It’s rather expensive to raise children, it’s even more challenging when you are doing it on your own without any assistance. There are a lot of single parents in almost every country today. What if you are currently unemployed?
In case you are a single mother without steady employment, there are still options and financial opportunities available for you at the moment. If you are behind on your monthly bills or need extra monetary aid to support your daily needs and the needs of your children, keep on reading to learn more about funding options as well as their advantages and drawbacks.
Borrowing Options for the Unemployed
When you feel pressed for cash you can’t pay for necessary expenses or even make ends meet. Thousands of consumers live from paycheck to paycheck in the USA today. What is more important, there are plenty of single parents without a steady source of income to support their monthly needs and the needs of their kids. What can you do when you are unemployed and urgently need financial assistance to pay the bills or cover daily costs. What are the solutions?
Many clients opt for emergency loans for unemployed single mothers as one of the most popular lending solutions available for consumers without steady employment. Such loans may help consumers pay the bills, cover utility costs, fund tuition for their children, finance daily expenses or immediate medical costs. There is a wide range of options for single mothers who find themselves in a tough monetary situation and don’t see a way out.
Financial Aid from the Government
As you may know, there is quite a lot of financial hardship for single parents in the USA. There is the highest rate of single parents raising their children in this country. According to Pew Research Center study, approximately 23% of kids under 18 live with their mothers in the US.
How can you make things easier financially? There are plenty of supportive programs and financial assistance funds offered by the government today. You may obtain housing support, food aid, health care assistance, monetary help for higher education, and even for job searching.
For instance, you may opt for the Temporary Aid for Needy Families program and receive additional funding for one or two years provided that you are employed. If you have a stable source of income or take part in job training for a minimum of 20 hours a week, you may qualify for this grant.
The Supplemental Nutrition Assistance Program offers financial aid for single parents who can’t afford to pay for their food. Unemployed single mothers and pregnant women may qualify for this program to get food for free.
Furthermore, the Head Start government grant offers free childcare for single parents who undergo job training and have small children. You may receive medical and nutritional support together with early education options for your kids while you are at work or training.
As you can see, there are a variety of programs and government grants for single parents these days. However, if you aren’t employed or can’t start job training at the moment because your kids are too small, your chances of getting approved are rather low.
Should You Take Out Emergency Loans?
While you are a single mother without a steady source of income or even the ability to start job training, there are alternative funding options for you. You may turn to crediting companies for an emergency loan.
This borrowing solution is available in many states and it allows single parents to acquire necessary financial assistance with no hassle and with minimum requirements. What are the benefits and drawbacks of this solution? Let’s find out.
Read More: How to Choose the Right Business Loan for Your Startup
Pros:
- Quick application. It’s easy to apply for an emergency loan from a huge database of direct creditors or finance-related service providers. You will just need a few spare minutes to file a short web request form on the company website. Make sure you fill in your personal, financial, and banking details, or click here to find more details.
- Unsecured solution. This option is suitable for consumers who don’t want to secure the loan with collateral. If you don’t own an auto or a house to pledge as a guarantee for this loan, you may just turn to an unsecured borrowing option with fewer risks.
- No paperwork. Emergency loans have no faxing or papers to hand to the lenders. Everything can be easily conducted on the website or special platform. If you aren’t employed at the moment, creditors may review other eligibility criteria necessary to issue the funds.
- Soft credit pull. Such loans aren’t harmful to the credit history of the borrowers. The soft credit inquiry is meant to check the personal and financial data of the client without hurting their credit ratings. Traditional lending institutions often perform hard credit pulls to minimize their risks.
Cons:
- Higher rates. On the other hand, if you don’t have proof of monthly income because you are unemployed, you may face higher interest rates or fees from many creditors. It is necessary to lower the risks of default and help lenders make sure their funds will be returned.
- Short-term solution. Remember that if you experience temporary financial difficulties, you may request a near-term emergency loan to cover your immediate costs. However, this lending option isn’t favorable for a longer period. You will either need to start job training or find a part-time position to pay for daily expenses.
In conclusion, it’s really hard to raise children when you are a single mother. Being a single parent without a full-time job, you may require additional financial assistance. While grants and funding programs from the government demand you to be employed, you may turn to emergency unsecured loans and receive quick monetary aid for any needs and purposes.
Even without proof of regular income, creditors may review other criteria and check other factors when they make their lending decisions. Make sure your credit history is in order and you request just the exact amount you really need at the moment and will be able to pay off on time.
Apart from that, if you are interested to know about Emergency Loans then visit our Finance category.
