Single mother emergency loans

Emergency Loans For Single Mothers

Information verified correct on June 24th, 2016

Are you a single mother looking for a loan? There is finance available when you need emergency funds.

Under certain circumstances single mothers with bad credit can still get finance. There are lenders who are willing to offer single mothers personal loans based on certain criteria, or by asking for security of some sort. There are even certain considerations made for single mothers with poor credit.

Personal loans allow you to borrow money from a bank or non-bank lender in order to pay for a vehicle or to pay other expenses. Emergency loans are available for those unexpected hard times that can pop out of nowhere. While single mothers usually have difficulty being approved for emergency funding or other personal loans, there are ways around these challenges.

Sunshine Short Term Offer

Sunshine Short Term Offer

This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $1,800.

  • Loan Amount: $1,800
  • Loan Term: 16-30 days
  • Turnaround Time: 30 Minutes - conditions apply
  • Total Cost of Borrowing $100: 20% of borrowed amount + 4% of borrowed amount each month
  • Bad credit borrowers OK
  • Quick and easy Approval
  • No Credit Checks - Must be employed

    Emergency loans that single mothers could apply for

    Rates last updated June 24th, 2016
    Max. Loan Amount Term of Loan Turnaround Time Total Cost of Borrowing $100
    Sunshine Short Term Loans
    Apply online with Sunshine Loans and you could borrow up to $1,800 paid directly into your account. Family Business since 1999.
    $1,800 16-30 days 30 Minutes - conditions apply 20% of loan amount + 4% of loan amount each month Go to site More
    Nimble Short Term Loan
    Apply for a short term loan and you could borrow up to $2,000
    $2,000 16-365 days 1 hour - conditions apply* 20% of borrowed amount + 4% of borrowed amount each month Go to site More
    Cash Train Loans
    Apply for a Cash Train loan and get up to $2,000 sent straight to your bank account
    $2,000 10 weeks or 3 months 1 Business Day 20% of loan principal + 4% monthly charge Go to site More
    Loan Ranger Cash Loans
    You could borrow up to $2,000 with Loan Ranger Cash
    $2,000 16-60 days Same Day - conditions apply 20% of principal amount (establishment fee) + 4% of principal amount per month. Go to site More
    Ferratum Cash Loans
    A small loan from Ferratum lets you borrow up to $1,000 without a credit check
    $1,000 16, 22 or 32 days Same Day if approved 20% of borrowed amount + 4% of borrowed amount each month Go to site More

    Warning about Borrowing

    payday-warningDo you really need a loan today?*

    It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

    Check your options before you borrow:

    • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
    • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
    • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

    The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

    * This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

    How does an emergency loan for single mothers work?

    An emergency loan or single mothers is a loan that is usually pushed through quicker than other loans. A loan for a single mother, whether it is a personal loan or a car finance loan, is generally not as flexible as a personal loan, and may be affordable depending on your income.

    Single-parent loans are usually difficult to obtain as most lenders worry about the mother’s ability to make repayments. For this reason, most lenders won’t consider loan applications if the applicant hasn’t been permanently employed for at least 12 months prior to application, unless there is substantial private income or some form of child support that can be considered in the repayment process.

    How to compare emergency loans for single mothers

    • Research the lender. Check the lender’s website and make sure they are a reputable company. There have been many cases where scammers have pretended to be a loan provider. Look at reviews to see if previous customers have been happy.
    • Take note of interest rates/fees. Rather than having interest rates, emergency loans have a hefty fee to cover the cost of borrowing.
    • What range of loan amounts are available. Different lenders may offer different minimum and maximum amounts. You don’t want to borrow more than you need, so you want to apply for a loan for as close to the amount you need as possible.
    • Are the loan terms flexible. The terms of the loan should also be compared so you have the optimal time for making repayments. Most lenders will require that you pay back the funds within the ‘next payday’ and will automatically deduct the funds from your account.

    Personal loans for single parents

    The good and the not-so-good of emergency loans for single mothers

    The good

    • You'll get access to fast approval and funding
      Emergency loans for single mothers are fast tracked so the approval and the funding are processed faster than normal loans.
    • The loans feature more relaxed criteria
      Even if you have an outstanding loan of a poor credit history, you may still qualify for a loan.
    • You know what set fees are applicable
      The fees are set out before the loan starts, so you know how much you’re paying back.

    The not-so-good

    • There is Inflexible repayment schedule
      Since you’re dealing with a small amount of money in a small period of time, there’s often a set date that you’ll need to pay it all back.
    • You will probably pay higher fees.
      They come with much higher fees and interest charges than personal loan.

    Things you should consider avoiding about emergency loans for single mothers

    • Be careful of borrowing too much.

    When you’re in need of emergency funds it can be easy to borrow more money than you actually need. While this might help your current financial situation, it could cause you more problems in the end. This is because over-borrowing can put you into deeper debt and you may find it harder to repay the loan.

    • Watch out for the expensive fees and penalties.

    If you take the first loan you see you might be saddled with high and frequent fees or extra penalties for certain things. For example, if you don’t compare available loans you might find yourself paying an unnecessary application fee or unnecessary ongoing maintenance fees.

    Ready to apply? What the single mother should consider

    In order to apply for an emergency loan, you’ll first need to see if you’re eligible for the loan in question. Most of these loans require you to be over 18 years old and an Australian resident. Once you've completed your comparisons and figure out if you’re eligible for the specific loan you’re looking at, you’ll have to see what documents you’ll need to apply for the loan. You’ll usually need identification information like a passport or driver’s licence.

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    4 Responses to Emergency Loans For Single Mothers

    1. Default Gravatar
      Daniel | April 22, 2016

      Are there loans for single fathers on centrelink with bad credit who don’t have photo I’d but still 100 points of id thankyou

      • Staff
        Elizabeth | April 22, 2016

        Hi Daniel,

        You can compare loans for Centrelink recipients on this page, but you will need some form of photo ID for most. You can find out what is required on each review page, but you can get a proof of age card from a motor registry if you don’t have your licence so you’re able to apply.

        I hope this has helped,

        Elizabeth

    2. Default Gravatar
      | October 31, 2015

      Hello I’m single mother with four children get no child support money from their father who left me and left me with all the bills can I please get a loan today for I’m in financial crisis. Thank you

      • Staff
        Elizabeth | November 2, 2015

        Hi Rosa,

        Thanks for your question and sorry to hear about your situation.

        While payday loans are an option for you, you also have a few other options you can consider before applying for one. If the loan is to cover bills you have the option of calling your billers to ask for an extension or payment plan – this is a standard service provided by utility and other service providers. If this cannot be provided, you also have the option of calling the financial counselling support line on 1800 007 007, which is a free service. I’ve also emailed you two links to other services who may be able to provide assistance.

        I hope this will be of some use.

        Thanks,

        Elizabeth

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