Everything You Need To Know
Personal Loans for Students What are personal loans for students?
Personal loans for students are specifically designed to help those who are in further education in the United Kingdom to boost their budget when studying. These private student loans serve as a solution to help cover costs such as rent or for tuition loans.
Can I get a loan as a student?
Yes, there are a few different types of loans available to students, such as:
- Undergraduate student loans
- Postgraduate student loans
- Bursaries and scholarships
- Short term loans for students
Where can students get student loans?
Students can apply to receive Government funded student finance, such as a tuition fee loan and a maintenance loan. Bursaries, grants and scholarships will be available to students to apply via their university. Alternatively, you can look for grants provided by charities or trusts.
For those who are in education and wish to apply for a personal loan, they will need to apply to a lender who can provide loans to students or a specialised credit broker, accommodating their specific needs.
Loan Options Which loan is the best for students?
The best student loan for you will be dependent on your circumstances, for example:
- Undergraduate loans: suitable for undergraduate students to pay for their course.
- Postgraduate loans: suitable for postgraduate students who wish to continue their studies.
- Maintenance loans: suitable for covering costs of housing, resources and other living costs.
- Bursaries and scholarships: suitable for those students who are looking for a discount on their course of study or study resources.
What are the advantages of loans for students?
There are a few benefits of personal loans for students, including:
- Faster payments and approvals: you won’t have to wait long periods for approval or for the funds to be debited into your account.
- Help stretch your budget until your next student loan payments: student loans are paid termly; therefore if you have an unexpected expense, it can be difficult to budget.
- Apply online: For ease of application and swiftness, you can apply for personal loans for students online in just a few clicks.
What are the disadvantages?
While there are benefits to this type of finance, there may also be disadvantages that you will need to consider:
- Interest rates can vary: student personal loans can have higher interest rates than other loans; therefore, you will need to check the terms as stated in your loan agreement. APR can be variable.
- Ensure you can afford the monthly repayments: use a loan calculator to check your affordability to ensure that you can make the payments in addition to any other expenses to safeguard yourself against affordability issues in the future.
- You may be turned down if you have bad credit: if you’ve been unable to manage credit responsibly in the past and have a poor credit score; you may find it difficult to be approved by a lender.
Alternatives Options What are the alternatives to personal loans for students?
If you’re worried that your poor credit rating or thin credit history may get in the way of being approved for student credit, you may wish to consider alternative options. These include:
- Secured loans
- Guarantor loans
- Credit cards or overdrafts
- Borrowing from friends or family
Why Choose iThink Finance?
| Why Choose us? | iThink Finance |
|---|---|
| How do I apply? | We offer loans of £100 - £5,000. |
| For how long? | For periods of 1 month to 24 months. |
| How long will it take to receive my money? | Money can be transferred in as little as 24 hours. |
| Are there any hidden fees? | No, we charge no fees for the service we provide. |
| Representative APR | 277.6% |
How do I apply?
To apply for loans for students, you will need to fill out an online application with your personal and financial details. A soft credit check will be performed to confirm your details. Once this has been completed, upon approval, you will be matched with a lender who can provide you with your loan.
Once you have received the terms and conditions of your loan as issued by the lender, you will need to ensure that you read thoroughly and agree to the terms. Once you have signed the agreement, your loan can be debited into your bank account in as little as 24 hours.
Loans for Students FAQs Frequently Asked Questions
If you still have questions about loans for students, make sure to check out the FAQs below.
How do loans for students work?
If you’re a student looking to borrow a personal loan to stretch your budget until your next student loan instalment, all you’ll need to do is fill out an online application form. You will be required to provide your personal and financial details to be considered..
Once completed, we’ll then be able to match you with the best deal to suit your individual requirements.
Can I get a student loan with bad credit?
Yes, you can get a loan for students if you have bad credit. You may be required to provide some more financial information, but it is not impossible. However, you may receive a higher interest rate and less money if you are accepted for a loan.
Why choose iThink Finance?
Understanding the particular needs of a student requires specific knowledge in order to help them to find a loan that is suited to their circumstances, and that’s where we can help. We specialise in helping students find the great deals on quick loans.
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