Short Term Loans for Students
£50 - £2,500 paid out by 09:15am
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If you are a student then you will know how difficult managing money can be. Not only are loan payments rather small, you have to budget carefully to make sure that they last. The payments come in instalments and therefore you have to make sure that you can manage between each instalment. The instalments are paid termly, which means that you have to manage for whole term on a lump sum payment. Managing money is not something many students have had to think about before which is why many may be looking for short term loans for students.
Representative Example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable). Representative 305.9% APR. We are a broker not a lender. We don't charge fees. We don't sell your personal information.
There are companies that give short term loans for students and they very basically work in two different ways. It is important to understand the difference so that you can choose the one that will work the best for you.
The first option is like a payday loan and so will have to be repaid when you next get paid. This is therefore only for students that have a part time job. Money is borrowed and a direct debit is set up so that it is repaid when you next get paid. It is therefore important to make sure that you are confident that you will have the money available to repay it. All loans have late repayment fees and you want to avoid these if you can by making sure that you have the money available to repay the loan.
The longer term borrowing option could be easier even if you do have a job and will be the only option for those that do not have a job. Waiting to pay until you have a loan instalment will mean that you will have a bigger lump sum available to repay the loan.
With both types of loan you will need to be careful that you have enough money available to repay it. This is probably pretty obvious, but you will also need to make sure that you have enough money available after repaying the loan, to keep you going until you next get a payment. This can be hard enough if you have to manage a month until you next get paid for your job, but if you are trying to manage for a whole term and have no other income but your loan, this can be really difficult. Obviously this depends on how much you have borrowed as a small amount will make less of a difference compared with a large amount. You will also know how well you tend to budget.
It can be worth having a plan, before you get a loan, as to what you might do should you struggle to manage after the repayments. Below are a few ideas as to what you could try:
It is good to come up with your own list and think through the reality of each option so that you know whether you really have a plan or not. Hopefully you will be able to come up with a few ideas and then you will be more confident when you take out the loan, that you will be able to cope when it comes time to repay it.
So if you are looking for a loan, it is wise to look at the different types and pick the one that you think will be the best for you. You will find several types of loans aimed at students and you should be able to easily find companies that offer them online. Not only should it lend the right amount of money at the right price, but you need to look at the repayment amount and time and think about whether you will be able to manage it. It is also good to come up with a plan just in case you struggle with the repayment or after you have paid it.
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