As a student, you have access to a wide range of finance options to support you during your studies. You may consider student loans, grants, bursaries and credit cards. If you are a student facing a financial emergency such as car repairs or hospital bills, you can apply for a payday loan if you meet the criteria.
With the average student debt at $30,000 upon graduation, having to pay this back and make ends meet can be very tricky – which is why is is not unusual for students to turn to high cost loans for help.
However, at Pheabs, we do not encourage payday lending to students, since this is a high-cost form of credit. If you’re a student in need of some extra cash, this guide will help you work out if a payday loan is right for you.
Can I get a payday loan if I am a student?
You can find a payday loan as a student so long as you meet the requirements. You will need to have a regular income of at least $800 per month, have a checking account, have US citizenship and be over 18.
Direct lenders will perform credit and affordability checks before offering a loan to suit your needs. We understand that people of any age and background can be a student, often balancing working with studies, and may run into financial emergencies. As with all types of credit, think carefully about your options before entering into an agreement.
What if I am a student with bad credit?
Direct lenders consider your income and financial status, as well as your credit score when deciding whether to offer you a loan. Even if you have poor credit, some lenders are willing to provide you with a payday loan. Pheabs is open to all credit histories so you can submit a loan enquiry with us to find a lender that suits your needs. Remember, student payday loans are not a long-term financial solution. They should never be used to pay off other loans or spent frivolously on a shopping trip or a night out.
Think carefully before agreeing to a student payday loan. Payday loans should always be looked upon as a last resort. Make sure you have exhausted all other efforts to find the funds you need before submitting an enquiry. If you do choose to submit a loan enquiry, using Pheabs to find your loan will not affect your credit score. You can get you loan quote online 100% free without leaving a footprint on your credit.
What are my other options?
A student payday loan may be appealing because it provides instant decisions and speedy access to funds, but other forms of credit may be available to you at a lower cost. We also suggest looking at alternatives such as borrowing money from family or friends. Borrowing money from someone close to you may another option to help you out of your financial crisis. If your parents, other relative or friend is not in a position to help you, you should seek alternatives such as speaking to a debt charity or getting free advice from your college.
Last Updated on October 27, 2022 by Justine Gray