Loans for Students
Loans for students are specifically designed to help students who suddenly find themselves needing some extra cash. Serving as a useful, short-term financial fix, these types of short term loans have been created to cover essentials or emergency repairs, such as to a house or car. While students were once seen as being unsuitable loan applicants, many lenders are now changing their opinion.
Short Term Loans for Student emergencies
If you’re a student and have been struggling to meet ends needs, then you may be considering loans for students. Short term loans for students are typically similar to other types of short term loans. In regards to the amount of money you can borrow and how long you have to pay it back. We advise that students should only seek short term loans when they have no other option, and they are sure they can make the repayment in the required time.
Am I eligible to apply for Short Term Loans?
To be eligible to apply for a short term loan, you must meet a few eligibility requirements. You must be at least 18 years old, a UK resident and have a UK bank account and debit card and a mobile phone. You will also need to pass affordability checks and meet the minimum income threshold.
Is a Short Term Loan right for me?
We may offer short term loans for students online. However, before taking out a loan with us it is worth considering whether a loan is the right solution for you. Depending on the terms of your bank account overdraft or credit card, you may find other options to be cheaper or more flexible. Your university may have a Hardship Fund, and be able to provide short term financial support. These could be in the form of a loan or grant. Be sure to take consider all your options before taking out a short term loan.
However, if you are struggling to meet long term debt commitments, are unsure of future income, or are in other financial difficulties – we advise to seek independent specialist advice from the Money Advice Service.