What Kind Of Difficulties Single Mom Face During Loan Procedure?

Being in a family makes a relationship strong, but it is not always that a family stays. Number of problems emerges when people have to spend their lives together. There are some, who survive them while in other cases, the relationship suffers and leads to different paths, making impacts over the lives of both husband and wife. The journey changes totally and gets harder when one has to tackle things all alone. Exact is the case with being a single mother.

No matter where you live, no matter where you are, when one utters “single mother”, the image that pops in head is generally of all those hardships and hurdles being faced by them which indeed is true. It is not easy to raise a child all alone when the society at some or the other point questions you. One of the problems that come in the way of this gruesome journey and make it even more tough are the financial problems. Initiating from the daily requirements and moving towards the education fees, you will find that a single mother often ends up in the stress of inadequate funds.

The best possible way to get out of the situation full of misery is through loans. But, just like everywhere, here also these women go through the numerous troubles. Here are some of the difficulties any single mom might face when she makes a decision to apply for loans to meet the basic fund requirements –

Problem of finding a guarantor

The most obvious problem these women face is the problem of finding a guarantor. Not a lot of people are willing to show their interest, put their trust into them, and hence, deny being the guarantor for them. The present condition of unavailability of funds makes the people imagine the future situation involving inability of repayments. This further makes them question the proposal of being a guarantor. Fearing about the failure of return of loan amount, these women face severe issues finding a guarantor. This makes it difficult to find funds through long term loans as for them, finding a guarantor is a “must”, restricting them to the short term loans.

Problem of providing collateral

When a person is not able to find a guarantor, the next alternative is to provide collateral in order to get the loan. When it comes to the problems of single moms, they are never ending just as the needs. Being a single mother, it is difficult to provide the collateral because in most of the cases, they do not own a car or a house to keep that as collateral and get the loan. In fact, if they had the money to own a house why would they anyhow be in the need for money? These women are the group of people staying on the government benefits, providing collateral is just not, what they can afford.

Having no credit score

There are various problems that exist for which a person needs a loan urgently. In all the cases, a quick credit check is performed by the lender in order to check the credit history of the borrower. In some of the situations, this credit check can also be in depth and precise. When this formality is to be undertaken the most common problem that is being faced by these women is that they “do not” have a credit score and borrowing for the very first time. Usually, they are unaware of the procedure of the application as well which then adds up to the whole situation.

These are some of the problems that single mothers face while opting for loans which are then merged with the societal, mental and physical problems being usually faced by them, thus, giving rise to stress, anxiety and depression in their lives.

The other troubles might be inescapable, but the problems of loans can surely be escaped from by opting for the unsecured loans in UK. Unlike, other loan types, these loan types facilitate and invite applications without any guarantor or collateral even when a person has no credit check or bad credit check.

So ladies, it’s high time you have shed enough tears, now is the time to raise that head up and flash a smile to show the world that you are now financially secured.