It is a funding source designed to help students facing cash shortfalls to finance any unexpected short-term needs. A large number of university students bear a tight financial condition to meet certain expenses from tuition fees to living cost. This is when short-term loans for students come into play.
In times gone by, direct lenders used to see students as unsuitable loan applicant due to lack of a full-time job. Understanding the needs of students and that any kind of income source can be utilized to pay off the debt, direct lenders have got ready to provide monetary assistance.
Short-term loans for students are like other small loans that you pay off over an extended period. Since they are for small period, the MAXIMUM amount you can borrow up to £7000 depending on your credit needs and the academic record. Note that the MINIMUM amount is £1000. The repayment period of these loans varies from THREE MONTHS TO THREE YEARS.
First off, you need to fill out the application form and submit it online. It does require details such as your address, contact number, income and other details. It is paramount that you provide accurate information. Short-term loans for students require a soft credit check. As you get approval, funds will be transferred directly to your bank account.
As long as the purpose of borrowing is to meet any small expense from paying utility bills to tuition fees – no matter which category it does belong to (living cost or education expenses) – the repayment period comes into action as you get funds.
If you are pursuing a full-time course and you do not have any income source, we allow you to avail a GRACE PERIOD provided you have borrowed a large amount of money. It means you do not need to start paying down your loan after you graduate unless it expires.
The aim is to grant this period is to allow you to have some time to find a job. You can know about the length of this period at the time of application as it depends on the amount you borrow.
Please note that interest rates will be relatively higher than those who pay down during course time.
Having said that direct lenders allow students to access funds to finance emergencies, we welcome all types of credit ratings.
However, bad credit short-term loans for students come with a bit higher interest rates than those who have a good credit standing. We may allow you to have a better deal despite your impaired credit history when your academic record is excellent..
|Loans for Students||British Lenders||Why Choose Us?|
|How much can I borrow?||Up to £7000||Instant decision|
|Chance of getting approved||95%||High approval|
|Repayment terms||3 – 36 months||Longer repayment length|
|How to apply||Online||Safe and secure|
|Do I need to pay back in lump sum?||You will pay back in instalments.||No paper work|
|What if I have a bad credit score?||All credit scores are welcome.||No hidden fees|
|Do I need to pay processing fees?||No||Soft credit check|
There is no doubt that online lending has made disbursal fast and convenient. We use avant-garde software that shortlist your application within a couple of minutes. After initial-stage approval, we would like you to submit certain documents and information on basis of which we will decide the size of the loan. Once accepted, the money will be transferred to your account within 15 minutes.
Like other small loans, student loans also attract late payment fees if you fall behind repayments. If the due date slips through the cracks, you will be given a period of 30 days to clear your dues. If you fail, the lender will inform credit reference agencies of your default. As a result, your credit score will go down.
Make sure that you do not stretch your default for more than 90 days. Otherwise, you may suffer from severe ramifications.
British Lenders provides short-term loans for students in the UK affordable interest rates regardless of your credit rating. Apply for these loans today!