you have a sustainable income.
The amount you get decides the interest rates and terms. If you always search for reasons to fall back on something that could help you with immediate cash, emergency loans are precisely what you need.
With same-day fund disbursal and nearly no paperwork, these are ideal for single mothers sharing an emergency of getting instant funds. You can borrow these loans for single mums for a short time and repay in comfortable instalments over 12 months.
To avail of the loans, you can reveal your income in any of the following formats:
- Monthly salary
- Unemployment benefits
- Regular deposits from investments
- Earnings from your business
- Welfare payments you receive
In this way, you can qualify even if you are unemployed or not a regular earning person or are unemployed. You get the amount as per your affordability.
Why Should You Consider Loans For Single Mothers?
There are ample reasons to tap these loans
for your needs. If you are still unsure and share some doubt regarding it, here
are some reasons why these loans are the best for emergencies:
1) It does not call for collateral
We understand that earning and allocating assets to ensure a promising future for your child and yourself is a priority as a single mother.
And hence these collateral-free loans ensure stress-free loan approval from our end. You do not need to worry; we never ask for collateral, even if you have a bad credit score.
- Competitive interest rates
You may get competitive interest rates on the loan if your credit profile is decent and reveals a responsible borrowing pattern.
It is possible to get an affordable loan quote from us. Moreover, you share the freedom to pay the loan early if you want to. We never ask for it. We understand that paying a loan early can help you clear your credit and improve your credit score.
- Soft credit check loans
These loans are apt if you need timely loan approval without facing any potential damage to your credit score. We only conduct a soft credit check that does not impact the credit score.
However, you must maintain regular payments on the loan to keep it in good form. It further helps and assists in quick loan processing.
4) Flexible repayments facility
Whether you are an employed or unemployed mother, the financial backdrop can surprise you anytime. Thus, flexibility on the repayment part can help you reduce the gravity of circumstances.
We allow customers to spread up the loan costs in affordable halves and re-schedule it in case of changed financial circumstances. You can pick up any repayment plan and pay accordingly without worrying about default.
5) No hidden loan fees and costs
Though APR on these loans is competitive, it eliminates unnecessary charges you may otherwise encounter with other loans like car loans or mortgages.
We keep the conditions upfront and only charge what is necessary for your budget.
With no additional costs and charges, the loan becomes affordable. However, avoid missing a payment, or you will have to face a missed payment charge.
Strategies To Get the Best Loan for Single Mothers for Your Situation
We understand that you have a lot on your plates and want to ensure that you borrow right for your circumstances. Here are some things that you must be mindful of while applying for loans :
1. Research the lenders to suit your circumstances
You may be looking for immediate cash in hand. But having prior knowledge can save you a good deal.
Researching and picking an affordable lender is better than choosing any random one. Thus, analyse the terms and interest rates that lenders offer. Compare other costs too.
We ensure the best in the industry interest rates and terms. You can contact us for any emergency cash requirement per se.
2. Determine the amount you need and repayment terms
Analyse your need and calculate how much exactly you will need to pay for your needs. Borrowing extra implies paying extra interest. It is not worth paying extra when you need only a small amount.
If you find it hard to calculate, ask one of our representatives. He will help you figure out the exact for your needs. After deciding the amount, analyse the repayment terms.
Avoid choosing a more extended repayment schedule if your financial situation allows you to pay the loan early. It would only become costly in the later stage.
3. Gather the necessary documents for loan clearance
Although this may vary from a lender-to-lender, you must keep some general documents handy like:
- ID Proof- driving license/passport/ Social Security Number
- Income proof- bank statement proof/ unemployed benefits statement
- Income from rental proof (if any)
- Credit report
Keeping these documents ready will help you avoid the delay in getting the loan amount in your account.
If you lack time to recharge your phone but need money urgently, check out the best mini-text loans from direct lenders in the UK. The loan assists in getting quick cash help even if you lack a network or internet connection. You can always qualify for a small amount with these SMS loans.
Single mothers and fathers often encounter troublesome financial situations. If you can relate, you need a partner you can rely on for any cash needs. Emergency loans for single mothers are your partner in every condition.