Although payday loans are meant for emergency needs for all section of people, it is not really meant for students. Since most of the students in UK do not have any steady income of their own. Also, a lender will not accept the monthly instalment that they receive from student loan as their income.
Loan Pig offers various types of short term loans and also many other loans to UK residents and by visiting their website www.loanpig.co.uk, you can get entire details about them. You can also get payday loans as they are FCA approved too. If they cannot offer you loan due to any reason then they will introduce you to any other lenders to get you necessary loan.
As far as students are concerned, few unfortunate cases were reported about students who took payday loans, and they were not very good in managing their finance and as a result fallen under serious debt trap which was very difficult for them to come out. Few students have also committed suicide as they were unable to cope up with their debts.
Few other alternates for students
In case, the student ever needs emergency money to meet their expense then they have following few alternates:
- Apply from university funding
Most of the universities in the UK have certain hardship fund usually available for students who may be struggling financially. You can search in your funding section of the website of your university or can enquire from student services/union.
- Use student overdraft
Full-time student can take advantage of perks that will come with your student bank account that includes 0% overdraft for up to £3,000.
So, if you are finding money crunch then it is just the right time to switch your accounts.
- Get 0% credit card
You can also get credit cards that will allow you to take money at 0% interest for 24 months maximum. If your money problem is for small duration and can make repayment within 18 months then get credit card.
- Join any credit union
Traditionally all the members of credit union must be present in same area, may be attending same church or maybe working in any industry, as nowadays communities are quite broader.
- Ask your parents/friends
You can always approach your close friends in case you need a little amount of money. Also, ask for money from your parents too who may have their own source to arrange money for you.
- Increase your bank balance
Look in the internet from where you may find plenty of ways to do online jobs to earn few quick money. Join any of them during your spare time and try to increase your bank balance to meet during emergency time.
- Seek professional advice
In case, you find that all the doors are closed for you and you are really stuck and there is no way you can arrange for money, then take suggestions from a professional. You can find many charities who try to help people like you during difficult situations.
