When you are a single parent, it can be challenging to juggle working and taking care of your children simultaneously. Next thing you know, the month is nearing its end, and you have bills to pay. Unfortunately, you have already run out of much-needed cash. How do you go about handling this? Well, luckily, there is are ways single mothers can alleviate themselves from financial distress.
Financial assistance is one of the primary options. Financial assistance like emergency cash can significantly improve the life of a single mother. We will talk about all the U.S. federal government programs that look after single mothers and provide them with free money since the country introduced said programs to assist needy families in facilitating their day-to-day lives.
What Financial Help Can You Get as a Single Mother?
Luckily, there are ways to get help as a single mom. There are U.S. federal government assistance programs whose primary purpose is to help single moms in need. Said programs provide housing, child care, and food stamps to get you through the month.
Other programs offer health insurance and help parents pay off the student loans of their children. Each program has its niche. Check out some of them below to find the most suitable solution for your situation.
Temporary Assistance for Needy Families (TANF)
According to official reports, an average of 391,177 single-parent families participated in TANF in 2020. TANF does not only provide emergency cash for single mothers, it helps all needy families trying to make ends meet. Aside from the money, the TANF program closely works with childcare providers that facilitate single parents’ professional life. Unemployed single mothers can get involved in free training programs to aid them in finding a job and teach them all the ins and outs of job interviews and how to nail one.
The Department of Housing and Urban Development (HUD) offers help for single mothers, low-income families, and the elderly. Their programs can provide financial assistance in the form of housing or money for rent and utility bills. Over a million U.S. families are managing their household expenses with the help of HUD.
HUD also makes sure any women facing domestic abuse have a roof over their head far away from their abuser at these facilities. In the meantime, HUD also offers to shelter all destitute families and protect them from COVID-19. This means that if you are currently homeless and need a place to stay to protect yourself from the virus, you can also register for a HUD program.
Child Care Assistance
Child care assistance is another way for single moms to facilitate their children’s future. Since child care is a fundamental human right any child should have, single mothers must get help. Any moms living on a minimum wage or with no income at all are eligible to apply. The federal government provides each state with cash for a state-run child care subsidy program.
Low-income families can use these programs to help pay for child care so their kids can go to school, eat properly, be well-dressed, and lead a quality life. Make sure to look into the qualification requirements for each state.
Home Energy Assistance Program
The Low Income Home Energy Assistance Program (LIHEAP) comes to the rescue for any U.S. family in need. Any single mother struggling to pay the monthly electricity bill or looking to cover A/C expenses is welcome to apply. The cash grants range from $200 to $1,000, depending on household size, income, and fuel type.
The United States Department of Health and Human Services administers this fiscal year program. LIHEAP is available in all fifty states, so long as you meet the requirements. There is an annual income limit you need to qualify for first. You can calculate your eligibility on a dedicated Benefits.gov page for this purpose.
Supplemental Nutrition Assistance Program (SNAP)
Everyone knows that grocery shopping can often be a burdensome task for struggling families. Buying food can be expensive, especially food full of nutrients like meat and dairy products. However, no children of single parents should suffer on their behalf.
The Supplemental Nutrition Assistance Program (SNAP) is an excellent way for low-income families to provide their kids with nutritious meals every day. SNAP helps kids of struggling families by providing them with various health benefits.
You can also get cash to plant and grow your own food. If you receive SSI or TANF and have a place to live or own a lot, you can still apply too. SNAP aids all single parents looking to fill up their food pantry for the week.
Are There Any Loans for Single Mothers?
Suppose, for whatever reason, a single parent is not eligible for any of the programs above. In that case, there are still measures that you can take. Single mothers who need quick cash can always apply for a loan. Thankfully, there is a wide range of loan types at your fingertips. Good or bad credit, you can expect to find yourself a suitable lender soon enough.
But before single mothers dive in and apply for a loan, they must be aware of what they would be taking on. The following list will help single moms find the ideal lender and teach them what to look for when applying.
- Interest rates and fees. Payday loans online, for example, boast an APR of 391% and above. On the other hand, alternative loan types may have lower APRs but stricter qualification criteria.
- Repayment periods. Unlike state financial aid, you must repay loans. Consider the repayment terms of the lenders before applying!
- Lender’s background. Is this lender someone you can trust? Do they have a history of scamming people with high extra fees or pestering them to pay up? With DirectLoanTransfer, you won’t have to worry about this because we work with legit lenders only.
Apply for A Personal Loan
We’ll first cover personal loans. There are many reasons single mothers should apply for this type of loan. The primary reason is that they are very diverse in what they cover. You can use them for medical expenses, emergency funds, vehicle maintenance, etc. So, whether you need help paying bills or buying groceries, you can consider yourself set.
You also don’t have to worry about credit score checks as most lenders will overlook your credit. Lenders can take extra steps to protect themselves by imposing higher additional costs, for example. Others do a soft credit score check though and look into other things like your history of purchases.
Get an Emergency Loan
Emergency loans come in various forms. A single mother should apply for one when in need of emergency cash. One example of an emergency loan is a payday loan. When a lender loans you a small cash amount and gives you time to repay it in full once your next paycheck arrives, that’s a payday loan. Payday loans have high APRs and are one of the most challenging loans to get out of, so be careful with them and apply for them only when there’s no other way out.
Another example is pawnshop loans. These require that you leave an item as collateral. The worth of said item must match the loan amount. The pawnbroker then sets a repayment deadline. If the borrower fails to repay the loan on time, the pawnbroker gets to keep said item. Due to providing collateral, however, pawnshop loans are easier to qualify for and typically have lower APRs.
Finally, car title loans are very similar to pawnshop loans. They are short-term loans in which your vehicle title serves as collateral if you don’t have money to repay the loan. Single parents should know that these loans are pretty risky and often difficult to pay back. In addition, you run the risk of having your vehicle taken away in the event that you fail to pay the loan back on time, and this can put further strain on your finances.
Consider a Traditional Bank Loan
Traditional bank loans are pretty much personal loans with extra steps. They are also short-term loans that single mothers can use to pay for necessities or any smaller debt. Parents in need can call up their bank anytime and request a traditional bank loan.
However, single moms should know that getting approved for a bank loan can be a challenge. Most bank operators require good credit scores, personal guarantees, and stable incomes.
It may just so happen that your bank provider eases the qualification requirements for single moms. If so, you’d be in luck. Some banks may even go easier on you provided your financial situation, but you would still need to prove you are an eligible candidate by presenting a healthy financial portfolio.
Emergency Cash for Single Moms with Bad Credit
All single mothers can find solace in emergency loans for financial help. Do not fret. Even if your credit score is not very good, most lenders will consider your application. Some of our lending partners even have no-credit-check loans where your credit history doesn’t even matter.
There are also the emergency loans companies offer with the sole purpose of helping out unemployed single parents navigate everyday life. These loans do not have as strict requirements and are usually easy to qualify for. Lastly, we need to mention that this emergency cash will arrive straight into your bank account either the same or the next business day. This makes them the fastest solution to your money problems.
However, please remember that emergency loans can have pretty short repayment periods and high interest rates and fees. This is why we advise you to take them only when all other options fail you.
How to Apply for Emergency Cash for Single Mothers
When it comes to state assistance programs, the process is simple. Generally, single mothers can apply in person at their local Department of Social Services. Ideally, they can also apply online, via phone, or have someone else do it.
The application process for an emergency loan differs from lender to lender. However, DirectLoanTransfer will make the job for single mothers easier. We provide easy access to a massive network of legit and reliable lenders. Just use the online application form on our website, and you’ll get valid loan offers within minutes.
Fill out the form by providing the necessary details, such as your postal code and how much money you need, and then just wait for lenders that operate in your state to send you offers tailored to meet your needs. Once you get the offers, you can choose the one that seems most suitable for you. Carefully read the terms, sign the e-agreement, and wait for the cash to arrive in your bank account.
Requirements for Single Mothers Loan Solutions
There are a couple of things you’ll need to prepare for the application procedure, though. We’ve prepared a nifty guide to help speed up the process. Check out the list below to make sure you’ll qualify.
- An ID card to prove you are at least 18
- Proof of legal U.S. citizenship or permanent residence
- Evidence of a regular source of income
- Your Social Security Number and card
- Contact info like an email address and a phone number
- A valid checking account
Overall, single mothers must be adults residing in the U.S. with a valid SSN, contact info, and a checking account. You will also need to provide proof of your regular source of income and perhaps your current relationship status. Other terms and conditions may apply depending on your residence, as every state has individual lending regulations.
To conclude, there are various ways the states assist single parents. Each U.S. state has qualification requirements single moms must fulfill to get approved. Any needy family can also apply for the following assistance programs: TANF, HUD, Child Care Assistance, LIHEAP, and SNAP.
If an aid program is out of the question, single moms can always apply for a loan. There are personal and emergency loans. Said types of loans, especially emergency ones, accept applicants with bad credit. As for single mothers with a good credit score, they can always apply for traditional bank loans that typically offer better terms.