Payday Loans for Students
Being a student, you have a wealth of options to choose from for financing your education during the course of your studies. Some of these options include grants, credit cards, bursaries, and even student loans.
Moving away from study-based financial emergencies, as a student, if you have some other financial issues, you can also apply for a payday loan that is, of course, if you meet the requirements.
Just to be clear, we are not one to recommend payday lending to a student since it is a form of high-cost credit. If you are a student who needs extra money though, you will want to read through this post since it will help you make a good decision when it comes to payday loans.
Can a Student Get a Payday Loan?
To qualify for a payday loan, you must meet certain requirements. First, you must be at least 18 years old, be a citizen of the U.S., have a bank checking account, and have a steady income of around $800 monthly.
Licensed lenders carry out an affordability and credit check before giving you a loan that meets your needs. It is general knowledge that anyone can be a student regardless of age and background and will also run into financial crises at some point.
Like every other kind of credit, you have to be meticulous and think through your options before agreeing on any deal.
What If My Credit Score is Bad as a Student?
Direct lenders check your income, credit score, and financial status when assessing whether you should be offered a loan or not. Even though you may have poor credit, a few lenders can offer you the chance to get a payday loan.
We are capable of helping you source the perfect lender to meet your needs. Hence, we are open to any credit history when it comes to making your loan inquiry. Keep in mind that a student payday loan is just a short-term financial solution. It would be best if you did not use it to settle other loans or spend extravagantly.
Before you apply for a student payday loan, consider your options well; payday loans are not a go-to option. It is better to regard them last. Ensure that you have searched widely enough and have no other choice before you succumb to a student payday loan. In fact, you should generally attempt to borrow money from family or friends before you even consider a student payday loan.
If you decide to make a loan inquiry, we can help you get a suitable loan that wouldn’t be affected by your credit score.
What Options Do I Have?
A student payday loan looks enticing considering it offers an instant solution and gives you funds fast. However, other options are open to you with minimal costs. You should first consider borrowing money from friends or family. When you borrow from a person close to you, you will be far more at peace than when getting a payday loan. If your friend or family member doesn’t have the capacity to lend you money, you may want to try getting free advice from your school or try talking to a debt charity.
Amanda is a senior financial copywriter at AdvanceSOS. She has more than six years of journalism experience, mostly in finance. She graduated with a Master’s degree in finance from the University of Oklahoma.