Student finances is a river topic. However, the modern generation of students copes with them much better than their predecessors. In addition to the occasional work and cash sent every month by the family, they have another solution that works in almost every case. See for yourself!
Apparently, students are masters of life for pennies. The ability to cope with financial difficulties is a trait that can certainly be envied. Sometimes, however, student expenses are so high that even the smartest student can't do anything without external financial support. In such circumstances, therefore, there is only one option - a non-bank loan, which students are increasingly willing to use.
A loan for an eighteen year old for a good start
Institutions offering student loans occupy a large part of the non-banking market. Some companies willingly lend money to people from 18 years of age.
The above proposals are a great offer for students who are just beginning their student life. The low age threshold allows them to borrow money for renting their first apartment, dormitory fees, purchase of study materials and other needs related to the so-called academic life, both scientific and social.
Short-term payday for an experienced student
Somewhat older students have more room for maneuver in the world of non-bank loans. Some institutions offering this type of service increase the minimum age of the client to 20 years.
Lenders offering payday loans for students usually do not ask about the purpose of funding. For this reason, the money received can be used, for example, on holidays, events, educational travels or the purchase of the first car.
Why payday loans, or what attracts students so
Almost 30% of users of our website are students (from 18 to 24 years old). As a reason for choosing this form of financing, they most often indicate:
- universal availability (payday loans can easily be found online)
- easy application (we will apply for a loan via a smartphone, e.g. going to university or during a break between classes),
- money withdrawal rate (cash affects the applicant's account even in fifteen minutes)
- low costs (being a new customer of a given lender, we can often borrow money for free).
The modern generation of students lives intensively and looks for immediate solutions. So when they have a financial need, they don't want to wait long to meet it. From this perspective, quick payday pay seems to be an excellent response to their expectations.
Check where you will pay the least.
Student without a fixed income, or what about creditworthiness?
Pursuant to the Consumer Credit Act, a loan cannot be granted to a person without adequate creditworthiness. Students are no exception in this respect. So you probably wonder how is it possible that students who are not permanently employed can use such solutions?
Well, in assessing the borrower's financial capacity, non-bank companies look at the applicant's overall income. The student's income may be a scholarship, funds from odd jobs or money received from parents. It is a good idea to collect all such sources of financing - especially if they are regular. For the lender, the total amount of income earned by the student will be the key criterion when considering the application.
Non-bank loans are a solution that "moves with the times." The possibility of completing all formalities using a device with Internet access is the type of activity that students like the most.
Therefore, interest in payday loans in this age group should not surprise anyone. What's more, more loan brands are appearing on the non-bank market, which will accept every student at the university with open arms. Student loans are growing, and this trend will probably continue for the next few years.