Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Fast funding
- Long repayment terms
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Short-term loans for students are designed to loan cash to help you temporarily cover your financial commitments. This type of loan is typically in the $50 to $2,000 range. You could use the loan for things like paying for your class books or emergency costs like fixing a car you need to get to class. But it can be highly expensive and get you caught in a cycle of debt.
Short-term loans for students are designed to offer emergency funding. Most students don’t have steady income and may have a problem getting approved for standard loans. Short-term loans, on the other hand, offer financing with more lenient lending criteria and very short approval times. This allows students to access emergency funds they can repay when they get income from other sources.
Most lenders require students to provide their identification details and show they can repay their loans by providing 90 days worth of bank statements. The online application and approval process removes the need for any paperwork or face-to-face meetings, allowing you to possibly get your money faster. Remember that you may be required to pay for the loan in less than a month depending on the terms of your particular loan, and that the interest rates are a lot higher than what you’d normally find in a personal loan.
It’s important to be informed before taking out a short-term loan. It may seem harmless, but there could be a lot of fees associated with your short-term loan if you don’t read all the details before applying. Some lenders charge establishment or administrative fees in order to initiate the loan. There could also be penalty fees for things like late payments or even early repayment. So make sure you review the terms of the loan before you click submit on your application.
To be eligible for a short-term loan, you need to be over the age of 18 and receive some sort of income.
Before taking out a short-term loan from an outside lender, you may want to contact your college’s Financial Aid Office if you’re experiencing a financial hardship that requires emergency cash. Many schools offer low- or no-interest short-term loans that have a maximum loan amount of $1,000 to students who’ve had unexpected expenses pop up. These loans will typically need to start being repaid within 30 to 90 days, but as always, terms and conditions will vary by school.
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