Loans for Single Mothers

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.

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Source: http://loansforsinglemothers.net/


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Business Loans

Business Loans

Start Up Business Loans with Bad Credit

It is highly unlikely that a bank will give you start up business loans if you have a bad credit rating. Nevertheless, with some other options at your disposal, you can definitely try to improve your financial situation.

Business Loans for Veterans

Business loans for veterans are available through various sources like the Small Business Administration and private financial institutions.


Private Lenders for Small Business

Falling short on sufficient financial resources is a nightmare for any businessmen. Obtaining capital quickly can sometimes prove difficult, but certain private lenders provide a timely relief to people and businesses in such a scenario. These lenders grant loans that have affordable interest rates and can be easily approved.


Small Business Loans for Women

Time and again, women have proved to be as capable as men and in some cases, exceedingly capable than men. There are several different loans and financial facilities, that have been provided in recognition of their talents and ambitions. Loans are provided in order to help women entrepreneurs to set up their own enterprise. To know more about such loans, read on.


Small Business Loans for Women with Bad Credit

There are several types of loans that are given to business organizations. The small business loans for women with bad credit are the types of loans that are given specifically to budding women entrepreneurs who wish to run their venture successfully.


Business Loans for People with Bad Credit

The problem with being stuck with the 'bad credit' tag, is that life becomes a hell of a lot worse for you. Getting business loans or credit in any form actually, is all the more difficult if you are a 'bad credit' risk. This article though sheds some light on the topic of 'business loans for people with bad credit'. Read on...
Cash Advance Lenders
Business and payday cash advance lenders help by providing money to cash strapped borrowers.


Small Business Startup Loans

Lenders have been encouraged to provide small business startup loans to entrepreneurs in pursuit of financial success.

Types of Business Loans

Business loans, as the term indicates, refer to the loans acquired for establishing, running or enhancing one's business. The dictionary meaning is simply, bank loan granted for the use of business. There are various types of loans which come under the umbrella of business loans. These loans have to be carefully planned and thus, those who want to apply for business loans should formulate a clear business plan.
Pros and Cons of Corporate Bank Loans

Corporate debt can assume the form of bank loans or corporate bonds. The choice of whether to borrow money from the bank or raise money by issuing bonds depends on a number of factors. This write up aims to explore the types of corporate bank loans and pros and cons of the same.
No Documentation Business Loans

Loans and documentation are synonymous. The very thought of documentation puts many business entrepreneurs off. This makes them turn towards resources that ultimately take a toll on capital and profit. The no documentation business loans are designed to offer respite from the necessary evil called 'documentation'.
Small Business Loan: Solutions for Start Up

Having a good business plan is not enough to start a small business. You require funds in the form of a business loan. Here, we take a look at the various requirements to avail small business loans.
Loans for Starting Up a Business

There are various options to get loans for starting up a business. Here we try to shed some light on the different types of loans for starting a new venture.


High Risk Business Loans

If you have a bad credit report, you can apply for a bad credit loan, personal loan or a high risk business loan.
Government Small Business Grants and Loans
Current information on government small business grants and loans and small business funding resources found here.


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Source:http://www.buzzle.com/articles/business-loans/


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3 Major Types of Loans to Fund Your Business

There are many loans out there that give you the ability to fund your business. However, the important loans given out by banks or other lenders are traditional, home equity and SBA loans. These loans offer significant dollars and are ideal for many small business owners.

Traditional Loans

Traditional bank loans are loans that most entrepreneurs think of when looking to raise debt capital. These loans are deposited as one lump sum into your account, where you are then required to pay the bank a monthly interest on the amount borrowed. Although traditional loans tend to offer low interest rates, especially when backed by collateral, they are difficult to receive as an early-stage business.

Bankers will often ask for a three year operating history or other financial documents in order to assess the risk of your business. For those businesses with healthy revenue streams this may be good news, but many start-ups do not have the luxury of past financial statements. Furthermore, many banks will restrict the use of funds on traditional loans. Common loans offered are restricted to working capital, purchasing machinery, or modernizing and renovating activities.

Home Equity

The unique thing about home equity loans is that they are secured by your home. This gives banks an insurance policy should you not be able to meet monthly interest and principal payments, and also provides you with lower interest rates.

Moreover, by placing your home as collateral, the banks are less reliant on your business' ability to generate revenues. Thus, home equity can be a valuable method of raising capital for early stage businesses that currently do not have strong revenue streams.

SBA Loans

The Small Business Administration was essentially created to fill the obvious conflict of interest when it comes to loans and early stage businesses. Start up businesses cannot provide a lot of the financial documents that traditional lenders require, and thus they have difficulty in securing a loan.

The government however, realizes the importance of small businesses and offers loans to entrepreneurs like yourself through the SBA. What makes these loans unique is that they are partially backed by the government. In other words, it takes some of the risk away from the private lender, giving you access to competitive interest rates and a better chance at acquiring a loan.

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Tag: 3 major types of loans, fund your business, major types of loans available for your business, business loans

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Types of Business Loans

A business loan relates to the expansion, start up or enhancement of a business. It also implies the periodical redistribution of financial assets between the borrower and the lender. The process of acquiring business loans can be very tedious. It can also have some tricky conditions and limitations. To avoid that, all those who wish to apply for a loan, must have a concrete business plan.

Getting a business loan is difficult. But, if one follows the three Cs of credit, then it would be a smooth process. The three Cs are Character, Credit and Collateral.

Character pertains to your integrity and your credit worthiness as a person. The banker usually checks whether you have a criminal record. The banker may also scrutinize your accountability to the community through your family ties, home ownership and duration of residing at a particular place.

The banker also checks the applicant's credit history. The banker can excuse a late credit card payment. But, if the applicant is under heavy debt or mortgage and has skipped the payments, it can create problems.

The last, but not the least is Collateral. The bankers favor good credit as well as clean character. However, the factor that creates better chances of getting through the loan procedure is the property owned by the applicant. That means it could be anything from trucks to machines to buildings or any other equipment. Basically, the collateral is the solid property or instrumentation which could get a good price, even if the business fails. Collateral is a major point of consideration for the bankers. These days there are many who opt for business loans.

Common Business Loans

Secured Loans
In secured loans, the borrower promises his assets as collateral against the loan. In return, the creditor grants the loan. The assets he or she pledges, then become a 'secured loan' or 'secured debt'. In case of a default, the creditor gets the possession of the collateral. As a result, the creditor can recover or regain the amount of the money loaned by selling the collateral.

Types of Secured Loans
Mortgage Loans: Mortgage loans are taken against a collateral, which is the applicant's property, for instance, a house.
Non-recourse loan: It is a secured loan wherein the only security or claim the creditor has against the borrower is the collateral. It is known as a non-recourse loan because, here, the creditor has no option or provision against the borrower other than the collateral, in case of a failure in payment by the borrower. However, this is only after 'foreclosure' by the borrower.
Foreclosure: This is where the mortgaged property is sold by the defaulting borrower to repay his debt to the creditor. This is an entirely legal procedure.
Unsecured Loans
Unsecured loans are the exact opposite of secured ones. It is a kind of a loan or debt, which is not supported by a collateral. It is difficult to get an unsecured loan; however, it is cheaper at the same time. Here, the credit rating of the business matters. It is basically an assessment of the repayment capabilities of the business.

Start-up Loans
These are very basic loans, where the loan is applied for a new business venture. Meticulous planning is advisable, before applying for a start-up loan. Here, the credit and collateral can have a deep impact.

Business Only Loans
These loans are availed only for business sans the usage of personal credit, till the time the business is capable of returning the amount payable.

Business Acquisition Loans
If a company wants to go through a takeover process, or wants a loan to acquire another business, there are loans to complete that procedure. These are acquisitions financed through debt. Such acquisitions are called 'leveraged buyouts'. This is very common, even if in many instances, the company has enough finances to carry out the takeover or the acquisition. Apart from these, there are professional loans, where loans are applied by a professional from a specific field. For example, loans availed by doctors or lawyers and so on.

On the whole, obtaining loans can be a very cumbersome and lengthy process. But with increasing popularity, loans, be it a business loan, a home loan or a personal loan, are the order of the day.

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Tag: types of business loans, business loan
Source: Buzzle.com By Medha Godbole