Single mothers often find themselves in a predicament where money is short and extra cash is needed to make it through to the next payday. Paydays provide a quick and simple solution for single moms who have no other alternative as a way to gain cash instantly. Applying for a traditional loan can take days and this can lead to utility bills being shut off, eviction notices being distributed, and to cars being repossessed.
Many people have financial troubles, and when one person is responsible for raising children alone, it can be difficult to find cash immediately when it is needed. These occasions can make having access to loans something of a lifesaver to many single moms. Payday loans are also often referred to as cash advances. This is because a loan is extended, commonly in the range from one hundred dollars to fifteen hundred dollars, and then it is paid back in installment payments each time the person gets a paycheck from work.
If a single mom receives a monthly paycheck from child support or from an earned income, she can sign an agreement to pay back her loan in small portions each time she receives her monthly paycheck. Many loans can also be set up to be paid back in weekly and bi-weekly installments. This helps to keep the repayment amount reasonable and allows the person to make several small payments as opposed to a few large payments. This has often worked best for many single moms who are on a limited budget.
Moms who live alone with their children often tend to find that the ends do not meet. Working full time or part time, going to school, and taking care of children can result in a hectic and fast-paced life. When an unexpected expense occurs, or when a single mom must miss a few days of work due to her child being sick, it can be a struggle to remain current on basic household bills. During these times, loans can be an easy solution to a very difficult financial situation. The single mom will have the opportunity to fill out a loan application online, over the phone, or drive to a local payday loan center to fill an application out.