The loan options are many, and as a poor student it can be tempting to flip over one of the many loans offered. Life at SU is basically not easy. Especially not if you have settled in one of the study towns, which are often some expensive cities to live in. In addition, it can be difficult to find a study job, since you compete with many other students.
There must also be room for books in the budget, and then suddenly there is not much money left over if you have nothing but an SU to do well with. If one does not want to live off oatmeal and water for the next several years, one must think in other paths. Here, a loan can greatly facilitate student life, but it doesn’t really matter what type of loan you end up taking.
Such are your options for loans
A loan through the bank is probably a little out of reach. The bank would like to borrow money for a specific project which is of a practical nature. It could be for a car or a home. Not to get food on the table. Although the bank can offer good interest rates and good terms on the loans they have, it is therefore not relevant to most students.
Then there is the quick loan or the consumer loan. These loans do not require collateral and you can apply online and get answers in a very short time. It immediately sounds perfect to a student who is in financial shit and needs money here and now. However, there is a downside, and as a student you really have to make sure that you do not make a bigger dough than you can bake. Loans are not free after all.
There are interest rates and fees that come in addition
These must also be repaid along with your loan. For online loans, interest rates and fees are high, and while it may be very nice to have money here and now, repaying a loan can be quite problematic when you’re at SU.
Finally, there is the SU loan, which is a loan designed to suit student needs. Here is the monthly amount you are entitled to, which is calculated based on your income. So SU loans can be problematic if you are missing out on a large amount of money right now, but otherwise the low interest rate of 4% per annum while you are in education is a very good price. After graduation, interest rates fall further, and set-up fees are off. In addition, you do not have to start paying off the loan until the day you graduate. You do not have this luxury with other types of loans such as quick loans and consumer loans, where the repayment period begins shortly after you have borrowed your money.
On the other hand
It takes a little longer for an SU loan to go through, so you have to arm yourself a little with patience, but once you have been approved for an SU loan, it is no matter to borrow money.
So there is help to pick up as a poor student, and you may well be able to borrow money, although your income may not make loan providers burst into jubilation. An SU loan is by far the optimal choice for students, but keep in mind that if you are in an emergency, there are other ways to lend money!