Personal Loan Need to Knows for Single Mothers

Why Might a Single Mom Need a Personal Loan? There are many reasons why a single mother — or any parent — might need a loan. But sometimes people facing a financial shortfall may turn to a personal loan to help them get through a particular circumstance.

Benefits and Risks of Personal Loans for a Single Mother

There can be a lot of financial pressure on a single parent responsible for all family expenses. If a single parent lost a job, how would expenses, including paying back a personal loan, be covered?


Personal loan interest rates tend to be fixed, rather than variable, which is one factor that may make a personal loan a more attractive choice than putting expenses on a credit card.


Home Loans for Single Mothers

If you own your home, using your home as a financial asset may be one way to pay down bills. Tapping into the value of your home with a home equity loan or a home equity line of credit, or by refinancing your home are some options to consider.


Federal Grants and Aid

If your income and certain other resources meet eligibility requirements, you may be eligible for federal grants and aid.


Educational Aid for Single Mothers

If you’re considering going back to school, it may make sense to look at federal student loan programs  . There also may be private scholarships and grants available for single parents, available from the institutions you’re interested in.


Private grants or statewide grants.

As with any grant you apply for, it may be a good idea to research the grant and make sure it’s legitimate. Some scams may prey on vulnerable people by trying to get them to share personal information.


Financial aid or tuition assistance.

If your children are in private school or extracurriculars, there may be financial aid. Even if there’s not a formal program, it can’t hurt to explain your situation and ask what may be available.


Employer-based programs.

Your human resources department may have certain programs, including childcare coverage, for eligible workers. Talk to your HR representative or look through their materials to assess.


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