A payday loan for a single mother – is it possible?
Obtaining a payday loan for many people is associated with much greater difficulties.
Single parents have a significantly higher financial burden, which is a constant burden on the household budget, which significantly reduces the income available, which is an important criterion when granting payday loans or credits.
Single mothers have a much harder time getting a cash payday loan in relation to marriages and even people in a stable relationship. Of course, if such a person has no financial difficulties and has good creditworthiness, then getting a payday loan is not so difficult.
However, in the case of applying for a payday loan, the most important criterion is the income obtained on the basis of which the credit risk is determined. What matters most is the disposable income from which the individual installments will be repaid. The smaller the permanent financial obligations, the easier it is to get a payday loan or a payday loan.
Type of employment contract
When a single mother is looking for a payday loan, it is important whether she is working on a fixed-term contract or for an indefinite period. In the case of an indefinite contract and average earnings, obtaining a payday loan should not be a problem even for a single mother. This is due to the fact that income that covers fixed expenses providing a certain financial surplus is sufficient to obtain a payday loan.
It is much harder to get a single mother payday loan that raises more children. The problem may also be excessive, fixed expenses. Then, the amount of income may not be adequate to obtain a payday loan . Of course, much also depends on the amount of the payday loan, which is solved by a single mother or the time on which the payday loan is drawn.
However, it may be easier to seek maintenance for children to try to get a payday loan. If alimony is high and constantly affects the bank account then financial companies recognize the situation of single mothers applying for payday loans for much less risky.
Good credit history
It is very important to have a good credit history and creditworthiness when applying for a payday loan in a bank. When the credit history is not good, then you are applying for payday loans in financial companies that operate outside the banking market.
Of course, in such companies it is also important to have good creditworthiness, that is, high income. However, with smaller amounts of payday loans and permanent work, you can get a payday loan even if you earn only a minimum national salary.
A good solution when looking for payday loans is to check the various offers available on the market. If you have a permanent job, you can also choose to use the services of credit advisors who can find much more favorable payday loan offers available on the financial market. Another solution is to personally check payday loan offers by contacting selected financial companies.