If you are a student facing unexpected expenses then it would be in your best interest to apply for a fast student loan. In many cases you’ll find that you have a shortage of funds because standard college loans usually doesn’t cover all of your expenses like transport, text books, computer equipment etc. Fast student loans are also called emergency loans because it is designed to allow students access to instant cash in cases of emergencies. These loans can be processed within one day for up to $20,000.
The hassle free availability of these loans can benefit those students who are unable work part time for additional income whilst studying. So if you are unsure about how to get a fast student loan, here are 5 simple steps you can follow that guarantees a successful loan application.
1. Where can I apply for the loan?
Visit your college’s financial office. Most colleges have their own loan providers they deal with, so chances are good that this will be a reputable company or you can approach your own private bank. Complete the loan application form and submit it together with your student identification card. Please note that your student identification card needs to be valid for current semester which you are registered for.
2. When are these loans available?
Besides the quick access to fast student loans there are no deadlines for applications. You can submit an application at anytime during the year.
3. What is the interest rate of the loan?
The interest rates ranges from $15 – $30 dollars per $100 US dollars of the entire loan amount. The interest rates are not fixed which leaves room for you to negotiate a reduced rate with the loan provider. In most cases your credit rating determines the amount of interest to be repaid on the loan. Interest continues to accumulate whilst your repayments will be deferred which can be added to your existing loan balance when payment commences.
4. When do I start repaying the loan?
The loan repayment starts 30 days after your application was approved. If you wish to extend the repayment period then you can also add the loan amount to your existing student loan balance for consolidation. This means that your total loan balance will be recalculated into a single loan amount to be repaid on a monthly basis.
5. How soon can I expect the money in my bank account?
As soon as you submitted and signed the required loan application documents, the information it usually takes one to two days upon verification of the information you have provided. You have a choice to receive the funds via an electronic transfer directly into your bank account or by check.
If you fail to qualify for a fast student loan, because you are less than 18 years of age or because of a poor credit rating then you should look at getting a credit worthy a co-signer to submit a joint application for the loan. Some companies might still approve the loan even though you have a poor credit rating without a co-signer, however they do usually charge exorbitant interest rates.