Payday loans: The helping hands for students

A payday loan is a low value loan taken out over a short period of time. You need to repay the loan within a month; usually on your next payday. They are also known as cash advances and pay cheque advances. 

As living, medical and event expenses are increasing constantly each year, you have to work extra hard to keep up and to be able to cope if any emergency occurs that requires immediate cash.

These small cash loans could be the better option for students as opposed to large student loans as traditional large loans lead to long term debt which can take years to repay at high interest rates after graduation. When students opt for short term loans, it teaches them to be responsible for their finances. Generally, these small cash loans need attention within two or four weeks after the loan amount is credited, which teaches the student to be serious about every penny they have taken from a lender.

By taking out these loans students begin to see the value of money and stay responsible while taking funds from any source, such as a payday advance, credit card or student loan available to them to fulfill their money needs.

Eligibility:

Several lenders follow different eligibility criteria for student payday loans. Some of the basic eligibility needs are:

•             You must be a legal citizen of the country in which you are applying

•             You must have an active bank account and debit card for payment and repayment of the loan

•             You must earn some income or legal document signed by guardians for assurance of repayment

•             You must have an active email address for further communication

Benefits:

Some of the benefits of payday loans for student are:

•             Easily available when the need to pay is urgent; expenses such as tuition fees, library fee, rent can be paid off immediately.

•             No established credit is required for the application of the loan and repayment of this loan helps to develop credit.

•             No wastage of valuable time in application of loan because of vast online presence.