Student payday loans can be applied for at various banks. Here you will find all important information about student financing.
Going through college without financial worries is no longer so easy these days. Despite part-time jobs, many students have to admit that money is often not enough – and many students can not count on financial support from their parents either. To be able to study anyway, there is often no choice but to take out a payday loan.
More and more students see student payday loans as their only chance to secure themselves financially for studying and to make ends meet . But when borrowing it hapert more often. One of the biggest problems is that information is so difficult to access.
The range of financing options is large
If you want to take out a student payday loan, you have much more options than you usually expect. Numerous banks as well as some public institutions provide payday loans for students . However, it is not possible to say what kind of lending is best. It always depends on the individual case or the respective framework conditions.
The most important lenders include the state. Special education and student payday loans are offered there. But private banks are also active in this area. Incidentally, not only regional banks are eligible for borrowing. Direct banks now also offer study financing.
Prerequisites for a payday loan commitment
When it comes to student payday loans, the key question is which conditions must be met for the bank to be considered creditworthy . The conditions are very different depending on the lender.
In particular, the degree program plays an important role . The better the job prospects that graduate, the easier it will be to borrow. Past achievements can also be significant. If it is considered very obvious that the student is graduating, the student payday loan is more accessible.
Parents can also help facilitate borrowing. If, for example, the parents step in as guarantors, this means greater security for the bank. Especially with regional banks, financing commitments are easier to obtain in this way.
When student payday loan always think of the repayment
When accepting a student payday loan, the subsequent repayment may not be disregarded. Students often underestimate this point. They want to get money first – the repayment is often not thought . The financial burden can be enormous.
Usually the eradication is completely suspended . The beginning of the repayment is not planned until after graduation. However, interest usually already accrues during the term – but only on the already paid out payday loan amount. Banks are helping to reduce interest charges. A student payday loan is never paid out in one sum . Instead, monthly payments are made. The money should only be enough to make a living. As a result, the liability to the bank increases only slowly, whereby the interest charge does not increase so quickly, this should be calculated with the help of a payday loan calculator in advance exactly.
A credit comparison must not be missing
The conditions for granting payday loans as well as the interest rates of the individual student payday loans differ very clearly from bank to bank. Precisely because there are so many ways to finance your studies, it is important to carry out a credit comparison. This may seem very difficult from the point of view of some students. But if you compare well, you will get the required credit faster and you will benefit from low interest rates as well as financing arrangements that are well suited to your personal situation.
Student Credit FAQ
Does income count as a condition?
No. Student payday loans are also awarded to students without a job.
Do parents have to act as guarantors?
No. Some banks like to see parents come in as guarantors. The payday loan conditions can improve as a result. But even without a guarantee good interest rates are accessible.
When does the repayment begin?
This varies from bank to bank. It often starts about half a year after graduation.
How fast does the repayment have to be?
In this regard, it depends entirely on the agreed credit conditions. Most banks allow a long-term repayment with low installment rates over several years.
What happens if my studies are canceled?
As a rule, the ongoing payday loan payment is discontinued immediately. An immediate repayment in full, but can not be enforced by the bank under normal circumstances. Again, the banks have different rules.
Is the interest rate fixed for the student payday loan?
Many banks agree on a fixed rate. But there are also student payday loans with interest rates that adjust to the interest rate market. The first variant promises more financial security.
Are student payday loans also available abroad?
Most banks have no problem with it when studying abroad temporarily. For a proper study abroad usually only regional and direct banks as lenders come into question.
Does the student payday loan have an age restriction?
Some lenders work with age restrictions. In principle, however, every student has the opportunity to get a payday loan to finance his studies.