Personal loans for students are harder to find because students don’t always have an income like someone with a job would. However, some students do have part time jobs and if they earn at least $1,000 a month, they can easily qualify for a personal loan. Students usually have no credit or good credit, as well so finding no credit loans might help.
Depending on how fast you need the money you may want to consider a cash advance. If you make enough money, you can get a cash advance today or tomorrow online. This will give you a few hundred dollars to help you through a pinch, but if you need more there are other options.
The Top three Student Options for Personal Loans
If you own something worth money, you can pawn it for a short-term loan. They will usually give you up to 90 days to pay the loan back. The loan will give you a few hundred dollars, depending on what your item is worth and it is cash today. This is a great option for students needing personal loans of any type.
2. Cash Advance/Payday Loans
The other options, which I touched on a bit, is to get a cash advance. This is one of the quickest ways to get cash and it can be done online or offline. Depending on what your situation is, you may be able to use this option or you may not. Some companies will even give you up to 100 days to pay the loan back and work specifically with students.
3. Person-to-Person Loans
Students can also take advantage of the P2P or person-to-person loans that are out there. These loans come from other individuals looking to invest in the different loans that are out there. They will help fund your loan and if you get enough interest, you can get a much larger amount of money than the other options offer. This is also good because you are not dealing directly with a lender or a bank. They won’t consider your credit or income as much as long as they believe you can repay the loan.
What to Understand About Personal Loans for Students Before Getting One
If you are a student, you may not understand what getting a personal loan is all about. The first thing you need to understand is the loan has to be paid back. This is the most important thing to know and you have to get a payment you can afford.
If you take out too large of a loan, you could end up with payments you cannot afford, as well. Make sure you only take what you need and don’t overdo it. Money can be very tempting and even though you may get approved for more than you need, you only want to take what you need. You will pay interest on all the money you take and the more you take the higher this amount is.
Make sure you make your payments on time because if you don’t they will charge a late fee. Take the time to make sure you really need the loan and don’t take out any personal loans for students without understanding what terms are.