Loans for students
Anyone know of a good low APR loan for students? I have already already tried lendwise and financial freedom(whatever it’s called). I am being rejected by banks because I am a student. Thank you
Double post oops
(edited 1 year ago)
Apologies I thought I’d replied.
Most likely? 0? To be blunt being a student you have no income bar loans/grants and this isn’t enough to satisfy most decent lenders that you can repay it.
Do you have a part time job? I’d not and you need financial help this is the avenue to go down. Also speak to your students union as most university’s have a hardship fund for people struggling
And if you’ve already applied for 1-2 that’s 1-2 hard searches on your credit file so I wouldn’t apply for anymore for a good while, it’ll make you look desperate on your file for credit which will put off lenders.
The only lenders that will probably give you a ‘loan’ will charge high APR knowing full well you won’t be able to pay it back and I’d stay well clear personally
Most likely? 0? To be blunt being a student you have no income bar loans/grants and this isn’t enough to satisfy most decent lenders that you can repay it.
Do you have a part time job? I’d not and you need financial help this is the avenue to go down. Also speak to your students union as most university’s have a hardship fund for people struggling
And if you’ve already applied for 1-2 that’s 1-2 hard searches on your credit file so I wouldn’t apply for anymore for a good while, it’ll make you look desperate on your file for credit which will put off lenders.
The only lenders that will probably give you a ‘loan’ will charge high APR knowing full well you won’t be able to pay it back and I’d stay well clear personally
Unfortunately, the options are bleak as pointed out you will struggle with a loan as you can't repay it unless you have at least part time income.
As i see it the only options are:-
1. Bank of mum and Dad if possible, this is your best call.
2. Some sort of Guarantor loan if you can get one with support from 1 above
https://www.lendingexpert.co.uk/guarantor-loans/
3. A student bank account like Santander 123 that will allow you to go 2k overdraft, £1500 in first year
https://www.finder.com/uk/better-student-bank-accounts?
Problem with bank account overdrafts is you are always playing catch up, better to avoid if you can. what i have seen though is that when you do finally start full time work, i have known of loads of cases when the bank will convert the money overdrawn to a loan at that point. Doesn't help you now though whilst studying
Good luck
As i see it the only options are:-
1. Bank of mum and Dad if possible, this is your best call.
2. Some sort of Guarantor loan if you can get one with support from 1 above
https://www.lendingexpert.co.uk/guarantor-loans/
3. A student bank account like Santander 123 that will allow you to go 2k overdraft, £1500 in first year
https://www.finder.com/uk/better-student-bank-accounts?
Problem with bank account overdrafts is you are always playing catch up, better to avoid if you can. what i have seen though is that when you do finally start full time work, i have known of loads of cases when the bank will convert the money overdrawn to a loan at that point. Doesn't help you now though whilst studying
Good luck
Original post by Unknown786101
Anyone know of a good low APR loan for students? I have already already tried lendwise and financial freedom(whatever it’s called). I am being rejected by banks because I am a student. Thank you
Did you find any ? I need one too
How much do you need and over what period?
Issue you have is that you have zero income so how would you ever repay it?. Most of those student loan coy's are short term money dealers at obscene interest rates on 3mth loans. One i just looked at the rate went to 1625% APR - just shocking
Unless your mum or dad can help you the options are limited. You would be better off trying to find some short term work to increase your income rather than trying to borrow and pay it back at a silly interest rate.
Issue you have is that you have zero income so how would you ever repay it?. Most of those student loan coy's are short term money dealers at obscene interest rates on 3mth loans. One i just looked at the rate went to 1625% APR - just shocking
Unless your mum or dad can help you the options are limited. You would be better off trying to find some short term work to increase your income rather than trying to borrow and pay it back at a silly interest rate.
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