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From £1,000 to £25,000
Rates from 5.7% to 278%
3-36 month repayment
Borrow up to £3,000
Rates from 278% to 1576%
3-12 month repayment
Representative example: £500 borrowed for 5 months. Total amount repayable is £991.85 in 5 monthly instalments of £198.37. Interest charged is £491.85, interest rate 236.1% pa (variable). Representative 481.6% APR.
When are Payday Loans Students the Right Choice
More often than not, banks are reluctant to lend money to students as they normally do not have a reliable source of income and may find it hard to stick with their repayments. Fortunately, for students who need to take out a loan to deal with different urgent needs, there are financial products that they can turn to in the UK today and one of them are payday loans for students.
Payday Loans Students in the UK
Payday loans for students are short-term financial products with short duration periods of about a month. They are typically offered anywhere from £100 and £2,000 and most payday loans for student fee-free i.e. there are no other fees and charges except for payment on interest. There are also plenty of lenders providing the financial products in the UK and you can easily reach them out online through your computer or mobile phone.
Applying for Payday Loans Students
To apply for student payday loans, there are certain requirements that you need to meet first. These requirements will ensure that you are eligible for the loan and they include:
- Must be a student and at least 18 years old at the onset of the loan
- Must be a citizen of the UK or a legal resident of the country
- Must possess an active bank account where the loan can be paid in to and the repayment set up to be paid out of.
You will also need to demonstrate some form of income or ability to repay the loan even if you are still a student. This could be a part-time student job, or it may be some form of student finance that the lenders can look into to determine your affordability.
Student Payday Loans Online
Applying for payday loans for students is a relatively easy process. You can accomplish the entire application online making it extremely fast and seamless and decisions are almost instant as well. Once your application is approved by the lender, the loan amount will then be deposited into your bank account, normally on the same day or the next business day.
Paying interest on payday loans is standard but only over a short period of time that you borrow it. The interest rate is normally paid at the same time you repay the loan in one single, straightforward payment.
Before you take out Payday Loans students
Before you consider taking out student payday loans, be sure that you have exhausted all other options and alternatives to avoid incurring more debt. This may involve borrowing money from family and friends or taking on more paid work. Approaching your university is also a good idea – they may be able to help through bursaries, scholarships, awards and/or hardship funds. You can also look into your student bank account to enjoy favorable overdraft and student credit cards could also be worth exploring – although both alternatives are also forms of debts.
But if you think that taking out payday loans for students is a realistic option and its payments are something that you can comfortably handle based on your present circumstances, then taking them out would be a decision you can make.
What if I can’t keep up my repayments?
If you can’t keep up with your repayments you must contact your moneylender immediately and advise your struggling with the monthly installments some companies will adjust your monthly installments to reflect what you can afford to pay back on a monthly basis please note that this can also extend your term of the agreement and probably the amount of interest that you end up paying back. You’re never advised to just stop paying your agreement as this may result in interest being charged on the agreement and missed payments showing on your file this could make obtaining further down the line a lot more difficult.
What do i do next?
Next is the fun bit you need to click on the apply button and fill out our simple online form designed to make sure the whole application as smooth and pain free as possible. The whole application process from start to finished shouldnt take you longer that 3 minutes its as simple as you can get.
*Subject to lender approval and requirements.