9 Loan Options for Single Mothers

#2: Personal Loans for Single Moms

Personal Loan Approval Stamp

Personal loans are handled by private lenders on a case by case basis and in many cases, single mothers will be able to qualify for a personal loan.

There are 2 main types of personal loans: secured loans and unsecured loans. With secured loans, you would have to offer some collateral in exchange for the cash loan; the collateral may simply be your credit, or it may be a car, jewelry or other valuable item.

Unsecured loans are different from secure loans in that they require no collateral. The amount you’re eligible for will depend on your income level and credit history. Both types of these personal loans are available at local banks.