A financial emergency can happen to anyone. Something needs paying immediately or it could cost you more in the long term. However if you have a bad credit rating you won’t find it easy to obtain a loan from a bank, or obtain a credit card for emergency use. When you are a single mother in this situation, and have no savings to fall back on, you probably need help.
Payday loans can be either a huge and costly mistake, or a quick solution which is finished with by the time you receive your next pay check. It is essential that you read about them and understand how costly they can become if you don’t repay them on time. Only consider a payday loan if you are confident you can be disciplined enough to repay the amount in full. Some people have fallen into the trap of not paying them back and rolling the debt over for an extra month, thus incurring very high charges. Even worse some have more than one such loan which their income cannot then adequately finance, so end up working to pay huge charges and interest.
As a single mother struggling to pay the bills and meet the needs of your children you must understand that a payday loan is only going to be for an emergency. Do not be tempted to borrow more than you need to cover the emergency as the charges will rise. Don’t fall for the advertising which leads you to feel entitled to extras you can’t afford, by taking a loan. Look at it for what it is, an emergency cash advance to help you out and maybe save you additional expenses elsewhere. When you understand the necessity of paying it back from your next pay check then start to look around to compare rates.
The best place to research the interest and charges of a pay day loan is on the internet. Rates do differ so it is always worth investing the time to find the best deal you can. Only look at lenders who are licensed when searching.
A pay day loan will be given without checking your credit history. It is an instant loan and there are only a few requirements for you to fulfil. You must be over 18, a US citizen, have an active bank account, and have a regular monthly income. This can be through a job or in the case of a single mother, through regular monthly income from social services or welfare. Some pay day lenders offer preferential interest rates for single mothers so it is really essential you search around to take advantage of these lower rates.
If you decide to proceed you have the choice of applying online or in the lenders shop. If you prefer to handle it in person you can leave a post-dated check with the lender, which you take back on the day you repay the loan in cash when your regular payment arrives. If you do it online then the funds will be deducted from your checking account.
Always take the time to shop around online for the best available deal, with no upfront charges to pay. Repay the loan in full on the agreed date; don’t let such loans become a way of life. A one off payday loan for a single mother could well be the answer for a temporary emergency, but see it is a wake up call to budget better and start a savings plan for any future emergencies.