Loans for Students
Government student loans cater to school expenses. They however do not cater to all. Books are expensive, and so are course trips. Not every student can afford them. Asides from this, emergencies happen that can only be resolved with a lump sum.
Banks should be the first choice for borrowing money. They however require sureties that the applicant won’t default payment. They are things like assets, deeds, titles, excellent credit scores, etc.
Students have no means of fulfilling the requirements. PaydayLoansUK understands this. Hence, we came up with a rich and reliable network of lenders willing to help them to access funds quickly, easily, and favorably.
How Do Student Loans Work?
Student loans are loans taken out by students from private financial sources. Here are things to note about them:
- These loans cater to the urgent financial needs of students.
- They have a set refund time. They also have fixed interest rates.
- Students are advised to only take out loans that they can repay at the stipulated time.
- Students apply online, get immediate feedback, and once the application is approved, the money is paid in little time.
- Typically, the students provide certain information when applying. This is to certify their personal and financial details. It also helps in assessing their eligibility for the requested funds.
What Are the Eligibility Requirements for Student Loans?
Having established how important student loans are and how they work, you may be wondering if you are qualified for one in the first place. You are qualified for a student loan if you;
- Are at least 18 years old
- Resident in the UK
- Are a registered student at an approved UK university
- Are an International, UK, or EU student
How Much Can I Get With Loans for Students
Depending on a student’s needs, they can have immediate access to funds between £50 and £5000. These loans usually feature comparatively high-interest rates and so, the total cost of the loan increases as the repayment term increases.
Some lenders have flexible repayment terms making it more convenient for students to pay back well within the loan term.
How to Get a Loan as a Student?
If the idea of getting funded instantly excites you, wait till you see how easy it is to apply for a student loan. Get through with these few steps and can have cash within your reach in the next few hours
Fill out the application form
Apply online via our website. Fill in the forms, ensuring that all details are accurate. This should take no more than 5 minutes.
The system will run through your financial details and collate lenders whose requirements match your inputs. These lenders perform credit valuations on your profile to determine whether you are eligible for more credit. You should get approved in 3-5 minutes.
If approved, they present you with an offer. You are then to look through all the proposed terms and offers available. Consider the minimum and maximum funds they are willing to lend you. Also the interest rates for each lender as well as their repayment schedules. Pick the one that’s best suited to your financial situation.
Seal the agreement and get paid
A contract will be proffered which you are to sign. This can be done digitally. Another option is to print the form, sign it, and upload it. Once it’s been signed and sent, expect to get some cash deposited in your account in an hour or two.
Want to Get a Loan?
Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
Student Loan Top Tips
Loans are beneficial for emergencies and tight financial spots. They can however be extensively maximized as a student.
Here are some top tips for students who wish to get student loans:
Reassess your need for them
Be honest with yourself. Ensure that what you want to borrow money for is either a necessity or an investment that will pay off as a student in the long run.
Take a thorough look at other options for students aside from loans. Ensure that you have exhausted these options before deciding to take a loan.
Have a payback plan
When taking a loan, you must have a feasible plan to pay it back as when agreed. Huge debts can accumulate should you default on payment. This will tell negatively about your credit scores.
Look out for certain things in personal loans for students
Once you have decided on a brokerage service to use, you apply. You are then provided an array of lenders to consider.
Pick a lender whose available funds allow for your proposed amount. Depending on their assessment of your submitted information, some might be unwilling to provide as much money as you’re requesting. Some might however be willing to offer higher. Only borrow what you can return.
The interest rates also matter. Check that it is affordable for you before you sign.
Get a reputable brokerage financial platform
An excellent online brokerage services platform is PaydayLoansUK. We act as middlemen between you and lenders. We only pick lenders with fair terms optimal for students. Their interest rates are fair. They offer a wide range of funds. This caters to students in need of little and huge funds.
Every transaction is also done in a way that protects all parties involved, including the students.
How Does Payday Loans UK Compare?
|Why Use Us?|
|What is the maximum amount I can borrow?||Up to £5000||Instant approval|
|Will I be considered if I have bad credit?||Yes||Bad Credit Considered|
|Interest rates (variable)||49.7%||Zero paperwork|
|Loan repayment terms||1-36 months||Flexible repayment|
|Will I be credit checked?||Yes||Will perform credit checks as for financial regulations|
|How do I apply?||Apply online||Simple application form|
What Are My Other Options Rather Than Taking out Loans?
Short-term loans are helpful. It is however advisable to only use them as a last resort. Here are some alternatives to taking out loans as a student.
Ask your family and friends to lend you money. Parents are usually willing to help out. Elder siblings and relatives who already have jobs also. Some might gift you the money. Others might request a refund but will not ask for interest.
Family safety net
If staying at home is an option, grab it. If your home is near enough, you can go for meals at home on some days and even bring leftovers from family meals. Take advantage of having a family close by, if this applies to you.
Sharing cuts anticipated costs by half or more. Sharing living expenses with someone is better than paying alone. Book, movie, and food subscriptions can be shared. You just have to find the right partner.
Look up work opportunities that require only a few hours a day. Preferably jobs on or near campus. The earnings should cater to a part or all of your living expenses.
FAQs (Frequently Asked Questions)
Can my bank give me a student loan?
Yes, but not often. Banks require assurances that you can pay. Students that have a better chance at this have jobs. They usually present their overdraft as proof. Getting the loan however is still dependent on other factors that students find unfavorable.
How fast can I get a student loan?
As fast as minutes! This is highly dependent on your service provider. However, as long as your application has been approved, you will certainly get your loan before the day runs out.
Can short-term student loans affect my credit rating?
Yes, they can. It positively impacts your credit rating if you pay at the stipulated time. On the other hand, your credit rating may take a hit if you default on payment, or too many hard credit searches are run on your profile.
How long can I take in repaying?
It depends on your financial ability to pay back. Lenders offer you repayment plans for as long as 2 to 3 years. Bear in mind that the lengthier the time taken, the more interest you have to pay overall.
What can I do with a personal student loan?
You can use it for emergencies. Also, it can cover educational expenses like school travel and textbooks. It also comes in handy for paying for online courses or certificate programs.
Do I need to be fully employed?
No, you do not need to be. You can apply for a student loan as long as you have other means of paying back the loan. You can be fully employed, in part-time employment, or outrightly unemployed. It does not matter.