There is a common perception that people who don't have a credit rating, are irresponsible and a bad credit risk. The fact is that a number of single mothers do not possess a credit rating because of the circumstances in which they have been living. They may have been married and never established a credit rating using their own name. When a divorce or death occurs, they may need to apply for a loan and that is when they learn that loans for single mums with no credit rating are difficult to obtain.

Other times, the spouse may not be paying child support, or the support is not adequate to care for the children's needs or any unexpected emergencies that may occur. In that instance, a single mother may be forced to start borrowing money to finance the shortfall. At some point, if she can't dig herself out of the hole she's in or acquire assistance from her family, she'll have to start looking for loans for single mums who have no credit rating.

Being a single mother is always a balancing act, but pinpointing which loans for single mums are available and what the terms are, might help her to decide whether to use her money to pay the electric bill or the car repair bill. There are loans for single mums with no credit rating available, but they are not for things like food or diapers. If an emergency occurs, the best thing to do is to weigh your options and make an intelligent decision about applying for a high interest loan.

Car loans are very easy to get with bad credit nowadays, on account of the fact that the auto industry is suffering, and many American auto companies are willing to overlook bad credit just to move a car off their lot. The flip side however, is that you will be paying a high interest rate on the loan. The eventual cost of the car may be a lot more than what it is actually worth. However, if you need transportation and feel your financial situation is just temporary, then go ahead and buy the car, and renegotiate the loan later at a better interest rate.

The Department of Housing and Urban Development offers loans to help with purchasing a house and also major repairs like roofing. They will work with buyers with poor credit and low income as well. If the emergency is a home repair, this is the best place to go for loans for single mums without a credit rating.

Payday Loans are not typically good options, as the interest rate is exorbitant and can soar as high as 1800 percent of the original loan. Late fees also apply to missed payments as well, so these types of loans should be avoided at all cost. However, they remain a popular choice because there is no credit check involved. So if an emergency arises and you need ready cash, then a payday loan may be just what you need. However, be aware that late payments rack up substantial fees and the repayment may equal two to three times the actual amount when all is said and done. Try to find other loans for single mums with no credit rating before considering a payday loan.

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