Short term loans for students – What is required?
Short-term loans for students are specifically designed to help students who suddenly find themselves needing some extra cash. Serving as a useful, short-term financial fix, these types of loans have been created to cover essentials or emergency repairs, such as to a house or car. Whilst students were once seen as being unsuitable loan applicants, many lenders are now changing their opinion. Understanding student’s need for such loans, many direct lenders in the UK now offer short term loans specifically designed for students. As with any type of loan, students are required to provide certain information regarding their student and financial status. Their application will then be assessed using a variety of criteria specially designed to take into account their situation as a student.
It's easy with CreditMatch
Secure & confidential 256 bit protection
Get the Best Rate
We find the best rate from our panel of lenders
We find 1000's of applicants a loan everyday
Get Cash in Minutes
Quick loan within 15 minutes
100% no obligation quote
Ready for a quick loan?
Access £50 to £2500 today
How much can students borrow and for how long?
Short term loans for students in the UK are typically similar to other types of short-term loans in regards to the amount of money you can borrow and how long you have to repay it. In general, most short-term student loans are for sums up £1,000 and are to be re-paid usually in one month. There are of course exceptions, and many direct lenders will now tailor a loan to your specific requirements. Because such loans are short-term, they often feature high APRs. As such, students should only seek short-term loans when they have no other option and they are sure they can make the repayment in the required time.
How we compare
Will a short-term student loan affect my credit rating?
The answer to this is both yes and no. Taking out a loan and repaying it back in time will not affect your credit rating and will in fact improve it as it highlights your ability to repay a loan. However, if you miss a repayment or fail to repay the loan, then of course your credit rating will be negatively affected. Whilst this sounds fairly simple, there is another way to damage your credit rating, and one that many people are not even aware of. If you apply for a loan and are declined, your credit score could as a result be downgraded, which in turn makes if even more difficult to be approved in the future.
To break this negative and often damaging cycle, and provide everyone with equal access to loans, we enable you to perform a ‘Soft Credit Match’.
Find your best rate loan without needing a credit check.
Our ‘Soft Credit Match’ technology matches your profile to over 50 Financial Conduct Authority (FCA) approved loan companies without leaving any mark on your credit record.
With no obligation & no cost – it’s the best way to find a loan with no credit check.*