Payday Loans for students? Watch

jackleo
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Is it possible to apply payday loans/same day loans for students in Uk?
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nabs0907
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(Original post by jackleo)
Is it possible to apply payday loans/same day loans for students in Uk?
Stay clear of payday loans.
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Muttley79
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(Original post by jackleo)
Is it possible to apply payday loans/same day loans for students in Uk?
Please don;t do this - if you are in financial difficulties then go to student services.
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jackleo
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Since iam passing through the final year, i was rejected for the student loan, So is their any option rather than student loans.
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ericl3ung
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(Original post by jackleo)
Since iam passing through the final year, i was rejected for the student loan, So is their any option rather than student loans.
There*

You could get out a loan from your bank provider or just ask your parents for a loan.
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DrSocSciences
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Change your overheads, your income or your assets.

I.e.Cutback your costs, or earn extra money, or sell some of your things. Don’t borrow.
Last edited by DrSocSciences; 4 weeks ago
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nabs0907
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(Original post by jackleo)
Since iam passing through the final year, i was rejected for the student loan, So is their any option rather than student loaIs your credit rating excellent, good or average?
(Original post by nabs0907)
Stay clear of payday loans.
Is your credit rating excellent, good, average or poor?
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SarcAndSpark
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(Original post by jackleo)
Since iam passing through the final year, i was rejected for the student loan, So is their any option rather than student loans.
Speak to your university's finance office- they will be able to advise you about the options available to you.

If it comes down to it, though, you would be better off getting an overdraft or credit card, rather than a payday loan.
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C.Goodyear
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(Original post by SarcAndSpark)
Speak to your university's finance office- they will be able to advise you about the options available to you.

If it comes down to it, though, you would be better off getting an overdraft or credit card, rather than a payday loan.
Using a credit card to finance debt is a bad idea, they are great for everyday purchases and extra security but only if the balance is always paid in full
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nabs0907
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(Original post by C.Goodyear)
Using a credit card to finance debt is a bad idea, they are great for everyday purchases and extra security but only if the balance is always paid in full
You lot have NO idea about finances.
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sr90
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(Original post by jackleo)
Is it possible to apply payday loans/same day loans for students in Uk?
You can, but I would strongly recommend that you do not go anywhere near them. I had a friend who got into deep trouble with pay day loan debt they accumulated as a student. In fact they have just last month paid it off...

They graduated in 2015.

As alternatives you can get a low cost student overdraft, or in emergencies you can request assistance from your university.
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C.Goodyear
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(Original post by nabs0907)
You lot have NO idea about finances.
What? Are you suggesting it is good to carry balance on a credit card? Credit cards are great for building credit score and purchase protection but they are a very expensive way of financing debt. Much better to try to negotiate an overdraft or try for a bank loan or ask relatives to help you.
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nabs0907
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(Original post by C.Goodyear)
What? Are you suggesting it is good to carry balance on a credit card? Credit cards are great for building credit score and purchase protection but they are a very expensive way of financing debt. Much better to try to negotiate an overdraft or try for a bank loan or ask relatives to help you.
It depends if you have an excellent credit rating. Then the paths open to you!
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C.Goodyear
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(Original post by nabs0907)
It depends if you have an excellent credit rating. Then the paths open to you!
No matter how good your credit rating is lowest APR on any credit is still 9.9% (American Express low rate credit card), and will damage your credit score as repayment history is the main determinant.

But if you are in a position to need to carry a balance it is unlikely you would have a good credit score or be given any reasonable credit limit, all credit cards ask for income on the application and if it is 0 the credit limit will be very low.
Last edited by C.Goodyear; 4 weeks ago
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jackleo
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(Original post by nabs0907)
You lot have NO idea about finances.
i have the credit score 650
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SarcAndSpark
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(Original post by C.Goodyear)
Using a credit card to finance debt is a bad idea, they are great for everyday purchases and extra security but only if the balance is always paid in full
I didn't suggest it was a good solution- I said it was better than a payday loan. If the OP has not access to student finance, then it may be a choice between commercial debt and not getting a degree- and in this situation using a credit card with a low APR would be a better way forward than a payday loan. It's not an ideal choice but OP might be between a rock and a hard place.

It's the same as if someone's car broke down or they had an essential appliance break and didn't have savings available- if the options are go without/credit card/payday loan then sometimes a credit card/overdraft is the best option.

In this sort of situation, most people are beyond caring about having a perfect credit score.
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C.Goodyear
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(Original post by SarcAndSpark)
I didn't suggest it was a good solution- I said it was better than a payday loan. If the OP has not access to student finance, then it may be a choice between commercial debt and not getting a degree- and in this situation using a credit card with a low APR would be a better way forward than a payday loan. It's not an ideal choice but OP might be between a rock and a hard place.

It's the same as if someone's car broke down or they had an essential appliance break and didn't have savings available- if the options are go without/credit card/payday loan then sometimes a credit card/overdraft is the best option.

In this sort of situation, most people are beyond caring about having a perfect credit score.
I just can't imagine a person without an income being given any significant credit limit and especially won't be able to get a low APR card
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nabs0907
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(Original post by jackleo)
i have the credit score 650
A score of 650 is neither excellent or poor.
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C.Goodyear
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(Original post by nabs0907)
A score of 650 is neither excellent or poor.
Actually it depends entirely on which credit score scale is being used, there is no universal scale. On Experian a score of 650 is not good but on Creditwise it is excellent.
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SarcAndSpark
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(Original post by C.Goodyear)
I just can't imagine a person without an income being given any significant credit limit and especially won't be able to get a low APR card
Students are sometimes the exception to this- banks know that getting someone as a customer at the start of their adult life will mean they are more likely to stay with that bank for a long time. Therefore, they will sometimes offer more credit to people with student accounts than they otherwise would.

A high APR on a credit card is also still a fraction of the APR you would get on a payday loan.
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