Loans for Single Mothers with Bad Credit

young woman having financial problems The general perception among people is that those having bad credit are irresponsible, reckless individuals that deserve no pity. However, this thinking is lopsided, especially when it comes to single mothers with bad credit. Granted, some people may take unwise decision and find themselves in bad debt as a result of their shortsightedness and reckless spending. The situation with single mothers can hardly be described as reckless because, in their case, circumstances in life or unexpected events could result in them coming into debt. Therefore, single mothers deserve some helps to alleviate unfortunate circumstances they find themselves. If you are a single mom and looking for help with your bad credit, there are provisions you can take advantage of to manage your situation.
Being a single mother is by no means an easy task. Single moms with bad credit can take solace in the fact that there are loans they can access to take care of their basic needs and to help them to function properly. Some of the loans that are available to you will help you to take care of some expenses such as car expenses, electric bill among others. There are several loans and grants available to you and you need to take your time to really analyze your options according to your needs or present circumstance. When you face an emergency situation, the best thing to do is weigh your options carefully and make an informed decision that will have relieving impact on your circumstance. Let us now examine some loans you can access.

  • Housing Assistance and Repair Loan: As a single mother who is in need of a house, you can access loan from The Department of Housing and Urban Development. The organization also provide loans to help with buying a house, or to help with major repairs like plumbing, roofing, painting and general maintenance. The organization works with all kind of single mothers with poor credit and low income. If your home requires emergency repair, the right place to go is DHUD.  For single moms with bad credit to get loans, they will be required to fulfill certain requirements.
  • Car Loans: Single mother with bad credit can easily access car loan these days than previously. If you have bad credit or no credit, you can take advantage of the willingness of auto industry to grant loans. Some of them are eager to sell their car and your credit situation may not pose much problem. However, the interest could be high and the cost of the car could be far more than its actual worth.  If transportation is uppermost in your heart and you believe that your situation is temporary, go ahead and buy the car. You could refinance with better rate much later. But, you can do yourself a favor by going for cheap and reliable car to give you time to flush out your bad credit.
  • Payday Loans: Though these types of loans are risky, they are still preferred because no credit check is required before accessing it. Obviously, loans like these should be taken only when there is no other option. This is because the interest rate on payday loan is very high. Besides, late fee is charged for any missed payments. You should try as much as possible to avoid loans like these unless you are in sore straight. Of course, many single mothers are still applying for payday loans, but keep in mind the risks that are involved.

As a single mother with bad credit, provisions above are invaluable to your survival.

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