The modern student lives on the money of parents or earns money in parallel with his studies. Combining a work day with a school study does not provide an opportunity to work full time and receive decent wages. Those who are assisted by parents also have financial difficulties.
Under law, a student can receive a loan if he or she is 21 years old. But most often banks are reluctant to lend to young people because of their low solvency. Nevertheless, money is still needed, which is why young people turn to microfinance companies for money.
The student may need extra money for the following purposes:
Considering the experience of financing students with banks from different countries, there are some peculiarities. The student is poor in any country, but in some countries he is considered a promising borrower who, being a graduate, will get a decent job and be able to return the money with interest to the bank. Unfortunately, this approach is unacceptable for banks. Therefore, when trying to get cash on credit, the student is faced with the following restrictions:
The presence of real estate designed for a student today does not surprise anyone. But not everyone is ready to provide real estate as collateral. There are also certain difficulties in securing collateral: the borrower bears the costs of the services of the appraisal company, insurance and notarial registration of the transaction.
A student cannot be formally employed in the workplace if he or she is a full-time student. This is especially important for those who receive a scholarship: the study process is 6-8 hours according to the schedule, and confirmation of the official 8-hour working day is grounds for withdrawal of the state scholarship.
The employment category of young people is an attractive sector for lending: they have the income and the ability to repay the loan body and interest accrued. However, not everyone has an official place of work or the monthly salary does not exceed the minimum wage in the country.
Thus, for poor students or those who cannot officially confirm the source of income – it is almost impossible to obtain a bank loan. In this case, it is possible to apply for a loan for the payment of education or for other purposes to persons under 20 in a microfinance organization.
One type of targeted consumer loans is a study loan. Which is to transfer the target amount to the account of the school. The settlement account of the educational institution is indicated in the contract with the bank. The borrower will not be able to spend the loan amount for other purposes for the following reasons:
At the moment, this type of lending is not offered by banks. However, this type of loan can be made in microfinance organizations. The funds are credited to the borrower’s card and then spent at their own discretion, including their studies. The student can easily receive a non-purpose consumer loan to use it as a loan for study at the institute. The received funds can be directed to the settlement account of the university.
Lenders provides loans to individuals aged 18 and under a state microcredit license, which guarantees the security and legality of the transaction. Lenders core values include transparency and openness. By registering on the site, you can apply for a loan from any device at any convenient time 24/7. Online Student Loan Benefits:
A loan executed on the website can be credited to the card of any bank . To make a cash loan, you must fill out an application on the company’s website. To do this, you will need:
When registering online for the first time, the application review time is about 20 minutes, when you re-apply, you will only be able to receive funds in just a few minutes.
The purposes of lending can be various: food, accommodation, credit for the purchase of home appliances, educational materials and more. The student can spend the funds at his own discretion. There are no restrictions on the targeted use of the funds issued by microfinance organizations. Credit terms :
Among the benefits of lending to the microfinance company are:
The procedure of repayment of the loan can be carried out directly on the website of the company, with the help of a personal account, in the branch of any bank or with the help of a terminal, internet banking. If you want to extend the loan repayment period, the company can give you this opportunity if you pay for the use of credit money. The number of requests made by such requests is not limited by the company.
Borrowed funds can be repaid before the deadline. In this case, the fee for using the money is recalculated. But keep in mind that the minimum fee for using a loan can not be less than the amount you had to make in 5 days.
To apply for an online credit card , you will only need to provide your passport, identification code, telephone number, and card to which the money will be credited. The company guarantees the security and legality of the financial transaction.
Collaboration is an opportunity to quickly solve financial problems, the most convenient way to repay the funds received, transparency of transactions and reliability in servicing the credit line.