With the increase in cost of lifestyle, raising children can be one of the most expensive responsibilities, especially for single and unemployed mothers. The worse ever situation arises when a single mother is hit with unemployment, maintaining and caring children’s needs in addition costing household expenses seems very difficult. Responsibility appears frustrated particularly if you are burdened with several financial problems such as sudden medical bills, funding your child’s higher education, unexpected car repair, and so on. Don’t worry there are a few personal loans available especially for unemployed mothers.
Mortgage help for single mothers: Although there are no services that support mortgage assistance particularly for single mothers. However, there are federal government sponsored programs that aid single mothers to pay their home loan. The following are a few mortgage services and programs for single mothers.
- Loan modification programs
- Refinancing home loans
- No interest loans
- MHA (Making Home Affordable Program)
- Legal Assistance
- Foreclosure Avoidance Counselling etc.
Try cash advance on your credit card: If you have a credit card then try taking cash advance loan on your credit card. This loan features regular credit card charges and in addition some percentage of interest charges to be paid every month. Consider this option only when you are in utmost emergencies as these are the loans that come with high interest rate and if you are unemployed it could easily result to bankruptcy.
Get single mother grants: It could not be easy for single mothers for raising their families’ and financial strain. Luckily, unemployed single mothers can take opportunities of financial grants that are available at their fingertips; the following is the list of grants for single mothers.
- Housing grants
- School grants
- Health insurance grant
- Day care grants
- Education grants
- Utility grants etc.
Get payday loan: These are the short-term loans and aid to provide financial help if you have no other alternative source to fund. These loans usually come with very high interest rates and the best part of this type of loan is they offer fiscal without any credit verification. They can be an ideal option if you are in between pay-cheques and need extra cash to cover the cost of your emergencies. However, rolling or extending these loans could cost high and could be very difficult to deal especially for single or unemployed mothers. So, look for flexible terms and interest rates of loans before you make an agreement.
PPI claims: If you have bought any credit finance along with PPI to protect monthly payments and you have been paying a lot towards it where you are not eligible to receive compensation as it has been mis-sold to you or you have been paying premiums without your knowledge then claim your policy using best PPI claims company.
Author Bio:
My name is Maria. I am a tech writer and blogger from Manchester. I love to write articles on all types of categories :). Catch me @financeport