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?

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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.

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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.

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Federal Grants and Aid

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

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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.

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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.

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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.

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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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