Loans for Single Mothers
We’ve all had that experience: running out of money when we need it. Or maybe you aren’t out of money, but you need money for other purposes, say buying a mortgage as a single mom or attending college as a single parent. All of these things are costly – if you don’t have the money, you don’t have the money. Single moms who find themselves in this situation can look at getting some sort of single mother loan – that is, a loan that a single mother can apply for.
Now there are different types of single mothers loans out there to look at. Not all loans are equal in terms of how easy it is to get them. It’s a good idea that you familiarize yourself with the different loan options for single moms out there.
As a note before you get a loan: almost all loans require some kind of credit check, the exception being payday loans and federal student loans. Bad credit will get you high interest rates on the loan or even flat denial. So it’s a good idea to look at your free credit score (either through a website or via mail order) and see where you stand. If you have bad credit, we recommend you repair your credit.
As an aside, keep in mind that being a single mother puts you in a more precarious situation. You are likely only living on a single income: yours. If you can’t afford a loan, you can’t afford a loan. So don’t get any sort of loan that’s over your head in terms of the actual interest costs. Remember that loans do require you to repay them. If you end up say (for the sake of example) a loan that charges you 7% interest, you are going to have to repair 7 dollars for every 100 dollars you’ve borrowed. Some loans like credit card loans only require a minimum payment, but minimum payments are pretty much only the interest payments – you won’t reduce the principal amount by very much.
Student Loans
These are loans that you can take out if you are going to school. As a single mother, you will probably want to look at federal student loans. Federal student loans are a good option for practically anyone because there is no credit check done on these type of loans. These loans are also very affordable in terms of the interest and the repayment flexibility.
You can also get private student loans which are student loans not backed by the government. Sometimes federal student loans don’t provide you with enough money to pay for your entire schooling, which means you’ll need to seek out a private student loan lender. Some of the big ones are Chase student loans and Salie Mae student loans. You can also use a website like PrivateStudentLoans.com to do a loan search if you want to save time finding the right private student loan.
Sweepstake Scholarships
If you need money to pay for school, you can also look at some scholarship draw programs like the $10k scholarship for working adults program and the Scholarship for Moms. These type of programs are free — you simply apply with an easy-to-fill-out form and get entered into a monthly $10,000 scholarship program.
There are also various school scholarships available too — you can apply at your local college financial aid office.
Payday Loans
Payday loans have become popular the past decade, but these have some of the highest interest rates on the market. This are also called cash advance loans or paycheck loans. If you are even thinking about a payday loan, you absolutely need to repay this type of loan as soon as possible. If you miss, say only 2 months of payments, the interest rate may actually overtake the principal amount you owe! You also will be required to pay a fee for taking out a loan on top of the high interest rates. Payday loans are useful for emergency loans – loans where you need to some quick cash for say a medical emergency or car repair. But you only take out these loans between paychecks. Keep in mind that there are a LOT of people who have declared bankruptcy because of payday loan debt. This is NOT something you want to happen to to. You should watch the video at the bottom of the article for more information.
Having said that, if you need some quick cash for an emergency and you are sure you can repay it quickly, then payday loans do have their place. If you are looking at getting a payday loan, then consider something like a cash assistance loan. One example of this type of loan is the 60 Minute Payday Loan. This loan will give you cash in, as the name states, as quick as 24 hours and up to 1,500 dollars. Just makes sure you repay it quick so you don’t get stuck with fees.
Debt Consolidation Loans
These are special loans that are used to help consolidate your debt into a single account. For example, say you have multiple types of debt — different student loans, credit card debt, etc. instead of making payments on all of these loans separately, you can take out a consolidation loan to “pay off” all your single loan debts. You then make payments on the single loan. In some cases, debt consolidation loans can get you a slightly lower interest rate because it’s usually a higher loan amount. There are some pitfalls, so make sure you do your research about this topic first.
Auto Loans
These are basically loans that you get to buy a car. You can approach the bank directly and seek to get some kind of personal or auto loan to buy a vehicle. You may need to come up with a down payment to lower your interest rate or to even get the loan. The other option is to look at an online auto loan program like Autoloan ATM. This program offers you a set loan to buy a car with bad credit — a pretty big issue these days. Most banks or other financial institutions won’t give you a loan with bad credit now; however, special companies online will. The catch is that you will pay higher interest for these kind of loans — a trade off that may be worth it if you need a vehicle bad.
Secured Loans
If you have assets, you can often take out a secured loan. One example of this would be to put the value of your home against a loan. Banks are always more willing to lend to people who have some type of security in assets that can cover the cost of the loan should a default occur. Two examples of secured loans are secured business loans and secured personal loans.
There are several sub categories of secured loans that you can look at.
Business Loans
Personal Loans
Business loans are loans given out for people who want to start a business or need to money to expand a business. If you want one of these loans, you are going to need a solid, tangible idea and the assets to back up the loan. Since Business loans are secured loans, you are going to need something like another business, a house, property, or something valuable to help “float” the loan. Secured loans put less emphasis on credit history, since you are backing up the loan with your assets. However, it still does matter, just not as much.
A personal loan is a loan given to a person. You can use personal loans to renovate your home, go traveling, buy a car, etc. Unlike a business loan, you don’t need to come up with a business proposal and all the other paperwork associated with a business. The loan amount is usually less, however. And just like a business loan, you need to have concrete assets to help back the loan as security. Traditionally, you could get a personal loan by going to your local bank. These days, it’s just as easy as getting a personal loan online from an online lender who specializes on personal loans.
Visit to: http://alloaninfo.blogspot.com/
Source: http://loansforsinglemothers.net/
Tags:
federal grants for individualsWe’ve all had that experience: running out of money when we need it. Or maybe you aren’t out of money, but you need money for other purposes, say buying a mortgage as a single mom or attending college as a single parent. All of these things are costly – if you don’t have the money, you don’t have the money. Single moms who find themselves in this situation can look at getting some sort of single mother loan – that is, a loan that a single mother can apply for.
Now there are different types of single mothers loans out there to look at. Not all loans are equal in terms of how easy it is to get them. It’s a good idea that you familiarize yourself with the different loan options for single moms out there.
As a note before you get a loan: almost all loans require some kind of credit check, the exception being payday loans and federal student loans. Bad credit will get you high interest rates on the loan or even flat denial. So it’s a good idea to look at your free credit score (either through a website or via mail order) and see where you stand. If you have bad credit, we recommend you repair your credit.
As an aside, keep in mind that being a single mother puts you in a more precarious situation. You are likely only living on a single income: yours. If you can’t afford a loan, you can’t afford a loan. So don’t get any sort of loan that’s over your head in terms of the actual interest costs. Remember that loans do require you to repay them. If you end up say (for the sake of example) a loan that charges you 7% interest, you are going to have to repair 7 dollars for every 100 dollars you’ve borrowed. Some loans like credit card loans only require a minimum payment, but minimum payments are pretty much only the interest payments – you won’t reduce the principal amount by very much.
Student Loans
These are loans that you can take out if you are going to school. As a single mother, you will probably want to look at federal student loans. Federal student loans are a good option for practically anyone because there is no credit check done on these type of loans. These loans are also very affordable in terms of the interest and the repayment flexibility.
You can also get private student loans which are student loans not backed by the government. Sometimes federal student loans don’t provide you with enough money to pay for your entire schooling, which means you’ll need to seek out a private student loan lender. Some of the big ones are Chase student loans and Salie Mae student loans. You can also use a website like PrivateStudentLoans.com to do a loan search if you want to save time finding the right private student loan.
Sweepstake Scholarships
If you need money to pay for school, you can also look at some scholarship draw programs like the $10k scholarship for working adults program and the Scholarship for Moms. These type of programs are free — you simply apply with an easy-to-fill-out form and get entered into a monthly $10,000 scholarship program.
There are also various school scholarships available too — you can apply at your local college financial aid office.
Payday Loans
Payday loans have become popular the past decade, but these have some of the highest interest rates on the market. This are also called cash advance loans or paycheck loans. If you are even thinking about a payday loan, you absolutely need to repay this type of loan as soon as possible. If you miss, say only 2 months of payments, the interest rate may actually overtake the principal amount you owe! You also will be required to pay a fee for taking out a loan on top of the high interest rates. Payday loans are useful for emergency loans – loans where you need to some quick cash for say a medical emergency or car repair. But you only take out these loans between paychecks. Keep in mind that there are a LOT of people who have declared bankruptcy because of payday loan debt. This is NOT something you want to happen to to. You should watch the video at the bottom of the article for more information.
Having said that, if you need some quick cash for an emergency and you are sure you can repay it quickly, then payday loans do have their place. If you are looking at getting a payday loan, then consider something like a cash assistance loan. One example of this type of loan is the 60 Minute Payday Loan. This loan will give you cash in, as the name states, as quick as 24 hours and up to 1,500 dollars. Just makes sure you repay it quick so you don’t get stuck with fees.
Debt Consolidation Loans
These are special loans that are used to help consolidate your debt into a single account. For example, say you have multiple types of debt — different student loans, credit card debt, etc. instead of making payments on all of these loans separately, you can take out a consolidation loan to “pay off” all your single loan debts. You then make payments on the single loan. In some cases, debt consolidation loans can get you a slightly lower interest rate because it’s usually a higher loan amount. There are some pitfalls, so make sure you do your research about this topic first.
Auto Loans
These are basically loans that you get to buy a car. You can approach the bank directly and seek to get some kind of personal or auto loan to buy a vehicle. You may need to come up with a down payment to lower your interest rate or to even get the loan. The other option is to look at an online auto loan program like Autoloan ATM. This program offers you a set loan to buy a car with bad credit — a pretty big issue these days. Most banks or other financial institutions won’t give you a loan with bad credit now; however, special companies online will. The catch is that you will pay higher interest for these kind of loans — a trade off that may be worth it if you need a vehicle bad.
Secured Loans
If you have assets, you can often take out a secured loan. One example of this would be to put the value of your home against a loan. Banks are always more willing to lend to people who have some type of security in assets that can cover the cost of the loan should a default occur. Two examples of secured loans are secured business loans and secured personal loans.
There are several sub categories of secured loans that you can look at.
Business Loans
Personal Loans
Business loans are loans given out for people who want to start a business or need to money to expand a business. If you want one of these loans, you are going to need a solid, tangible idea and the assets to back up the loan. Since Business loans are secured loans, you are going to need something like another business, a house, property, or something valuable to help “float” the loan. Secured loans put less emphasis on credit history, since you are backing up the loan with your assets. However, it still does matter, just not as much.
A personal loan is a loan given to a person. You can use personal loans to renovate your home, go traveling, buy a car, etc. Unlike a business loan, you don’t need to come up with a business proposal and all the other paperwork associated with a business. The loan amount is usually less, however. And just like a business loan, you need to have concrete assets to help back the loan as security. Traditionally, you could get a personal loan by going to your local bank. These days, it’s just as easy as getting a personal loan online from an online lender who specializes on personal loans.
Visit to: http://alloaninfo.blogspot.com/
Source: http://loansforsinglemothers.net/
Tags:
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