Payday Loans for Students
8 Min Read
Payday loans for students can be a great way to help cover costs until your next paycheck. These loans are often short-term and reasonably easy to get, but they are not without the risks and costs involved.
Finding loans that fit your needs can be challenging if you’re a full-time student struggling financially without a credit history or income. Payday loans are designed specifically for people with little or no credit history and offer quick access to cash when you need it most. But consider it only as a last resort.
James Felton, the editor of the Guardian, says, “a worrying number of undergraduates are turning to payday loans. Around 2% of undergraduates used them last year, according to a survey by the National Union of Students (NUS). This may not sound like a lot until you consider that up to 46,000 students risk the debt spiral associated with payday loans.”
Table of Content
- What are Payday Loans for College Students?
- How Do Bad Credit Student Loans Work?
- Rates of Fast Loans for Students
- Reasons to Get a Student Instant Loan
- Requirements for Getting Payday Loans for College Students
- Benefits of Same-Day Loans for Students
- Risks of Getting Cash Advance for College Students
- How to Get a Quick Loan for Students?
- Alternative Options for Instant Loans for Students
- Frequently Asked Questions
What are Payday Loans for College Students?
A payday loan is a small, short-term loan, typically ranging from $100 to $1,000. You only have to make repayments on the payday loan when your next payday arrives.
Because you’re only borrowing a small number of finances, student payday loans are an affordable way to cover unexpected expenses that come up in college, like textbooks or utility bills.
How Do Bad Credit Student Loans Work?
Bad credit student loans are a great way to pay for college, and we want to help you get started. Here’s what you need to know about getting approved for a bad credit student loan:
- You’ll need to apply for a student payday loan. You can do this on the lender’s website or in person at one of its locations.
- Once you’ve applied for your bad credit student loan, your loan provider will give you an approval decision within several minutes. It is possible due to a soft credit check that doesn’t take much time.
- If the lender approves your payday loan, you’ll have access to that money within one business day.
- On your next paycheck from a part-time job or paid internship, the lender will withdraw the payday loan amount from your bank account.
Rates of Fast Loans for Students
Usually, payday loans have a higher interest rate than other loan products. When borrowing online payday loans for a 14-day loan term, it will cost you approximately $15 for every $100. Here are three APR examples:
|Loan Amount (over 14 days)||Payday Loan Total Cost|
|$300||$45 (391% APR)|
|$600||$90 (391% APR)|
|$900||$135 (391% APR)|
Reasons to Get a Student Instant Loan
You can cover your student life expenses without breaking the bank with an instant student loan.
Some of these expenses are:
- Tuition or school fees;
- Room or apartment;
- Books and other school supplies;
- Emergency medical bills.
Requirements for Getting Payday Loans for College Students
Payday loans can be a great way to get the cash you need, but they do come with the following requirements.
Here are some of the things that will make you eligible for getting payday loans for college students:
- You must be 18 years old or older.
- You must have a valid identification card.
- You should have an active bank account in your name at a bank or credit union.
- You must have an active email address.
- You must have been employed at least three months prior to applying for the loan.
- You must provide proof of income.
Benefits of Same-Day Loans for Students
If you’re a student, chances are that you’re going to need some cash at some point. Maybe it’s for a class trip, or maybe it’s to buy books for the semester. Whatever the case, there are a few things you should know about same-day loans for students:
- Student payday loans are easy to apply for. All you have to do is fill out an online application and then submit your documents electronically.
- Student payday loans are fast. You’ll get approved in as little as the same day and will access it in one business day.
- There is no hard credit check on student payday loans. It means these loans are available for students with bad credit scores. Most payday lenders perform only a soft credit check that won’t affect your credit score. Be aware of the hard credit check performed by traditional lenders.
Risks of Getting Cash Advance for College Students
Getting a college student cash advance is an easy way to help your child pay for school, but it can come with many risks. The first risk is the high-interest rates, often up to 391%.
The second risk is that you might not be able to repay the loan in time. You might not have enough money at the end of each month to make all your payments on time, so you could have to pay late fees. If you’re late three times, your lender could report you as delinquent and charge off your loan—meaning they won’t collect from you anymore.
And finally, if you don’t pay off your loan in full before your grace period ends (usually six months after graduation), the lenders will start charging interest on all unpaid balances accrued.
How to Get a Quick Loan for Students?
Getting a quick loan for students is now easier than ever. With the advancement of technology, you can now apply for quick loans online.
There are two main types of quick loans for university students that you should consider: emergency cash and small personal loans. Students typically use emergency cash to cover unexpected expenses such as car repairs or medical bills.
Students usually use small personal loans to pay off high-interest credit card debt or fund a new business idea. Remember, most consumer credit cards have at least a 30-day window before interest accrues on a purchase.
Alternative Options for Instant Loans for Students
Well, there are a few other options that can get you the quick cash you need to pay for school, and they don’t require the anticipation of your parent’s signature on a paper that could take a few months to arrive in the mail. Here are some alternatives to student loans for instant cash for college:
Reach out to your school’s financial aid office to ask about student loans or aid that you could apply for. Thus, you can get federal student loans or private student loans.
Federal student loans are the most common type of student loan, and the Federal Government offers them. They have fixed interest rates and flexible payment options. Federal student loans are divided into two main types: subsidized and unsubsidized.
Subsidized federal student loans do not accrue interest while you’re enrolled in school at least half-time. Unsubsidized federal student loans accrue interest from when they are first disbursed until they are paid in full.
Private student loans are loans that you can get from a bank or other financial institution, not the government. They have different interest rates than federal loans, and they’re not based on your financial need.
An installment loan is a loan with multiple payments over a set period. The borrower pays back the loan in small payments over time instead of one large payment at the end. These loans are often used to pay for school tuition, books, or living expenses while in college. Such loans have much lower interest rates than payday cash loans.
Financial Assistance from Non-Profits
Nonprofits near you might have grants available for people in need of emergency funding. There are resources available for every kind of student and situation. Some organizations focus on financial aid exclusively; others may offer tutoring services; others provide access to computers, printers, or other equipment.
Rather than taking on more debt, see whether you can take on a side job to increase your income. These can range from tutoring and babysitting (which are good ways to earn some extra cash) to working at retail stores or restaurants (which have more flexible schedules).
Frequently Asked Questions
How much can I borrow with a payday loan as a student?
You can borrow up to $1,000 with a payday loan.
What information is required to complete my application?
To borrow money through payday loans for students from lenders, you will need to provide the following information: your name and address, social security number and date of birth, and a copy of your driver’s license or other government-issued ID.
Are loans for students available with no credit check?
Yes, student loans with no credit checks are available for college students. However, you should know that only soft credit checks are performed. These verifications won’t affect your credit score.
When will my loan be available?
Your loan will be available in one business day.
No Credit Check Required – Apply For A Payday Loan For Students Now!Apply