Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Short Term Loan for a Student in UK

Student loans have been devised specifically for the benefit of students, who find themselves need emergency money now UK. The loans render short term help for the students and could come to be handy for resolving numerous matters. They include unexpected car or house repair bills. Alternately, the loans sometimes come to be handy for essential expenses as well.

There used to be a time when lenders used to be apprehensive before sanctioning loans for students. Salaried or business persons used to be more eligible for getting a loan. 

But nowadays, more lenders are willing to sanction loans for students when they need money now UK. Students are however required to produce some financial information about them self, before they can get a loan.

A range of criteria helps define the approval or disapproval of a student loan application. One of the most important among them is the individual’s situation as a student.

Frequently Asked Questions on Loans for Students

  1. What Type of Loans is available for students? Beyond the overdraft facility, banks offer some alternative types of credit for students as well. They include credit cards that have low credit limits and short term student loans. Apart from that, the government student loan scheme is also available. In several cases, lenders are also willing to sanction loans for students with bad credit UK. If a student or any borrower takes a loan, he should attempt to repay it in time, to keep the credit score from being negatively affected.
  2. What loan amount will a student get?
    3. Terms of loan and loan amount characteristically stay nearly the same for all small loans that are sanctioned across the UK. This irrespective of whether a student or any other borrower takes the loan. But more specifically, students are frequently able to borrow up to £1,000 without too much difficulty. The loans are frequently meant to be paid back within 3 months. A few exceptions to the rule nevertheless exist. A few of the lenders nowadays make custom loans for students available, and the loan amount can span up to £5,000. Another important feature of short term loans made available for students is that they are likely to have high APRs since they frequently need to be repaid within 3 months. Ideally, students should seek a loan only when they have no option left at their disposal, and they are sure that the repayments can be made in time.
  3. Will my bank sanction a student loan for me?In many cases, banks make loans available for employed persons only. This makes it difficult for a student to seek credit from their banks. In some cases, the bank accounts that a bank makes available for students come with an overdraft facility. Similarly, there are numerous instances wherein a bank sanctions short term loans for students. If a student has part-time employment, it is likely to make him more eligible for getting a short term loan.
  4. How soon can I get a short term student loan?Getting a short term student loan quickly should not be a difficulty. People who seek short term loans frequently prefer to have the loans sanctioned fast, and lenders make sufficient provisions available for them. Nowadays, the aid of technology simplifies the processes of having an application approved for borrowers who need money now UK. This puts lenders in a position to deliver instant decisions over one’s application. At times, loan applications are approved on the same day, sometimes within 15 minutes.
  5. For how long can the repayment terms span?
The loan amount characteristically varies between £50 and £5000. Similarly, repayment terms vary between 3 to 36 months. But the longer the repayment term is; the more net interest one would be required to pay in total. Lenders are frequently willing to approve different loan amounts for different borrower profiles. This is subject to several underlying criteria, such as a borrower’s credit score and ability to pay back the loan.

Brokers make it easier for one to get short term student loans

Short term student loans have a sense of urgency associated with them. When one will log on to a loan broker’s site and enters one’s requirements, one comes across a list of the best-suited loans for oneself. This makes it easier for a student to select the lender and the loan that he will want to go ahead with. He also finds a list of lenders who are most likely to approve a loan for him.