In today’s world, you never know when you'll face a financial crisis. This situation is further compounded for single parents who must hold the load of child care on their "fragile" shoulders. According to the United States Census Bureau, 23 percent of children under the age of 18 are raised by lone moms. Essentially, lone moms are responsible for carrying the majority of financial commitments on their own, and each financial crisis or "step back" may jeopardize their financial security.
That is why it is essential to have an organized backup plan to “conquer” the potential financial crisis. In other words, they should make a plan on the prediction of financial management and understand the step-by-step actions that may be needed to accomplish. For instance, let's imagine that the vehicle has broken down, and it is the main transportation method
that is being used by the single mother to get to the workstation or get the child to the school. Now she has a big dilemma, as the vehicle is regarded to be an item of the first necessity. If the appropriate solution cannot be found, it also may affect the income of the family caused by late arrivals or postponed working days. That is why we recommend having a “lined up” emergency plan in order to escape a financial crisis and unpredicted expenses.
If you are a lone mom who has faced financial difficulties, we have already prepared some methods of getting quick cash in order to satisfy your daily needs.
Apply for Emergency Cash for Single Mothers
There are a great number of financial institutions such as banks or credit organizations (traditional lenders) that have specific products accommodated under the needs of single mothers. However, keep in mind that the lending institutions may require a good credit rating or even, in some cases, a pledge of the collateral. In addition, the approval time fare for this kind of borrowing may vary from one to three business days, but emergency cash for single mothers may act as a “lifesaver” for a single parent with a burden of financial problems.
Sell Items via Online Platforms
If you still do not want to take out loans for single moms, there is another way to make extra money. The business of selling items on online platforms (such as Amazon, eBay, Shopify, or Etsy) is very popular and profitable in the US. If you are confident with your management and marketing skills, you may try yourself in online shopping. Firstly, you need to find the product or the range of products that may provide you the best sales, and then organize the marketing campaign through the exact online platform or by using social web pages. However, it is significant to know that there are some regulations and policies for each platform that online users have to follow up.
Personal Loans for Single Mothers
Personal loans are among the best options of single-parent loans accessible to single mothers, as they give the best flexibility because and may be used for a range of aspects. Personal loan interest rates are often fixed rather than variable, which may make these products a more appealing option for lone mothers than, say, placing bills on a credit card.
However, everyone goes through the same process when applying for a personal loan and it might be difficult to obtain it if the borrower does not have a consistent source of income or is currently developing credit. Furthermore, if the customer does not have an income, she may be required to bring a cosigner or co-applicant for the loan, who agrees to make payments if the primary borrower is unable or unable to do so.
Government Loans for Single Parents
Many state-funded assistance programs are running across the United States. Still, as a lone mother, you have access to a number of government programs that may help you not only care for your children but also cover other expenditures. Here is the list of programs and government loans for single parents:
- Additional Child Tax Credit
- Temporary Assistance for Needy Families
- Children’s Health Insurance Program
- Supplemental Nutrition Assistance Program
- Single-Family Rural Housing Loans
- Energy Efficient Mortgage Insurance
- Low Income Home Energy Assistance Program
Apply for Payday Loans for Single Moms
The other option for getting advance cash in hand is payday loans for single moms. It is extremely convenient to apply for one, as you have a chance to do it entirely online without any need to visit the office or deal with paperwork. One of the main advantages of same-day borrowings is deemed to be the opportunity to contact direct, reliable online lenders that may offer you quick online cash with appropriate conditions for your exact situation.
Another advantage of payday advances is that online lenders never run a hard pull, thus making these loans for single moms with bad credit the best alternative. After getting submitted, you will receive the funds credited directly to your checking/saving account. In addition, the time fare of approval is very short: you receive the funds on the same business day if you get approved by 11:40 am EST and on the next working day if the approval was received after 11:40 am EST.
The amount of payday loans may vary between $100 and $2500; it mainly depends on the state where you reside. For checking the availability of online payday loans in your state, for example, you may look for payday loans online in Washington, payday loans online in Mississippi, or the exact state where you live.
How to Be Eligible for?
To be eligible for any of the above-mentioned sorts of emergency funds, mothers must meet certain specified requirements.
- They must be at least 18 years old.
- They must be a legal citizen of the US and have appropriate identification as a single mother.
- They should share a contact telephone number and email address.
- They need to illustrate the bank's activity over the last few months.
Other Options for Lone Parents
- Church-sponsored relief services
- Opportunities for grants
- Unemployment benefits
- Rent assistance
- Voucher programs
- Program for emergency food assistance
As a final analysis, it should be understood that financial difficulties are tough to overcome when you are a single parent. Do not be disappointed when you face a financial crisis, as there are many kinds of solutions to your problems. Bear in mind; if you are a single parent with no credit history or a bad credit score, you may still be eligible for single mom loans on our platform Shinyloans.com. Remember, the quickest approach to obtaining financial aid is going directly to the source. When you're in an emergency, every second matters.