It can be a very stressful and tiring time trying to find a cash loans 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 cash 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. Continue reading Personal Loans For Out Of Work Single Mums