Young women, in particular, may not have been in the job for too long, have only recently completed their training, or may even not have finished at all when there are plans to announce or not plan to have children. Unfortunately, it is the case today that the partnerships from which children are born are no longer built on such solid ground as they were a few years and decades ago. Nowadays, it is not uncommon for young women to have to live with one or even more children without the child’s father as a steady partner.
Single parent = unworthy of credit
Housing, utilities, food and clothing, insurance, membership in clubs, and many other expenses may far exceed the amount available to a single mother a month, no matter how it is made up. If unforeseen expenses are added because, for example, an important household appliance fails, the young mother often does not have sufficient reserves to make such purchases at short notice. In such a case, there would be a loan for single mothers, which can be allocated in a timely manner and brings quick financial help.
Unfortunately, however, it is the case that the young mother has no income from work, quite the opposite, often she is related to Social Welfare. So a loan would initially be hardly conceivable, since providers of loans like to demand pay slips and other security, before a loan is granted. So does this mean that a young mother who is unfortunately a single parent automatically has no way of getting a loan?
Loans that are possible individually and even in difficult cases
Almost every problem in the area of banking, loans and credits can be solved and so there are also loans that are specifically tailored to this group as a loan for single mothers. Since it is foreseeable that no high sums are required in this area, no house should be paid for it and the money is also not intended to finance a trip around the world, there are definitely ways that relieve a single mother of the acute financing problem. A small loan, low repayment rates, little additional costs there is often a corresponding offer at the house bank that can be discussed in person with the bank advisor.
However, it is of course also possible to apply for a loan for single mothers via the Internet and to choose a completely different lender for it. If the single mother is in the happy position of having “clean” Credit Bureau information, this is almost a guarantee that a loan will be granted to single mothers.
But even in cases where the Credit Bureau information is poor, there may still be the option of obtaining a small loan through a foreign bank. In this case, however, other collateral should be able to be provided without gaps and, if necessary, slightly higher processing fees or other additional costs can be expected.