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Comprehensive Guide on Loans for Single Moms

Being a single mother is not an easy feat. Luckily, finances are more manageable with the loans for single moms. Find out why.

A single mother is a full-time job without the expiration of the contract. While trying to earn enough for the family, we also have to care for our children. Also, we need to provide everything they need. However, there will always be a time when an emergency cash need will pop up. Unfortunately, our income is not enough to get over it. Good thing that there are now loans for single moms. 

Situations Why Loans for Single Moms are Necessary


As a single mother, I have to stick to a budget. Also, I need to make sure that a trickle of my income will go to an emergency fund. However, despite revising my budget, if an unexpected expense comes up, I know I won’t be able to handle it alone financially.\

Take, for instance, a house repair like leaking plumbing under the sink, an emergency medical bill for my baby, or a sudden increase in fares going to work. These will all shake up my well-planned budget.

However planned, something will come up. And at times, no matter how I adjust it, the cash on hand is still not enough.

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Health Issues

Whenever my daughter gets sick, I temporarily cut my working hours short. Then, I take her to the doctor. There are times that I won’t be able to go to work for a few days. I need to nurse my baby back to health.

Hospital and laboratory bills are not cheap. In addition, my lack of working hours will cause a sudden flunk in my income. Cash is vital to cover medical bills and daily expenses. It is hard to get by with these financial needs with a lack of resources.

House Bills

I usually budget specific amounts for electricity, phone and water bills. However, there are times when companies raise their cost. Sometimes, the new bills exceed my expected consumption. In addition, missing the scheduled payment for utility bills is not an option.

My daughter can’t last a day without an air-conditioner. If my electricity cuts, she will get irritable. But, getting back my electricity connection costs more. An inevitable sudden increase in expenses is very frustrating and stressful.

If you are also a single mom with the same experience as mine, you should know that you are not alone. There are some loan programs created to assist un in times of need. Here are some things you have to know about loans for single moms. 

Must-Know about Loans for Single Moms

Look at your credit score.

Before shopping for a loan, it is better to know your credit score standing. The financial institutions will review your credit rating. Then, they will decide on your loan approval based on it.

There are many types of loans and some Singapore licensed moneylenders base their interest rates on their credit score. So it helps them assess your ability to service loans for single moms.

credit score | loans for single moms


Bad Credit

It is imperative to take care of your credit score. Some banks and other licensed lenders tend to lower interest rates for those with high credit scores. Therefore, make sure that you take care of your credit rating. So, always pay your loans on time.

Micro Business Loan

If you are a single mom with entrepreneurship skills, you can apply for a small business loan. Also, you can shop around the web to see various business loans offered by lenders. In addition, there will be different terms and conditions. So make sure you get the one that best fits you.

Secured Loan

Collateral is a must-have with secured loans for single moms. For example, you may use your home, car or other properties as collateral.

If you use this kind of loan, be sure that you can repay it. Because if you fail, the collateral will be owned by the lender by default.

RELATED: Where to Get the Best Instant Cash Loan in Singapore

Personal Loan

If you have a couple of loans, you may consolidate them. As a result, this will potentially decrease the interest rate. However, do not consolidate a federal loan with a private personal loan in Singapore.

Auto Loan

Auto Loan can help you pay for your car’s down payment and other expenses when buying a vehicle. Choose an auto loan with flexible terms.

RELATED: How to Get Best Car Loans even with Bad Credit Score

Student Loans

If you still want to go back to school, try to see if your school gives student loans to single moms. Higher education may get you a better job and more internship experience.

Home Loan

This loan gives you support if you want to move out or buy a new home. Being a single mother does not stop you from owning your own home. 

Internet Scams

It is easy to find loans online, but be wary of giving your personal information. Many would like to help you out. However, many will also try to fish out your financial details and get your hard-earned money. As a result, you might lose everything instead of gaining some. So be extra cautious when taking out loans for single moms. 

RELATED: Singapore Loan Shark Scams to Watch Out


Choose an immediate cash loan that has flexible repayment schemes. For example, there are loans with fixed rates while others are flexible. Also, the longer the loan period, the more money you are paying back to the lender.

Fine Print and Terms

As said a while ago, know the terms and understand them. Be sure that the fine prints are clear. Also, some lenders will try to hide some expenses around. So be vigilant.

Being a single parent is never easy. However, there are some ways to get by when you need more financial stability. There are hundreds of money lenders on the web. But, choose the one that has a license, eligibility, experience, and flexible terms.