Payday Loans for Students
Students Payday Loans for the Rainy Days at Uni
Going to university is a unique and exciting experience—new places, new people, and new challenges. Unfortunately, financial challenges may be one of the things that will welcome you when you enter university. Students are not immune to emergency situations when you need quick cash.
Although students can work part-time while going to school, sometimes it’s just hard to make both ends meet. And since students don’t have regular income, applying for a traditional loan will be difficult. A steady source of funds is one of the requirements when taking out a loan from traditional lenders such as banks. Fortunately, students can now have access to flexible payday loans from alternative loan providers.
Payday Loans for Students
Alternative lenders are opening up opportunities for students to get quick money for unexpected expenses in the form of student payday loans. These are convenient short-term loans ideal for students’ immediate needs like new books, a new laptop, car repair, or just to catch up on rent on the rainy days.
Payday loans for students are a great source of funds for important financial situations, although the amount one can borrow might be lower than other loans and interest rates are very high. Also, choosing the ideal loan provider might also pose a challenge sometimes since lenders don’t offer the same loan amount and payment terms, so your options might be limited. Applying through a broker like us will simplify the process as we can immediately direct you to a lender that will fit your specifications.
How to Qualify for a Student Payday Loan
If you’re mulling over taking out a student payday loan, there are just a few qualifications that you have to meet.
- Borrower must be enrolled in college or university.
- Borrower must be over 18 years old.
- Borrower must be a UK citizen.
- Borrower must have an active bank account.
These are usually the basic requirements for lenders to accept your application. But they might require you to submit other documents depending their policy. It’s crucial that you provide them with correct and truthful information since lenders will validate everything you will be submitting to them. Also, expect for the lender to conduct a credit check on you.
Also, to be granted a loan, you have to have some source of fund. If you work part-time, you may be asked to submit your payslip. If you’re on welfare, they might also ask for a supporting document. Always check with the lender what other requirements they need so you can already include them in your application.
How to Apply for a Student Payday Loan
Applying for a student payday lone online is very easy and fast, and if your application gets approved, money will then be credited in your account just as fast. The process is quite straightforward and easy to understand.
First step is you have to completely fill out an application form and submit it to the loan provider or broker. You will be asked to choose the loan amount and payment period, and then you’ll have to provide your personal information, including a few details about your current financial status. Feel free to submit an application through us through our secure and user-friendly online form.
Next, wait for the reply. The good thing about online loan application is that you can immediately get a response from loan providers the same day you sent your application. Usually, applications sent on a Monday or Tuesday get faster results than those sent at the end of the week.
Then, if you’re a go for a student payday loan, you first have to sign an electronic contract containing the terms and conditions of the loan before you can get your money. Thereafter, the lender will transfer the funds to your account within 24 hours after your application gets approved.
A friendly reminder: Once you get the loan, always make sure that you are able to repay it on time to avoid penalties. Late or missed payments will cause you large fines.
Advantages of a Student Payday Loan
Payday loans for students afford students a little bit of breathing room during lean times. It’s an ideal option compared to other funds source for a number of reasons, like the following:
Cash from student payday loans are usually available right away once you’re approved for a loan. No long waits and multiple follow-ups. Since the amount is generally small, lenders can conveniently deposit it to your account through electronic transfer.
Payday loans for students are flexible and have high approval rates unlike when you apply for a traditional loan. Taking out a traditional loan might be difficult if you’re a student since traditional lenders like banks require borrowers to have a steady and regular source of income.
Finally, payment scheme for student payday loans is uncomplicated. As long as you don’t miss payments and ensure that you follow your contract’s terms and conditions to a tee, you won’t have to worry about anything else.
Alternatives to a Student Payday Loan
Although payday loans for students is convenient and fast, before you send your application, consider the interest rate that you will be paying on top of the principal amount. If you think you won’t be able to handle the high cost of a student payday loan, consider other alternatives. Fortunately, there’s a handful of them.
If your university has funding for financially struggling students, take advantage of it. Talk to someone from your students services centre for options that might be available for you. Do take note, however, that such funding is limited and most likely will be available only for students who need serious financial assistance.
Ever heard of credit unions? These are community-organized non-profit lenders usually made up of members living in the same neighbourhood. While membership might be based on a certain “common bond,” religious or ancestral in nature, if you get accepted to a credit union, you’ll have access to loans with very low interest rates since the money stays in the community and the main aim is not for profit.
For short-term financial needs, a credit card offering 0% interest for 18 to 24 months might also be a good alternative. However, make sure you have responsible spending habits as owning a credit card might also lead to other financial problems.
Before taking out a loan from strangers, consider asking help from family and friends. It won’t be easy asking your parents for money when you’re supposed to be all grown up and independent, but it’s the best option you have out there. It’s very unlikely your parents will charge you 300% of your borrowed money. And if you borrow from a friend, just be sure you’d able to repay them on time.
There are various other options you can take if you really need fast cash for school. But if you’re left only with a student payday loan, make sure you’re dealing with a reliable lender. Feel free to submit an application with us today, and we’d be glad to connect you with our panel of credible FCA-authorised alternative loan providers who might be able to help you.
What is a student payday loan?
A payday loan for students is a short-term loan specifically designed to meet the immediate financial needs of students who have limited source of funds. The process is similar with other payday loans, except that it’s more flexible since lenders expect that students have limited funding.
Loan amount might be lower than other payday loans, and the interest rate might also be higher. But funds are released just as fast.
How can I qualify?
There are basic requirements that a borrower must meet before lenders will accept your application. First, the borrower must be enrolled in college or university. To provide this, a proof of enrolment might be required. The borrower also needs to be a citizen of UK who is over 18 years old. During application, the borrower will also be required to provide a bank account since funds will be electronically transferred once the loan request is granted.
Depending on their policy, lenders might ask you to submit other supporting documents like payslips or proof that you are receiving funds from welfare.
How much can I get?
Loan amount generally varies from one lender to another and it’s lower than money from other types of payday loans, but it’s usually around £50 to a couple thousand pounds.
It will also depend on other factors like your credit score.
What are the advantages of a student payday loan?
Payday loans for students offer borrowers more flexibility in how much to borrow and how long to pay it. And once your application is approved, money will immediately be available in your account, so you don’t have to wait for days to be able to use the funds. Ultimately, the entire process is uncomplicated. No follow-ups, no long wait, no hidden fees. All you have to do is pay your dues on time and focus on what really matters, school.
Will a credit check be performed on me?
Yes. UK law mandates the conduct of credit check on all kinds of loan application. Whether it’s your first time borrowing money or it’s your nth time, a credit check will be done.
A credit check is important because this allows loan providers to assess any risks involved with offering a loan without collateral. It’s also to ensure that borrowers are protected from illegal practices by financial institutions.
Are there alternatives to getting a student loan?
You have other options than taking a student payday loan if you are really having a hard time managing your finances. Sometimes you just have research well and ask the right people.
Some universities offer financial assistance to students. This is a good opportunity if you are really struggling with money. You can also connect with a credit union in your neighbourhood. These organizations have very low loan interests since their main aim is to support their members and not make money. A 0% interest credit card might also be a better option. Or simply call a friend or family to borrow some much-needed funds.
Whatever option you take, the important thing is you keep your word by paying them on time.