It's hard enough being a single mom with all the demands of taking care of the kids, the house, having a job, being both parents, etc. without having to have to go to unnecessary lengths to secure a loan when needed. Unfortunately is this often the case, even if the single mom has an adequate income. Though restricted by law, many lenders secretly discriminate against single parents based on a variety of factors. Fortunately not all lenders are so unjust in their selection.
Often single moms do have less income than a traditional two parent family. Costs such as daycare and other expenses can quickly eat into any budget. A two parent family will either have two incomes or at least have the financial luxury of not needing to pay the exorbitant fees associated with child care. Also, if you are recently divorced, you might not yet have become truly independent financially. Many women depend on their husbands for all matters financial and when they find themselves on their own they often have to start near the bottom of the credit ladder. This can quickly lead to problems when applying for a loan, even if you have never once been late for a payment of any sort.
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The first thing anyone should do before applying for a loan is check their credit score and get a copy of their credit report. It's better to go into the loan process forewarned. If you find inaccuracies in the report, you can have them fixed and quickly raise your score. Also, it's better to request your credit report yourself since this isn't viewed as a credit check by the reporting bureaus. By knowing how the world views your financial situation you can better choose the source of a needed loan.
Many loans can be obtained quickly online, usually up to about $5000 dollars. Basic information regarding identity, address and employment should be all that is required. By agreeing to have the payments automatically deducted from a bank account you can often lower your interest rate by.5% or more. A great thing about applying for a loan online is the ability it gives you to quickly compare many offers. Regardless of how they try to appear, lenders want your business; that's how they make their living after all. Occasionally, if your credit is extremely bad, you might be asked to put up collateral such as a car or to list a cosigner with better credit. After all, the cosigner knows you better than the lender and if they are willing to back you then who is the lender to deny the loan?
Remember that a loan is not a gift and it must eventually be paid back. Also keep in mind that the loan is another bill since you will have to pay interest and possibly fees. For this reason it's important that you take out a loan only if absolutely necessary. Loans aren't bad things and in fact they make the financial world go around, but if chosen unwisely they can do more to hurt your financial situation than to help it.
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