Single Parent Loans – Exploring Your Options

Being a single parent can be difficult in many ways. It’s particularly difficult financially. At times, it’s unavoidable to have to purchase certain items. This is especially true if it will provide a better life for you and your children.

However, when you don’t have cash to purchase those items, it can make you feel as though hopeless and helpless. Luckily, there is a way to obtain the cash needed – loans.

Loans for Single Mothers

Many loans are available that can help single mothers. Knowing the types of loans for single mothers available can help start the process of obtaining cash.

Student Loans

If you need money to pay college tuition, you have a few options:

  1. Stafford loans – there are two types of Stafford loans: subsidized and unsubsidized. If you choose a subsidized loan, the government pays the interest on it when you’re in school. In an unsubsidized loan, you must pay for the interest while you’re in school. Those with exceptional financial need are the ones that have a better chance of receiving a subsidized loan.
  2. Perkins loans – these loans are for people with great financial need. Credit history and income level are not considered for these loans.
  3. Grad PLUS loans – individuals desiring to achieve a graduate degree can receive this type of loan to pay for the cost.
  4. Private student loans – this type of loan covers what the government won’t cover after giving you financial aid.

These are all great student loan options for single mothers that need help paying for college.

Home Loans

Having a safe home for you and your children is essential. To help afford one, consider getting a home loan. You can also take out a loan to improve your current home.

There are many you can choose from and some are much more beneficial to single mothers:

  • 30 year fixed mortgage
  • Adjustable rate mortgage
  • FHA loans*
  • Home equity line of credit*
  • Home equity loans*
  • 40 year mortgages*
  • 50 year mortgages*
  • Balloon loans
  • Cash out refinance
  • FHA home improvement loans
  • FHA spot loans
  • Hard money loans
  • Interest only mortgages*
  • Piggyback mortgage
  • Real estate investor loans
  • Reverse mortgages
  • Second mortgage*
  • Stated income loans
  • Subprime mortgages
  • Jumbo mortgages
  • Zero down mortgage loans*

*Starred loans are most useful for single mothers, but don’t hesitate to ask a loan officer about how the others can help your specific situation.

Business Loans

If you’re a single mother hoping to start your own business, you don’t have to do it all on your own. There are many business loans you can seek that will help you cover the startup costs.

  • Term loans
  • Short term loans
  • Equipment financing
  • Lines of credit
  • Credit card advances

Car Loans

Having a reliable car to get to work and transport your children is important. Purchase one with one of these types of loans:

  • Pre-computed loan
  • Simple interest loan
  • Car equity loans
  • Lease buyout loans
  • Auto title loans

Loans for Single Parents to Avoid: Payday Loans

With payday loan offices everywhere, it can be enticing to stop in and get the cash you need quickly and easily. The convenience of this type of loan can be financially devastating though. These loans have incredibly high interest rates, which could end up being impossible to pay back.

With so many different types of loans for just about anything you want to purchase, choose one that can help you finance what you need and build a good credit history as you pay the loan back.

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