Short Term Loans for Students
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Representative 277.5% APR Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances.
Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk
What are the Requirements for Short Term Student Loans?
Back in the day, students weren’t deemed fit to qualify for any type of loan. However, with the change in times and the economy, student loans are becoming more popular here in the UK. These short term student loans are meant to offer financial relief for either emergency or essential expenses such as food, housing, and academics.
Currently, you will find hundreds of lenders here in the UK providing short loans to students. Of course, there are some mandatory requirements that can make a student qualify for a loan. Lenders must inquire about a student’s financial status and history before granting them a loan.
How Can Students Benefit from Payday Loans?
One of the perks of payday loans for students is that the funds can be used wherever applicable. Depending on the agreement with a lender, these short term student loans can cover a wide range of costs for students enrolled in universities in the UK. Other than college kids, parents can also utilize student payday loans to cater to their tuition needs for one or more of their kids on campus. The flexibility aspect of student payday loans is what makes it so lucrative.
Instead of straining with tuition and other related expenses, students can apply for short term student loans and get relief. Below are some of the ways these types of loans can benefit a student;
The first and the most important benefit you can get from payday loans is being able to afford your university tuition. Despite the government efforts to provide free assistance in paying for tertiary education. Quite often, most students find themselves struggling with significant tuition expenses. But with a student loan, you can pay for your diploma or college degree without much hassle.
We all need a little financial help once in a while and students are no exception. From books to accommodation and tuition fees, short term lending can be the answer for many.MoneyFall
If you aren’t lucky enough to get enrolled in a university near your home, you must set aside money for accommodation. Thanks to student hostels, accommodation is usually not that expensive. But, if you are behind on rent, a student payday loan can offer you the much-needed relief.
To facilitate your education, you must get access to academic materials such as books. Bearing in mind that not all course materials will be provided in the university library, you must get the funds from your accounts. And if that’s not possible, student loans can save the day.
Is your university far from your hostel or home? Do you have to part daily with bus or train fare? Or, are you considering buying a means of transport such as a bike or small car that will get you to and off-campus? A student loan can provide you the money for such. As a result, you won’t be missing classes due to lateness or absenteeism anymore.
Other than the above 4 main expenses, there are other needs you may have as a university student. For instance, you need to eat, buy household goods, or even contribute to movements. The flexibility of short term student loans allows you to spend the funds on anything such as daily expenses.
Responsible lending from responsible lenders
It's important that as a student you have all the things necessary to undertake your studies. Whether that's accommodation, books, fees or any other expenses.
It's also important to show that you can afford to pay back any loans taken out. Responsible lenders only lend to those who can afford the repayments.
How Fast Can I Get Approval for a Short Term Student Loan?
Lenders nowadays use advanced technology that allows them to receive, approve, and process loan applications fast. You can get approved instantly and receive the funds in your account in a matter of minutes or hours.
Can I Get a Student Loan from My Bank?
It is the nature for most banks to offer loans only to employed people or business owners. Reason being, these individuals have a steady supply of income and can afford to pay on time. This makes it quite difficult for students to qualify for a loan from their bank. To qualify for a loan from a bank, you must prove your ability to pay it back. They may be willing to offer you part-time work.
A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses.MoneyFall
What is the Loan Limit for Student Loans?
Because the loans are short term, you can expect the limit to not be that high. In most cases, the highest loan limit you can qualify for is £1,000, which ought to be paid in a 12 to 16-week duration. However, if you need more than that, you can discuss with your lender to extend the loan limit to preferably £5,000. Kindly note that these types of loans often have a high APR because they are short term. Therefore, as a student, you need to make a wise financial decision.
What Repayment Period Can I Expect to Get from a Lender?
Before we dive further into this issue, allow us to inform you that most of the lenders we work with can give you a loan ranging from £50 to £5,000. And they expect to be paid in at least three months. But, depending on your credit history and ability to repay the loan, you can get a longer repayment period. Don’t forget that the longer your repayment period is, the higher the interest you will pay.
Will Taking a Student Payday Loan Affect My Credit Score?
We all know that having a good credit score is key in unlocking financial freedom. So, before you even get the idea to ask for a student loan, it is imperative to ponder on how it will affect your credit score.
Unfortunately, there is no direct answer to this question. Because, if you do take a short term student loan and pay it in the agreed time, then it won’t affect your credit score. As a matter of fact, it will improve it and enable you to qualify for low-interest rates in the future. Nonetheless, when you do the exact opposite, it will negatively affect your credit score. And the consequences can be severe.
If you are a student at the university, chances are, you have just started your life as an adult. Lowering your credit score should be the last thing on your mind. Because it can prevent you from getting loan approvals later on in life.
With the above information in mind, you are now familiar with all there is to know about short term student loans. If you are struggling to make ends meet as a university student, apply for a student payday loan today and pay for your tuition, rent, academic materials, and other daily expenses.