Loans for Students

Can I Get a Loan as a Student?

As a student, you might need to get a loan to pay for unexpected expenses. It can be challenging for students to make ends meet sometimes, especially for emergencies like buying course textbooks or medical expenses.

To cope with such challenging situations, students can apply for a loan to help manage their finances.

While different lenders have their own criteria for rates, most lenders look at students as risky borrowers. You might have to pay high interest rates if you don't have a valid credit history yet or if you are unemployed.

There are two types of loans that you can get as a student: student loans and personal loans.

Student Loans

Student loans are often provided by the local government to help students pay their tuition fee and cover living costs. These loans can either be maintenance loans that are paid directly to the student’s bank account throughout the year, or tuition fees loans that are paid to their educational institute. Once you reach a certain income threshold after graduation, the repayments for student loans are automatically deducted from your paycheck.

Personal Loans

Direct lenders in the UK understand student’s needs for extra cash, which is why they have started to offer loans specifically for students. You can apply for short-term loans from UK direct lenders who we connect you with.

Like any other types of loans, students will be required to provide financial and personal information such as their financial status. Instead of credit scores, student requests for loans are assessed on a different criterion that considers their unique situation.

Criteria of Loans for Students in the UK

To get a loan as a student, you must meet the following eligibility criteria:

• • Above 18 years of age
  • Have a valid UK bank account and credit card
  • UK resident
  • Study in a UK-based university

How Much Can I Borrow with Loans for Students?

Short-term loans for students are similar to other types of personal loans in the UK. In most cases, the broker or direct lender specifies the amount of money that students can borrow and the repayment terms.

Typically, student loans UK can be taken out from any amount between £100 to £5000. Students are given about three to six months to repay this amount to the lender.

We help you connect to a panel of reliable lenders who are willing to lend money to students. Once you find a suitable lender, you can negotiate the repayment terms with them according to your financial situation.

However, since student loans are typically short-term, they might come with high annual percentage rates (APRs). Due to the high repayment costs, students should evaluate their ability to pay back the amount within the required time to avoid additional penalties or fees.

Where Can I Get Student Loans?

Students who are above 18 years old and have a valid UK citizenship and bank account can apply for a short-term loan in the UK.

Here’s how you can get a loan as a student:

Step 1: Fill the Online Form

Navigate to the FastPaydayLoans website and specify the amount that you wish to borrow. You can choose from £100 to £5,000, depending on your needs.

Then, fill out personal details such as your full name, address, and date of birth. It only takes 2 minutes to complete the online form.

Step 2: Get the Decision

As soon as you press “apply now,” we will deliver your information to UK trusted lenders who are willing to lend to students like you.

Stay close to your computer since you will receive a decision from the lenders within a few minutes.

Step 3: Receive the Funds

Once you have finalised the loan terms with the lender and they approve your loan, you can get paid right away. Most lenders on our panel deposit fund the same day or on the next working day.

We Offer Short-term Loans For Students

For those who are still studying, getting a loan can be a challenging task. Most lenders are reluctant to give students money since there are legal risks and no reliable way of checking their credit worthiness.

To make things easier for mature students who need money to cover emergency expenses, we help students get loans so long as they are above 18 years of age and are permanent UK residents. 

We work with a panel of lenders who understand how urgent students might need money and offer short-term loans for students in the UK. Mature students might be able to borrow £100 to £5000 to meet unexpected needs. The best thing about getting a loan from payday lenders is that you can get a loan with bad credit or even no credit history.

As a responsible credit broker, we suggest that students consider carefully and only apply for a loan when they have the ability to repay it on time.

Will a Short-term Student Loan Hurt My Credit?

A short-term student loan can affect your credit score in the same way as a personal loan.

If you take out a short-term loan and repay it on time, it will not hurt your credit. All you need to do is avoid any late repayments to make sure that your credit worthiness is not affected in any way.

However, if you miss a repayment on your loan or fail to repay the loan entirely, you might end up hurting your credit. This is why it is important to ensure that you can repay a student loan before requesting one.

A student loan can also hurt your credit if the lender decides to run a hard credit check on your account and later rejects your loan request. This could make it much more difficult to get a loan in the future.

What Should I Know Before Applying for a Loan for Students?

Before you apply for a student loan, consider whether you actually need it. You might want to consider other options like a part-time job, saving up, or asking your parents for financial assistance.

Here are a few things to consider before requesting a loan:

Reasons to Get a Loan

Remember that the loans you request online through broker services like us are personal or short-term loans, not “student loans”. These loans for students often charge high interest rates and might have an adverse effect on your credit if you fail to repay it on time.

Before you apply for a loan for students, you should consider what you need the loan for.

If you need it for an emergency, course materials, or a rent payment, then a loan might be a suitable decision. However, if you want to get a loan to host a big party or to attend a trip with your mates, then it might not be the best option.

Your Repayment Ability

Since short-term loans for students have high APRs, you should have a solid repayment plan before requesting one. If you are unable to repay your loan, it could cause serious financial difficulties and bring you on a blacklist for banks in the future.

Before getting a loan, you should consider whether you can easily pay it back in instalments. You should plan to have a surplus of money in the next few weeks or months to repay your loan in full amount.

Personal Loans Alternatives

If you need extra cash, consider whether you can get the funds elsewhere instead of getting a loan. Perhaps you could ask your parents or relatives for some cash or ask a friend to lend you a small amount of money. When neither of these work, you may get a short-term loan and repay it when you earn enough money.

Get Cash When You Need It Most

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FAQs

Where can I borrow money as a student?

You can get short-term loans through broker services like FastPaydayLoans if you’re a UK resident above 18. You can contact a panel of reliable lenders who are willing to lend to students like you and get the amount you need.

Is it hard to get a student loan?

It might be difficult to get a loan as a student as the competition is fierce among your peers. And many short-term loan lenders have concerns for your age and your repayment ability so it may not be easy to get one. However, you can still try applying for it through reliable lenders.

What is the cheapest way to get a student loan?

The cheapest way to get a student loan is through a bank or any other financial institution. Many banks offer government-based student loans to provide assistance to young individuals under financial stress.

Can I get a student loan easily?

You can get loans for students through broker services that help you connect with a variety of independent lenders. Student loans are also available through a bank. However, it might be challenging to meet the requirements of a student loan.

Do banks give student loans?

Some banks offer student loans in the UK. If you need to cover your tuition fee expense, then you can apply for a government-based student grant. Most banks do not offer loans for students in the UK. However, if you need to cover your tuition fee, then you can apply for a short-term loan online.