As a recent student I know how tough it can be trying to make your student loan last through to the end of term, and sometimes you will encounter unexpected expenditures which will leave you strapped for cash. For times when this does occur, there is now a great way that you can get some quick cash without going to friends and family for money, which generally is never a good idea.
Emergency Funds for When You’re Struggling
Perhaps you need to buy some new textbooks or materials for your course, or you might have to do an unexpected journey or pay for something in the house; whatever the reason is, there is a way for you to cover these costs. You can get loans designed especially for students which will cover you until your next student loan instalment, and you can get the cash on the same day as your application.
Which Loan Company Should I Use?
With a loan provider like Smart Pig student loans, you can quickly and easily apply for your loan online. Student finances never go to plan and I always found the last few weeks of term particularly tough, so make sure that you have everything you need by taking out a quick loan which can be paid back once you have the money. It is important that you have enough money at university or it could seriously impact your studies and stop you having fun, so if you really have no other option, sometimes taking out an extra loan will be unavoidable. If you feel like the loan may be the best option for you and your education, take a look into various student loans that can be available to you.
Don’t Get Into Debt Unnecessarily
The beauty of your student loan is that it’s interest free, making it the cheapest debt you’ll ever have. If you start taking out extra loans, interest rates can rocket, so you need to carefully consider your repayment plan. Be strict with yourself and use spreadsheets to keep track of your spending, as well as setting up direct debits for your repayments. Falling behind with your finances and failing to keep on top of everything can be disastrous, so if you need some extra cash, make sure you’re on the ball when it comes to repaying your loan. Emergency loans aren’t to be taken lightly, and you need to make sure you really get to grips with the small print before taking one out.
Another Option
Many universities offer financial support for struggling students, so you should always go and seek some advice before taking out an extra loan. Your university may have emergency funds available for those who can’t afford books or to pay their bills, so check out all of your options first.
More and more students are turning to student loan companies to cover their extra expenses. For some, it’s great and when paid back on time it can provide the cash injection they desperately needed. For others, it’s just the start of a lifelong debt problem, so it’s really important to make sure you’re committed to paying your short term loan back on time.