Everything becomes challenging post an alliance breakup.
Apart from leaving one dejected and shattered, it impacts the finances the worst.
With a cordial relationship with your past, you can plan future finances together. You can talk about your child’s education and work collaboratively to make it smooth.
Conversely, as a single mom, you must call in a solicitor and sort the finances to get your dues. If you are a single mother, sorting your cash issues to kickstart life on fresh gear, the blog may help you.
How To Manage Finances After Marital discord as A Single Mother?
Nurturing a child as a single parent is challenging. Raising a child alone impacts the financial bottom line and personal expenses. As of 2020 stats, there are around 2.9 million single parents in the country.
If you are among them and want to be on top of the benefits, external financial options, and grants that may help you streamline finances without hiccups, then the blog may help you.
Check the government benefits
The primary deal post separation from your partner is exploring the grants or benefits that you may qualify for as a single parent. Here are some:
- Universal credit: if you are unemployed and have less than £16000 in savings
- Child benefit: If your child is below 16 years (£14/week) and you earn less than £50000
- Council tax deduction: you may get a discount on your income tax
- Bereavement Support Payment: Widowers can claim £122/week depending on national insurance
- Free school meals for children
While this may help you cover additional expenses like-
- Electricity bills
- Emergency needs- medical or any repairs
You may need additional funds to balance your new lifestyle as a single mother. Here, facilities like loans can help.
Explore the best loans for Single mother
Guardians without the other half have to deal with ample things at once. Things like managing electricity bills, child stationery, school fees, clothing, and medical urgencies make you strapped for cash.
Hence, facilities like loans for single mothers help you back up your finances and counter any needs without the wait. It is mainly for the mother who finds it hard to qualify to owe to financial grievances.
How you can qualify for these loans?
Generally, these loans are time-bound and ideal for emergencies.
You can get anywhere up to £1500 for your requirement. Always identify the income and debts in the credit profile before applying for these loans.
Make sure you know the income, loan cost, interest rate, and penalty fee before applying. As responsible lenders, we walk by emotions rather than seek personal interest in granting loans. Hence, we keep the terms transparent and do not charge any pre-payment fee.
We provide you with the exact agreement without any hidden cost as a no-obligation quote. If you find the agreement apt, we will work towards ensuring the most affordable repayment tenure for you. You can meet any pressing need with us without hesitating about overarching costs.
To qualify for these single mothers loans, you must meet the below criteria:
- Must be a citizen of the UK
- Must host some form of income-employment/self-employment/
- Should hold an active bank account
- Earn fixed income every month
- Should hold a valid debit account and email id/contact number
- Should have a valid address proof
How do these loans for the unemployed help single mothers?
However, there are some instances wherein the single mother lived a dependent lifestyle until now. Post separation, one may be engaged in the following:
- Setting up the business as a self-employed
- Out-of-job or left job years ago for childcare
- Searching for jobs or in mid of grabbing an offer letter
While in-between jobs, you as a single mother can face different issues like:
-
Paying the child’s educational fee
Attending to a child’s educational cost is a hefty expense on a limited budget. You may face urgent expenses like- covering a child’s tuition or stationery costs.
- Cover up rental costs
As the due date approaches near, you begin panicking under cashless situations. Here you need external support that can help you immediately without any visible obstacles and credit stringencies. Owning a house on rent is critical to restarting your life on a good note. Upkeeping with payments will help you grow better.
- Consolidate loans
While you may not be thinking about releasing the clocked cash immediately, it can do wonders. It especially helps if you have too many aspects of tapping into financially. It is one of the best ways to reduce interest rates, repayments, and liabilities to different lenders. You can grab the gate to dealing with one lender for all your finances.
To counter any of these aspects or other costs, you need some minimal backup for your finances that you can rely upon. Here, you can tap facilities like loans for single mums on benefits in the UK marketplace.
To qualify, you need to provide proof of income from benefits that you receive from the government. If you are due to receive your first payment, you may qualify for these loans. We analyse the brighter part than sticking by credit score mandates. You can negotiate the repayment plan with us and get one at your convenience.
You get these same-day loans within 15 minutes of your loan application approval. You may fetch up to £1500 as per your requirement.
How You Can Improve the Prospects of Fetching Loans for Single Mothers?
Though these are generally small loans, not everyone can qualify. We launch these affordable loans as a help for single mothers living in the UK without consistent income facilities.
With us, you do not need to panic about rejection as we gauge the best potential for your finances before providing or approving the loan.
Here are some ways to bolster your chances of fetching quick loans at the portal:
- Work on your credit score improvement
- Get your name on authentic identification symbol- Electoral roll
- Identify aspects to improve earnings and income
- If on benefits, try seeking any work that you can do online
- Be on a constant search for benefits or schemes that you may qualify for
It is the bare minimum you can do to get the funds for any small needs per se. If you need help figuring it out, contact us immediately for clarity and get swift funds quickly.
Bottom line
Thus, if you are yet to get back on your finances as a lone parent, these loans for single mothers got your back. You can balance expenses and emergencies easily per se if you lack savings.