- 1 UK Students Payday Loans (for the Rainy Days at University)
- 2 Student Payday Loan in UK : How to Qualify
- 3 How to Apply for a Student Payday Loan Online in the UK
- 4 Advantages of an Online Student Payday Loan
- 5 Alternatives to an Online Student Payday Loan
- 6 FAQ about Student Loan UK
UK Students Payday Loans (for the Rainy Days at University)
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 a regular household income, applying for a traditional loan will be difficult. A steady source of funds is one of the requirements when taking out a cash converters loan apply from traditional lenders such as bank .
Fortunately, students could get financial support and access to flexible payday loans for their living costs from alternative no credit quick loan providers.
Payday Loans for Students in UK
Alternative lenders are opening up opportunities for students to get quick money for unexpected expenses in the form of student finance. These are convenient short-term loans no credit check and text loans ideal for student’s immediate needs like-new books, a new laptop, car repair, help with living away from home or just to catch up on rent on the rainy days.
Payday loans for no credit for students are a great source of funds for important financial situations, although the amount one can borrow might be lower than other loans. Interest rates are very high.
Choosing the ideal loan provider might also pose a challenge sometimes, since long term loans direct lenders don’t offer the same loan amount and payment terms; your options might be limited.
Applying through a broker like us (instead of student payday loans from direct lender) will simplify the process as we can immediately direct you to a lender that will fit your specifications.
We will instantly submit your application to over 40 direct lenders until we find the one that fits your exact criteria.
Student Payday Loan in UK : How to Qualify
If you’re mulling over taking out student finance, there are just a few qualifications that you have to meet.
- Borrower must be enrolled in college or higher education or university.
- Borrower must be over 18 years old.
- Borrower must be a UK citizen with a National Insurance number.
- 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 on their policy.
It’s crucial that you provide us with correct and truthful information since lenders will validate everything you will be submitting to them. Also, expect the lender to conduct a credit check on you.
To be granted same day loan direct lender, you have to have some source of fund. If you work part-time/full-time, you may be able to get a loan, therefore we will ask to submit your payslip. If you’re on welfare, the lender might also ask for a supporting document. Always check with your eventual direct lender what other requirements they need so you can already include them in your application.
How to Apply for a Student Payday Loan Online in the UK
Applying for a student payday loan online is very easy and fast. If your application gets approved, the money will then be credited to your bank account just as fast.
The process is quite straightforward and easy to understand.
A friendly reminder: Once you get the loan, always make sure that you are able to pay back it on time to avoid penalties.
Late or missed payments will entail large fines. You can check the interest rates from the loan calculator.
Step 1 - Fill Application Form
The first step to get a student payday loan is to completely fill out an application form and we (as a broker) will submit it to several loan providers or direct lenders. 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 at the top of this page.
Step 2 - Get an Instant Reply
Next, wait for the instant reply (within seconds) from the lender that fits your requirements. The good thing about the online loan application is that you can immediately get a response from loan providers (usually the same day you send your application). Applications sent on a Monday or Tuesday get faster results than those sent at the end of the week.
Step 3 -Sign an Electric Contract, Get Funds
Then, if you’re a go for a student payday loan, you will have to sign an electronic contract containing the terms and conditions of the loan before you can get your money. Once the contract is signed, the lender will transfer the funds to your bank account within 24 hours after your application gets approved.
Advantages of an Online 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, such as the following:
Cash from student payday loans is usually available as soon as 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 an electronic transfer.
High Approval Rates
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 household income.
Easy Payment Scheme
Finally, the payment scheme for student 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. We such payments schemes, we know we will help students cover living costs, with money paid directly into student’s bank accounts. Undergraduate students can avail of tuition fee loans in the academic year for a full-time course.
Alternatives to an Online Student Payday Loan
Although payday loans for students are 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 the possibility of funding tuition fees for financially struggling students, do take advantage of it. Talk to someone from your student’s 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-organised non-profit lenders usually made up of members living in the same neighbourhood, who can provide extra help. 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’re able to pay back them on time.
There are various other options you can take if you really need fast cash for school, like 2000 pound loans. 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.
FAQ about Student Loan UK
An emergency can hit anybody and at any time without any prior notice. It’s pretty difficult for jobless and even part-time working students to handle financial emergencies as they have no to little income source. In emergencies, students can make use of student payday loans that can get them quick money even if they are unemployed.
A student payday loan is generally available for 4 weeks. This kind of loan can get you the required money generally on the day you apply for the loan. Whether you have bad or no credit, Payday Loans Now can get you the funds you need.
In the UK, student payday loans work like all other payday loans. Once you give us your details and let us know what you need, Payday Loans Now matches you with the most appropriate lenders. If you are eligible, one of them will provide you with the needed funds. In the past, student payday loans were not a very popular option because of notions about employment status and age. But this is not the case anymore.
These days, students work either full-time or part-time, so direct lenders now offer payday loans to students as well. An increasing number of students are balancing studies with work nowadays. Hence, many lenders offer student payday loans. Direct lenders can consider a student’s loan application if he/she has a steady income and also meets all the requirements for the payday loan like affordability and credit check.
No, it is not necessary. The lenders understand that most students can’t work full-time because of studies. They also know that many students work part-time to support themselves. So, the lenders offer student payday loans. The applicant of a student payday loan is required to have some income at least to guarantee that they can easily pay the loan back.
Being an independent broker, we can help you find the best student payday loan lenders. All the lenders that we feature are regulated and authorised by the FCA to ensure authenticity and transparency.
Nowadays, many lenders offer payday loans to students who don’t have a credit past or any form of credit history. Most students don’t have a credit history because they haven’t paid bills or started working.