In United States, the cost of living is always high. Many young parents or single parents usually apply for parenting payments as they find it hard to raise their children with their low monthly income. However, this financial assistance has become an additional financial burden to them when they fail to pay back on time. Due to this reason, the credit scores of these parents are badly affected and it is definitely hard for them to apply for any loan from traditional banks.
Having bad credit during economy downturn is unfortunate. What if these people need cash for emergency use? Where can they look for help? Frankly speaking, even the loan amount required is less than $5000; the traditional lenders are not willing to approve the loan application when they find out that the credit scores of the applicants are low.
In my personal viewpoint, I would strongly recommend them to apply for personal loan with no credit check. I don't expect the young parents or single parents to put up collateral in order to obtain secured loans. I am referring to the unsecured personal loans which are offered by many non-bank lenders in the market with higher interest rates.
It is not hard to get yourself qualified for this type of loan. You just need to fulfill one basic requirement - getting yourself employed. By having a stable job, you stand a very high chance to get quick cash within one working day. You just need to provide the following documents to the lenders: your latest pay slip, your social security number and your latest bank statements. With these 3 important documents, the lenders are willing to approve your loan application fast without taking your credit score into consideration. In the point of view of the lenders, as long as the applicants are employed, they can utilize their monthly income to pay for the loan. In common, the duration given to pay back the loan is quite short, say about 1-2 years.
To sum up, having problem in managing your parenting payment does not deter you from getting short term financial assistance. There are plenty of opportunities you can make use of to overcome your financial hardship. The only thing you need to bear in mind is you MUST pay back your new loan on time. By doing so, you can rebuild your credit score gradually and get your finances back to control.
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