Emergency loans satisfy the personal needs of people with different financial situations. Either you are a student without a stable income or an unemployed mom without any income, it’s close to impossible to get loans for unemployed. Emergency loans are known due to their availability and a simple loan request process.
As you need to raise your kids, money can’t wait. According to the report from the Bureau of Labor Statistics, the unemployment rate for single mothers who are heads of households and maintain families without spouses present is currently at 7.6%. This is a significant percentage comparing to the average unemployment rate of 5%.
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That’s when you may need a quick solution to short-term financial problems. Emergency loans are supposed to cover an urgent money need, so people typically receive the funds on the next business day upon the application approval.
Generally, online lenders conduct a soft credit check and don’t require many documents. Though, some small loan providers may request additional information.
How Can Unemployed Single Mother Qualify?
At Personal Money Service, we get this request almost every day: “I need money today but I’m unemployed”. And we understand that all people should have a way to borrow money.
Assuming all the aforementioned facts, financial experts claim that unemployed single mothers will not be able to get an emergency loan. Employment information is a must in our form.
It’s possible to get quick cash loans online, but the only important thing lies in the company’s competence. It’s hard for lenders to provide money for people with no job, as lenders need to have at least some forms of security that their money will ever be repaid.
Any lender offering emergency loans for unemployed mothers will definitely require you to prove some source of income you get on a regular basis. You may be:
- receive welfare payments
- get a deposit into your account from investments.
You may also be required to get access to your financial documents or banking history to let the lender verify your ability to pay the borrowed money back.
Get a Loan with Alternate Income
As you fill out the form, you will see that employment information is not possible to skip. You may enter your previous employment information in case you are allowed to provide such data or prove an alternative income source.
- An emergency loan for single mothers who are unemployed is a high risk for any lender. Thus, this type of credit option is basically a loan for people with alternate income. The lender must be sure that you will be able to pay the short-term loan back.
- You may be required to have a co-signer to get an approval. This will definitely improve your chances to receive an emergency loan when you are unemployed, but it is also a large responsibility for your guarantor.
- Such short-term unemployed loans may be provided with a higher interest rate. Although the APR of a loan depends on many factors, so it is crucial to negotiate all the credit fees and terms directly with the lender.
There are many lenders offering online loan options for single mothers who are unemployed. Be sure that you are aware of all the requirements and terms referred to the loan you are going to agree to.
The best variant is turning to the company which has already provided financial help to your satisfied friends or family members, like Personal Money Service. Otherwise, look through the reviews or testimonials from the real clients.
P.S.: You may also want to consider bad credit loans online.