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Minnesota Single Moms Benefits Article
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Loans For Single Moms With Bad Credit
from: Karlie BestlerThere is a public perception that having bad credit means you are irresponsible. The fact for single moms is that often it is just a matter of circumstances. They may have been married but never established credit in their own name. When a divorce or death occurs, they have to start building their credit scores when times are tough. This is obviously not the best time for a single mom to start establishing a credit record.
Being a single mom is usually a juggling act financially. If divorced, the spouse may not be paying child support or the support is not sufficient to care for the children's needs and unexpected emergencies that might occur. Perhaps the single mom is the sole support for her family. However, she got there, she gets to a point where she is forced to start borrowing money to cover shortfalls.
At some point, she can't dig herself out of the hole she's in by herself or with help from her family, and she will have to start to look for loans for single moms with bad credit. Credit counseling for single moms can be of some help with information and options.
There are loans available for single moms with bad credit available, but they are not for routine things like food or diapers. If an emergency comes up, the best thing to do is to weigh your options and make an informed decision.
Car Loans
Fortunately, car loans are easy to get nowadays even with bad credit. The auto industry is hurting and many American companies are willing to overlook bad credit just to get a car off their lot. The tradeoff is a higher interest rate on the loan. The cost of the car may be far more than it is actually worth. However, if you need transportation and think your situation is temporary and will improve, buy the car and refinance the loan later at a better rate.
Housing Assistance
The Department of Housing and Urban Development offers loans to help with buying a house and also major repairs like roofing. They have homebuyer programs for single moms and other low income families and will work with buyers with poor credit and low income. If there is an emergency that is a home repair, this is the best place to go for loans for single moms with bad credit.
Payday Loans
These loans should be avoided. The interest rate can climb as high as 1,800% of the original amount. There are late fees on missed payments. They quickly become very hard to get paid off. However, they remain a popular alternative because they do not do a credit check. If an emergency requires a payday loan, be aware that missing payments adds substantial fees and the repayment amount may end up two to three times the original amount by the time it is paid off. Try to find another option before considering a payday loan.
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