Will Cash Loans Help me While at University?

If you are a student at university then it is very possible that you will struggle with money. It can be a difficult time as you will be making a lot of adjustments and you will need to make sure that you are doing everything as well as you can. Moving out of home and getting used to living either on your own or with new people, learning new things, being in a new town and managing money can all be a lot to ask. Some students will be better organised with regards to managing their money but it can be hard. As you get money in lump sums rather than small amounts, it means that you have to be capable of carefully budgeting and making sure that you do not spend it all too soon and run out. However, there will be times when you will run out of money and what will your options be if this happens to you?

  • Ask parents – asking parents is something that some students will do. Often parents will be able to help out and it might be the case that they will have to because there is no other money available otherwise. However, it could be the case that they will have already given everything that they can afford or that they feel that their children should be being more self sufficient and managing on their own.
  • Use savings – it can be difficult digging into our savings, particularly if we have worked really hard to get them. If we still have a lot of years as a student to go, it can also be something we might worry about as we do not want them to run out. However, it can be a useful thing to use as it Is cheaper than borrowing, but it is a good idea to make sure that you learn a lesson and budget much more carefully so that it is much less likely to happen again. Also perhaps think of some ways that you can increase the amount of money that you are earning somehow if possible.
  • Find a job – it could be a good idea to think about whether it is possible to find a job in order to help financially. This is not always possible if someone is in classes all day and then using the weekends and evenings for writing essays and doing assignments but often a university course only need a few hours a day in timetabled lessons and the rest of the time is flexible so it could be possible to get a job where shifts are possible such as in a pub, restaurant or supermarket which could help to top up the income. It could also be possible to find something freelance which could be more flexible as well.
  • Borrow – it might be the case that it comes down to having to borrow the money. This could be because there are no jobs, they do not pay enough or there just is not the time to fit it in and parents cannot help. Students tend to already have a student loan, but they may be able to borrow other money as well. However, it could be more difficult for them to borrow. Many loans rely on you passing a credit check in order for you to be able to get the money that you need. A student who is not earning money will often not have a good credit record due to the lack of income that they have. Therefore, they may find that they will not find it easy to find a loan. Even a cash loan might be tricky because they may also require an income. If the student is very close to getting their next loan payment or have a part-time job with a regular income then this could increase their chances of being able to get a loan like this. However, it might be the case that an overdraft or credit card might be an easier type of loan to get, although not all lenders will be happy to give these to a student.

How do I Repay my no Credit Check Loan?

There are different ways to repay different loans and it is a really wise idea to find out how you repay the loan so that you are able to plan and make sure that you will be able to repay it. If you are not able to repay the loan, then you will have to pay extra charges or fees and this can be really annoying. It is therefore a good idea to make sure that you are focused on repaying.

Find out How Much you Need to Repay and When

The first step is to make sure that you are aware of exactly how much you need to repay and when. This will allow you to have something to aim for and you will know what you are going to have to pay. It will enable you to make the relevant calculations and plan carefully. It is very likely that you will have to repay in a lump sum on the next day that you are paid, but this may not be the case, depending on the particular type of loan that you choose.

Check Your Bank Account Status

It is a really good idea to start by looking at your bank account. Look at how much money you have available now and how much you will be paid and when. Then you will be able to work out whether you should have enough money to cover the repayment. However, you also need to think about the money that is going out of the account as well. It is important to make sure that you are going to have enough money to cover those things as well. You will have essential items that you will need to buy and things that you will have to pay for. For example, you will have contracts, direct debits, standing orders, rent and mortgage that you will have to play. You also need to think about items that you will need to buy through the month such as food and drink and travel costs. It can be a really good idea to actually make a list of the items that you will need to pay for and their costs and how much you have coming in and then you will be able to make a decision about whether you can afford the loan repayment.

Come up for a Plan

You then need to come up with a plan. It might be that if you only buy essentials then you might be able to have enough money to still cover the cost of the loan. However, if you do not (and maybe even if you do) it can be a good idea to come up with a plan that will help you to ensure that you manage the payments. It is a good idea to think about whether you can pay out less to start with. With the essentials, you will still have to pay for them, but it might be possible for you to be able to pay less for some of the things that you buy. This is because you might be able to choose a different supplier, retailer, provider etc and swap to save money. It is therefore well worth having a look to see whether this might be possible for you. Also make sure that you are careful not to spend more money than necessary until you are completely confident that you have enough money to cover everything that you need. Consider a few months ahead as well as having the loan repayment could have a big impact on your finances in the future too.

What are no Credit Check Loans?

There are lots of different types of loans and it is a good idea to know about all of them so that you can use them if you need to. You will find that they can vary quite a lot as well and it means that you should spend some time thinking about the different types and making sure that you pick the one that is best for your needs. You will need to think about what your borrowing needs are at the time when you are looking for a loan and then match them up to the loan which best suits you. Therefore, if there are loans that you do not know about, then it can be wise to learn about them and then you will be able to decide whether they will be of use to you, when you need to borrow some money.

How do no Credit Loans Work?

It is required for lenders to do a credit check and so the name ‘no credit loans’ can be quite confusing. However, it means that they will not take the credit score into consideration when they assess someone for a loan. These types of loans came about because lenders realised that there were some people that were unable to borrow money because of their situation. They then set up these sorts of loans so that despite being in this situation, they would still be able to borrow money. They do require that the borrowers have an income though, this is because they need the ability to repay, but it does not have to necessarily come form a job, it could possibly be from benefits or pensions.

This means that these loans are available for most people to use. There are just a few requirements that you need to fit into in order to have these loans. You will need to be over the age of 18, be a UK resident with a UK bank account. Most people will fulfil this and should be able to take out one of these loans.

What Types are There?

There are a few different types and these are the main ones –

  • Payday loan – you have to repay the full balance the next time you are paid and can borrow between £100 and £1,000
  • Instalment loan – similar to a payday loan but you can spread the repayments over a longer time period so they are more expensive but easier to manage the repayments
  • Guarantor loans – you can borrow between £1,000 and £10,000 and repay in instalments but need a guarantor who has a good credit record that is prepared to cover any repayments that you may not be able to pay.

Who are they for?

The loans are mainly aimed at people that have a poor credit record and cannot borrow elsewhere. However, they can often be arranged very quickly and can therefore also be suitable for people that need money in a hurry. It can often take quite a long time to arrange a loan, but some short term lenders will be able to organise them in a few hours, which means that they can be great for anyone with an emergency that needs money really quickly. Some lenders will also be available outside of normal banking hours. This can also be useful if you get a situation where you need to borrow money at this time and there are no other lenders available to help you. It is also worth just checking what they might be offering with regards to the cost of the loan as well as you may find that they are cheaper than an overdraft or other similar ways to borrow.

What are Short Term Loans?

We might often hear the term short term loans, but not really be sure of what they are. It is a good idea though to familiarise ourselves with what they are as it is important to have a good understanding or all of the types of loans. This is because if we do find that we need to borrow some money, then we will need to look at all of our options and make sure that we find the loan which suits our needs the best. If we do not know how they work, then we will not be able to consider them.

With short term loans there are a few basic features that set them aside form other types of loans and these are the things that you should be noting.

  • Credit check – most lenders do a credit check in order to find out how capable the applicant is of repaying the loan. They want to be sure that they will get the money that they are owed and therefore they will want to see whether they have a good income, have made regular repayments before and if they have had financial problems before. Then they will use that information to decide whether they want to lend them money or not. With a short term lender, they will not worry about this but they will lend money anyway. They will try to build up trust between themselves and the customer by lending them a small amount and then if it is repaid successfully, they will lend them a bit more.
  • Repay quickly – The repayment will normally have to be made very quickly. The loans often have to be repaid on the borrowers next pay day. This means that they will just hold the loan for a few weeks or maybe a month and then they will then repay it. This can be a good thing, especially for those people that do not like to have outstanding debts. However, it does mean that you will have to find the money quickly and you will often have to repay in a lump sum which means that you will need to find a lot of money too.
  • Arrange fast – these loans can normally be arranged very quickly. There are some short term lenders which will be able to arrange a loan for you within a few hours, which means that you really can use it for emergencies. You will also find that there are some which will be able to arrange loans outside of normal banking hours so you can get money at the weekend or overnight if you need it, so they really are for all emergencies.
  • Small amounts lent – the amount of money that they provide is relatively small. This means that it can be very useful if you do not want to borrow very much. Often a lender will give you a lot more money than you actually need and this means that you will be able to treat yourself to a few things. However, it also means that you will have a lot more money to repay and you will need to pay the interest on it as well. This can not only be expensive but it also means that you will have more repayments to make and the loan could go on for much longer.

You can see that there are quite a few features of short term loans that are different to more mainstream loans. This means that you will need to think about whether you are better off with this sort of loan or not.

When Should I use Payday Loans?

You may know a little about payday loan, but if you have not used them before, then you may have questions about the loan, the way that it works, who it is for and things like this. It is very good to have a lot of questions and give it a lot of thought – we should do this with every loan and other financial products that we are considering. It is wise to know as much as we can about them and then we will be able to decide whether they will be able to help us or not. Thinking about when you should use the loan is a really good step to have in that thought process.

What are Payday Loans for?

It is good to start by thinking about what the loans might be for. Payday loans were actually started by lenders who could see that those with a poor credit record had no way of borrowing money easily. They decided that they would help them by providing them with a method of borrowing money in an emergency. They also set up the loans so that they money could be transferred really quickly to make sure that they really can get the help if it is an emergency. Some companies can provide money within a few hours and so this should be quick enough for most emergencies. However, because they lend to those with a poor credit record, they decided to only lend them small amounts of money to reduce the risk that they would not be able to repay it. This means that they tend to only lend up to £1,000 which will mean that they are for emergencies as long as they are cheaper than this amount of money.

What to be Aware of

It is worth being aware that payday loans will not last for long. You will need to repay them very quickly and this means that you will need to be sure that you will have the money available when you need it. As per the name, you will be expected to repay the loan on the next day that you get paid. This means that you could have the loan for a few weeks or possibly even a few days before you will be expected to repay it. This means that you will need to make sure that when you take out a loan you will be able to afford to repay it. It is good to check how much you get paid and what other things you will need to pay for, so that you will be able to be confident that you will be able to repay it and still manage everything else that you need to buy.

When Should I use Them?

As with all loans, it is wise to be cautious about using them. They will cost money and you will have to repay them, which means that you need to think carefully. It is a good idea to think about whether you really need the loan and whether you think that it offers you good value for money. You also need to find out how much you will need to repay and when and then work out if you will be able to afford to repay it and then pay for everything else that you need. If you are happy with this then think about what you are thinking of spending the money on and whether it is a good idea to use it for this purpose. Consider whether it is an emergency or something that you really need or whether you could wait and save up and then not but the items for a while.