If you're a single mother, you know all too well that you must pay the bills or else you risk losing your utilities and the roof over your head. In addition, you have to keep your kids fed and clothed and provide all of their love and support as well. It's a tough job - possibly the toughest job in the world.
If your credit is in shambles, then that tough job can become downright impossible. How can you obtain the funds you need to take care of a crisis such as a flat tire, a hospital trip, or another unforeseen expense if you don't have the credit to charge for it?
This is where bad credit loans come into play. You should never use them regularly, but when used correctly, they can be a lifesaver. Knowing what kinds of Bad Credit Loans Single Mothers can qualify to receive is important if you find yourself in a pinch and need money fast and you can't wait until payday.
Warnings about Bad Credit Loans Single Mothers Can Receive
Before seeking out bad credit loans, single moms need to keep some important warnings in mind. It's important to weigh all your options before resorting to such a drastic measure to pay your bills.
The Interest Rate is a Killer
Interest rates for payday loans and other bad credit loans single mothers may qualify for are astronomical. If you resort to using one of these types of financial instruments to solve your money crisis, then be aware you may be paying close to 50% in interest over the short term. If you add late fees and other charges, then you're looking at even more. Make sure that you know exactly when and with what money you will be repaying the loan before you sign on the dotted line.
You Will Be Harassed if You Don't Pay
If you take out a payday loan or a bed credit loan, and you find that you can't repay the money in a timely fashion, be prepared for you phone to ring off the hook. If you find yourself in this situation, either make reduced payment arrangements with the company or work out a deferred payment agreement. Often, companies will bend over backwards to work with you because they know if they don't, they may end up not being paid at all.
Bad Credit Loans Single Mothers Can Qualify For
There are a variety of bad credit loans single mothers can qualify to receive. The easiest way to find what you're looking for is by doing a simple Internet search. Once you've settled on a bad credit loan provider, the next step you need to take is to do a bit of research. You need to check on the company you select in order to determine whether it's legit. Try the Better Business Bureau (BBB) online and make sure there are no consumer complaints about the company, and look for any other negative information about bad credit loans single moms can qualify for through the company as well. Weigh what you find carefully before you settle on a company. To clean up your credit after you repay the loan, check your credit report often and always pay your bills on time.