Loans for students – What is required?
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 short term 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.
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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.
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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 it even more difficult to be approved in the future.
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