Loans for students - is it possible?
Are you a student and need cash? Check whether, as a young person, you can count on receiving financing from a non-banking company. Can a student get a loan? Check it out!
Anyone can find themselves in a difficult financial situation - even a young learning person. This is no wonder, as student life entails huge costs. Textbooks, commuting to the university, and often also renting an apartment when there are no places in the dormitory, or retake exams, can cost a fortune. Can you apply for a loan as a student? What companies grant loans to students?
Loans for students - can you get one?
As a student, you can apply for a non-bank loan. What's more, a special offer has been prepared for you, thanks to which you will not overpay by borrowing cash from the parabank . By following loan rankings and using financial comparison websites, you have a chance to catch the most interesting offers. When making your choice, remember about the so-called loans for zero - that is, those that do not entail high costs. Currently, many companies have changed the terms of their loans, but there are still offers on the market with APR equal to 0%. One of such offers is Nimgis, where you can get the first $ 500 for free! Check what the first free loan is!
What conditions do you have to meet to receive a student loan?
When applying for a loan from a non-bank company, you must meet a number of requirements. Remember, they may be slightly different in different companies. However, there are some rules that any company may require of you - in principle:
- over 18 - it's no wonder, because people over 18 go to university,
- no debts - even if you have never taken anything in installments, you have a chance to get a loan. However, you cannot be in debt, because then your chance of getting a loan will drop sharply,
- valid ID card - one of the methods of verifying your identity will be to provide ID data in the application, such as PESEL number or series and number of the ID
- fixed income - you are applying for a loan, so you must show that you will be able to pay back the amount borrowed on time. Each company may have slightly different requirements as to the amount of income (some will require proof of receiving this income, i.e. an employment contract or bank statement), but you must certainly have money to pay off the liability, divided into the indicated installments by the lender,
- active phone number - the lender may want to verify your identity by phone, so you must enter your current phone number in the application,
- active bank account - if you are applying for a payday loan online, the money will be transferred to your bank account. If you haven't created an account yet, it's high time to get started. You know what? We even have two attractive offers for you, thanks to which you can get a start bonus for opening a personal account.
A loan for a student - how much does it cost?
Do you know what costs you have to take into account when you want to take out a loan? As we wrote at the beginning, you can look for a free loan offer, thanks to which you will pay back exactly as much as you borrowed. However, the COVID-19 pandemic caused many lenders to change the terms of their loans, and unfortunately, there are few such offers. When applying for a payday loan, you must take into account:
- interest rate on the loan - currently it can be up to 7.2%,
- Loan APR - this innocent abbreviation covers all the costs of the loan, so it is worth getting acquainted with it a little closer
- preparation fee - some companies charge a commission for the so-called "Preparation fee" related to the preparation of a loan proposal for you,
- insurance - when applying for a loan, check whether the lender requires you to take out additional insurance. With small amounts, you probably won't need it, but make sure!
- verification fee - depending on the method of verification, it may be different. However, this is usually a symbolic fee; in the case of identity verification by a verification transfer , it is only $ 0.01,
- interest for late repayment - it is worth being prepared for every circumstance and even if you are sure that you will be able to pay back the amount borrowed on time, check how much the interest is and how it is calculated.
What do you need to keep in mind before applying for a student loan?
Applying for a loan is a very important and responsible decision - probably one of the first financial decisions in your adult life. It is worth preparing for it properly so as not to make mistakes that may affect your financial standing in the future (check how to build a positive credit history ). So let's summarize what we said earlier:
- Search for free loan offers. Thanks to this, you will not overpay.
- Compare financial offers. Use loan comparison websites and online payday rankings . This will guarantee you the best choice.
- Check the terms of the contract before signing it. Read the text and find out what the loan agreement should consist of .
- Be sure of all loan costs .
- Fill out the application carefully , checking the correctness of the data several times.
- Make sure you can pay the amount borrowed on time . Each day of delay will result in interest being charged!
Applying for your first loan does not have to be that difficult, but it is important that you follow the rules we described above. Thanks to this, you will avoid mistakes and you will not regret your choice. Good luck!Return