Below are the best loan apps for single parents.
The end of the month can be stressful for single parents, especially if you’re trying to make ends meet with only one income.
You might have forgotten to pay your cell phone bill last month and now you need to buy groceries before the weekend, but your paycheck won’t be deposited into your account until Friday morning at the earliest.
That’s where loan apps come in handy, Read on as we discuss some of the best loan apps for single parents who are looking for alternatives to credit cards, bank loans, and payday loans.
You might even discover that finding funding is easier than you think!
5 Recommended Best Loan Apps for Single Parents.
- Lending Club
If you need cash for an emergency but you’re having trouble qualifying for more traditional loans, CashNetUSA might work for you.
But be careful: This online lender often has super-high interest rates.
- May qualify with no credit or credit issues
- Potential to get cash quickly with approval
- High interest rates
- Fees and rates vary based on where you live
- Not available in all states
What you need to know about CashNetUSA loans
CashNetUSA is an online lender that offers several types of loans depending on where you live, including payday loans, installment loans and lines of credit.
Available loan amounts can vary from state to state, but payday loans generally come in amounts ranging from $100 to $600, while installment loans and lines of credit range from $100 to $3,500.
CashNetUSA loans are available in only 29 states. The amount and type of loan you might qualify for depends on where you live, so be sure to check CashNetUSA’s website for details.
Potential for high interest rates
With all CashNetUSA loans, one thing to keep in mind is that the annual percentage rate, or APR, tends to be higher than what you may find from other personal loan lenders.
Depending on the type of loan and where you live, your APR could range from the low to high triple digits.
According to the National Consumer Law Center, 36% is the upper limit of what’s considered an affordable interest rate.
Another online option is Upstart. Applicants with an average annual income of $35,000 can qualify for small installment loans starting at $500.
Down payments are set between 2% and 20%, but you can roll each payment into a new loan so there’s no penalty if you can’t pay upfront.
More importantly, Upstart also gives applicants who don’t have much credit history access to unsecured loans without charging them higher interest rates as some other lenders do.
Finally, we should mention that we recently reviewed SimpleTuition as well—it’s worth checking out whether or not you have kids in college!
3. Lending Club
A quick and safe way to get a loan, Lending Club gives people an alternative source of credit.
If you’re looking for cash that’s secured against personal assets, including your car or home, look no further than Lending Club.
It allows borrowers with imperfect credit histories to get loans of up to $40,000 with interest rates between 7% and 35%.
While it might not be as appealing as having zero-interest financing on your next purchase, there are certainly worse things than dealing with a few days of late payments.
Plus, if you can pay off your loan early without penalty, then why wouldn’t you?.
That said, if you can’t afford to pay back what you borrow within three years (the maximum length of a Lending Club loan), then perhaps borrowing money isn’t such a good idea.
But if you need some extra cash while paying down debt or saving for something important like college tuition then taking out a short-term loan could make sense.
Just remember: The biggest risk when borrowing money is failing to repay it in full and on time. As always, do your research before applying!
To learn more about how Lending Club works, check out guide here.
This is one of our favorites. If you’re looking for an unsecured personal loan, OnDeck could be a good option.
It’s worth a look because it offers flexible repayment plans (like demand payment) and more time to repay your loans if you’re dealing with financial hardship.
The minimum credit score is 600 and it has an interest rate ranging from 7% to 29%. You can also compare it with other companies here.
Although it isn’t ideal, sometimes turning off or hibernating your card will help you avoid overspending or racking up debt on your credit card statement even faster than just making payments in full every month.
Just make sure you have enough money set aside to pay any bills that come due while your card is turned off.
If you’re having trouble sticking to a budget, consider using Mint’s free budgeting tool.
Mint automatically tracks all of your transactions and tells you how much money you have left over after each purchase so that you don’t end up buying things on impulse without realizing it until later.
Best Loan Apps for Single Parents.
Using Mint’s Safe-to-Spend feature, which gives users their maximum monthly spending limit based on real-time income and expenses, can help people stick to their budgets by giving them clear limits they must abide by.
As a single parent, it’s difficult to make ends meet sometimes.
To get through lean times, borrowing money can be an invaluable tool—but you have to consider how paying back that money will impact your lifestyle.
Avant offers flexible payment options so you won’t find yourself overwhelmed when it comes time to pay your loans back.
Your repayments are split into two manageable installments each month one automatic, one manual so you can budget accordingly and stay on top of all your expenses.
Interest is charged at a relatively low APR of 12%, with no prepayment fees or penalties, and you have 120 days from receipt of funds before repayment is due.
You also have up to 60 days after making your first payment to cancel without penalty if you decide Avant isn’t right for you.
With features like these, Avant is a great choice for single parents looking for an easy way to borrow money.
Whether you need money to cover unexpected expenses or simply want a new way to boost your income, borrowing money can help.
While taking out a personal loan is typically an option that’s most attractive when you need cash fast, there are plenty of other options available if you’re seeking long-term financial security.
If you have poor credit and high debt levels, then banks may refuse to issue any kind of line of credit (or make you pay a higher interest rate).
Fortunately, online lenders offer other kinds of financing options if banks turn you down.
Don’t forget to investigate well before looking for best Loan Apps for single parents.
Peer-to-peer lending services which put borrowers directly in touch with private investors can be great choices for both seasoned borrowers and those looking for their first line of credit.
If you don’t like going into debt with people whom you know personally, then a middleman platform such as Loan Lenders.