Is Finding Personal Loans For Unemployed Single Mums Easy?
It can be a very stressful and tiring time trying to find a personal loan if you are a single mum. Personal Loans are sometimes hard to get even with 2 parents bringing in sources of income, so halving the income effectively doubles how hard it is to get a loan. That’s not to say that there aren’t personal loans out there for single mums, it’s just best to do a little research and spot the good deals from the bad.
Loans for unemployed single mums becomes a lot easier if you are a home owner, as many loan providers will ask for the house to be offered as security. Then it’s a simple case of showing the personal loan company that you can afford the repayments, have successfully managed debt.
There are other types of financial aid for single mothers that don’t need the security of a home to be offered. Generally these will charge you a higher rate of interest, to compensate for the lack of security. A common version of one of these loans is the payday loan, where a company will lend you a specific amount of money for a short period, generally your payday, when you can then pay back the loan, along with a high rate of interest that they charge. These are only really useful in very few circumstances, when no other options are available.
Unemployed Single Mums Loans are great if you can get one.
There are also companies that will lend single mums loans that are unsecured, but again these come with a higher rate of interest to off-set the security. Failure to make the repayments on these loans will often result in repo-men appearing on your doorstep, to collect your belongings as payment for the amount that you owe.
But even if you don’t own a home, but do own a vehicle, there are loan companies that will lend you an amount of money up the value of your car, which secures the loan, and will bring down the amount of interest they charge. Obviously failure to make repayments may result in repossession of your car, but this is the risk that you have to think about when applying for a loan.
It is also worth researching, and approaching appropriate charities if you are a single mum looking for finance, as some may offer better rates to those in need.
Please note: This is a general interest article about personal loans for unemployed single mums and should not be taken as legal instruction. If you are an Australian, it is suggested you speak with your Bank first before approaching any financial institution about a personal loans if you are single Mums.