Life doesn’t get any easier for the student and his family every year. It is great to get free education. And if it failed, you will have to look for funds to pay for tuition.
But if it is not possible to find a job, you can use the help of banks or any other financial institution and take out a loan. This topic is very relevant for students – the category of citizens who at this period of life are very eager for independence from their families, including financial ones.
Is it possible to take out a loan to a student who does not work, but only receives a scholarship or have a bad credit history? Yes, it is. You may get acquainted with how to issue a loan online with a bad credit history here – https://www.lakevieworegon.org/loans-for-bad-credit.html. But let’s say right away: it will not be easy to do this. Whether a student will be approved for a loan or not will depend on the amount and on the purpose (for a large purchase or tuition on a biology faculty).
Student loan: what does a biology faculty student need to get it?
It is much easier to get a small student loan. To do this, the student must provide only documents confirming his connection to the university. In addition to documents from the university, you need to bring confirmation of the guarantors and parents (if they are different persons).
A student of 18 years (or younger) has the right to use a loan under a special education program. According to this program, he must pay only interest to the bank for the period of study at the university. He will repay the main amount of the debt only after graduation, when he gets a job.
Consumer loan to a student
If a student needs a loan amount for consumer needs, the bank will be able to give him a loan. But for this, the student must present proof of his solvency. Banks impose strict requirements for students when providing consumer loan. You can apply for a student loan in a bank only upon presentation of a certain list of documents:
- Age. Depending on the bank, the minimum allowable age for a student loan may vary, but on average it is 21 years old. And sometimes 24 years, because only by this time a student can find a stable job and start earning stable money, make plans for the future and feel the need for loans.
- Deposit. If the client has property, the value of which is commensurate with the loan amount, the bank can provide a loan to students even from the age of 18.
- Income. This can be a scholarship, which is considered as a stable income, or an official part-time job, where the student is registered for at least 6 months. The student must provide the bank with a certificate of employment with guarantees of financial stability or an extract from the pension fund. The higher the work experience, the better.
- The student’s identity document. Most often, this is a certificate from the university. Take care of receiving it in advance, as this may delay the loan processing term.
- Surety. The student will have to find people who are willing to take on his obligations (partially or completely, depending on the terms of the contract) if he does not fulfill them to the bank. As a rule, these are parents or guardians. You need to be prepared for the fact that the more money a student needs, the more guarantors the bank will need – this helps to reduce the risks of loan loss. The guarantors will be asked for documents confirming the level of income.
Payday loans for students
Loans for a small amount can be taken out without fear of an increased interest rate. In this case, the overpayment will be small.
Some payday lenders are ready for risks and issue short-term loans.
This is one of the options where to get a loan to students (even unemployed) from the age of 18. But before using their services, be sure to study all the advantages and disadvantages of such a system. Because each such organization has its own nuances:
- low interest rate for a short term;
- high rate for a long time;
- working and non-working students served;
- with and without guarantors, etc.
If a student does not work, in order to receive a payday loan, he must provide an identity card with proof of age, as well as have a mobile number.
Advantages of a payday loan: urgent receipt of money when you find yourself in a difficult situation; they can be issued online; the ability to spend the money received for any needs – no one checks the purpose of their use.
Disadvantages of small loans: you are fully responsible for paying penalties and fines in case of delay, even for a small sum; the amount of the short-term loan is very limited, since the loan is not secured by collateral, does not require checking the client’s solvency.
How and where to get a loan for a non-working student?
Do lenders give credit to non-working students? Yes, but his ability to get a loan from a bank is significantly reduced. But if a student has a positive credit history, this greatly simplifies the process of issuing a loan and is even a reason for reducing interest.
To track and develop a credit history, it is good to have a debit card. Any operations on it will have a positive impact on the overall history and give more chances to get a loan. Just provide the bank with a statement on it so that the movements on the account are visible.
It is more difficult to get a loan for a non-working student, since he does not have stable cash receipts. This means that the amount of payments will be small. That’s why the loan size will be small. If you need to buy household appliances, it is easiest to take out a student loan in the store itself – there documents will be processed according to a simplified scheme without providing most of the documents.
Category: General Information
Tags: finance, loan, student loan, students