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Loans for Single Mothers
20 Jul 2019

Help! 5 Emergency Loans for Single Mothers

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Are you a single mom? Although it might seem like it, you’re not alone. There are 10 million single mom-led families in the U.S.

As a single mom, you have a lot of things to keep track of. Taking care of your children is not even the half of it. You want to be sure you’re doing what’s right for you and your family. We all run into moments in our lives when we need help.

It’s okay to ask.

If you are looking for some assistance financially, then a loan is one of your options. You might be putting it off, but taking a loan doesn’t have to be the end of the world. Especially when it comes to keeping you and your children secure.

If you’re a single mom in need of money, then you’ve come to the right place. We’ve collected a list of loans for single mothers that can help you get back on your feet again. No matter what situation you’re in.

Loans for Single Mothers

Unfortunately there is no loan that is available specifically for single mothers. However, there are plenty of loans that are great options for a single mom’s needs.

We’ve organized some of your options below so you can find one that best suits your personal situation. There are so many to choose from, that we know you’ll find an option that meets your needs.

When You Need Help Now

No one wants to end up in a situation where they need money because of an emergency. Luckily they have loans for just that kind of situation. Emergency loans will help you establish yourself so you can find a safe place temporarily.

Different faith-based charities are another great resource. Churches will provide assistance programs to families in need by providing things like food, shelter, clothing and other amenities.

These charities can also help review your resume and offer career assistance. They will help you find a stable job so you can support your family.

The Temporary Assistance for Needy Families (TANF) program is another great resource. They provide grant money to states that are in turn used to provide financial assistance to families in need.

You can find a TANF agency in your area to see what you are eligible for.

Another great resource for single mothers is the Community Action Agency (CAA). This is a nonprofit organization that provides services to help families in need. This includes helping people find housing, jobs, or education.

Seek out a CAA in your state to see what is available for you.

Personal Loans

If you need a bit of cushion to help pay your monthly bills, then you’re not alone. Personal loans are a great option for single moms because they don’t always require you to put down collateral or have good credit in order to receive them.

Shop around to different lenders so that you can find a payment and interest rate that you feel comfortable keeping up with.

There are two types of personal loans that are available through banks: secured and unsecured loans.

Secured loans are ones in which you will need to put down collateral to receive the loan. The borrower can actually set up what the collateral will be.

The collateral is what is lost if you are unable to pay back the loan. It’s important to be sure you are able to safely pay back your loans since you could be penalized for missing a payment.

An unsecured loan is more difficult to get approved for, especially without good credit and a low income. Unsecured loans allow the borrower to take a loan without putting down collateral.

You should also consider short term versus long term loans. Typically a short term loan might get your money faster, but it will have a higher annual percentage rate (APR). This means you will be paying more in interest.

Long-term loans might take you a while to get approved and payback. But they usually have lower APRs.

Home Owner Assistance

There are multiple ways that the government is able to help you if you are a homeowner.

The US Department of Housing and Urban Development (HUD) offers programs to help you make your mortgage payments if you’re struggling and at risk of foreclosure.

You can work with them to refinance your loan or make changes to it. If you lose your job, you can potentially put your mortgage payments on hold for up to 12 months. They also offer programs to help you find more affordable housing if you must leave your home.

Another assistance program is LIHEAP managed by the Department of Health and Human Services. LIHEAP or Low Income Home Energy Assistance Program offers help for families who are unable to afford their energy bills.

LIHEAP is available to people living in all states and territories in the U.S. If you qualify for their services, you can earn up to $350 to go towards your heating and/or cooling bills.

There is even the opportunity to gain funding for repairs to your home that are energy-related.

Student Loans

If you or your children are looking at schooling in higher education, the government offers different loans to help you with the expense.

You will first need to complete the Free Application for Federal Student Aid or FAFSA, which requires your tax information. The federal government will then consider you for Stafford Loans, which come with subsidized or unsubsidized options.

Subsidized loans are ones that begin accruing interest after graduation. Unsubsidized loans will gain interest as soon as the student arrives to class.

There are also Perkins Loans that can assist with education costs. These are for low-income families. GRAD Plus Loans are available for graduate students as well as parents of undergraduate students.

You Have Options

As a single mom, you have a lot to think about. We commend you on your hard work and the commitment you’ve made to your family. You’re not alone in your goals to raise and support your children on your own.

There is help out there for any situation you might encounter along the way. We hope the information provided can help you find loans for single moms.

Have more questions? Contact us to learn more about financial assistance for you and your family.

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