Finances are being handled solely by single parents and most of these parents, whose income are low enough to qualify, can actually be given a whole lot of assistance ranging from pensions to scholarship grants not only for themselves but also for their children.
But not all single parents qualify for such single parent benefits. Those people whose income is too high to qualify might also be too low to provide all the things needed in raising children on their own. On top of this, unexpected things that are beyond one’s means happen.
Emergency situations call for immediate actions or solutions. It is during these instances that lone parents must apply for loans. Some opt to apply at the bank, private financing companies and government.
There are different types of loans for single parents. There are several loan programs that people can actually choose from provided that they meet the prerequisites. One type of loan available is the bad credit. People can apply for bank loans but have high interest rates.
Another kind of loan is the secured loan where one has to present collateral in order to qualify for loan application. Collaterals may include house and lot, home appliances, cars, etc. Once a person is unable to pay then the collateral will have to be taken by the loan company in exchange for the unpaid loan.
Collaterals are usually required for bigger loan amounts. Business loans, on the other hand are for those who are planning to put up a small business. Housing Loans also require collaterals because of the high loan amount.
Usually, the required collateral is the land title of the house and lot that the borrower will purchase. In cases when the borrower fails to pay for the house or becomes a delinquent payer, then the creditor will have to keep the land title for good and acquire this property.
Housing loans from the government usually have lower interest rates and have more considerations. There are also personal cash loans and emergency loans which are usually in small amounts. There are such things as same payday loans, wherein, from the word itself, one can apply for loan in cash and get it on the same day, sometimes within an hour.
In Western Australia, the government has initialized the Keystart Home Loan. This loan is particularly designed for parents, married or single, who have low-income.
Once they apply for home loan, the Department of Housing shall buy 20 to 30% of the property (based on certain criteria and qualifications) and the rest shall be paid by the borrower.
In the UK, there are non-government financing companies such as the UK Business Funding Centre, which can offer a variety of loans such as no-interest or low-interest loans ranging from £1,500 – £10 million.
The important thing that a person must remember is to check his or her own capacity to pay for a particular loan prior to application. Furthermore, it is necessary to match one’s own requirements with the criteria provided to qualify for loan application.
Most of the time, single parents apply for loans because they are not aware of the grants available. With grants, they do not need to pay back and do not have to suffer from interest rates. Grants, however, may take longer than usual.
In cases when grants or pensions are not sufficient, loans can assist single parents to address their immediate needs.
Next Article:- Single Parent Advice
But not all single parents qualify for such single parent benefits. Those people whose income is too high to qualify might also be too low to provide all the things needed in raising children on their own. On top of this, unexpected things that are beyond one’s means happen.
Emergency situations call for immediate actions or solutions. It is during these instances that lone parents must apply for loans. Some opt to apply at the bank, private financing companies and government.
There are different types of loans for single parents. There are several loan programs that people can actually choose from provided that they meet the prerequisites. One type of loan available is the bad credit. People can apply for bank loans but have high interest rates.
Another kind of loan is the secured loan where one has to present collateral in order to qualify for loan application. Collaterals may include house and lot, home appliances, cars, etc. Once a person is unable to pay then the collateral will have to be taken by the loan company in exchange for the unpaid loan.
Collaterals are usually required for bigger loan amounts. Business loans, on the other hand are for those who are planning to put up a small business. Housing Loans also require collaterals because of the high loan amount.
Usually, the required collateral is the land title of the house and lot that the borrower will purchase. In cases when the borrower fails to pay for the house or becomes a delinquent payer, then the creditor will have to keep the land title for good and acquire this property.
Housing loans from the government usually have lower interest rates and have more considerations. There are also personal cash loans and emergency loans which are usually in small amounts. There are such things as same payday loans, wherein, from the word itself, one can apply for loan in cash and get it on the same day, sometimes within an hour.
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| P.C: USAG- Humphreys |
Once they apply for home loan, the Department of Housing shall buy 20 to 30% of the property (based on certain criteria and qualifications) and the rest shall be paid by the borrower.
In the UK, there are non-government financing companies such as the UK Business Funding Centre, which can offer a variety of loans such as no-interest or low-interest loans ranging from £1,500 – £10 million.
The important thing that a person must remember is to check his or her own capacity to pay for a particular loan prior to application. Furthermore, it is necessary to match one’s own requirements with the criteria provided to qualify for loan application.
Most of the time, single parents apply for loans because they are not aware of the grants available. With grants, they do not need to pay back and do not have to suffer from interest rates. Grants, however, may take longer than usual.
In cases when grants or pensions are not sufficient, loans can assist single parents to address their immediate needs.
Next Article:- Single Parent Advice
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