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Admission to University is probably among the biggest achievements anyone can make but even so, it comes with its own set of challenges. For many of the new students, it marks the first time they stay anywhere not near home, live with different people and are solely responsible for every decision they take concerning important areas of their lives including health, finance, and education. 

Couple this with full-time classes and for most students, they are getting through by means of student loans-another instance of first-time experience handling school money and living on restricted budgets. Include part-time jobs to help pay the bills and balance your money and there is still one thing or the other set to leave you in stumped state.

Generally, Payday loans are only afforded to individuals that fit the description of steady income earners over a given amount. Of course, the age factors comes into play( must be 18 years and above); and if they fully satisfy the conditions and are okay with terms, why then not go and apply for Payday loans to cover an expense that is urgent?

WHAT IS A PAYDAY LOAN? 

In definition, Payday loans are unsecured short-term loans typically ranging between $500 and less basically due on the subsequent payday.

FEATURES AND HOW IT OPERATES: 

Generally, payday loans are characterized by 3 key features: Loans only cover small amounts, they are due on the payday that follows and Borrowers provide lenders to their checking accounts or borrowers write an advanced cheque containing the full outstanding balance which the lender is at liberty to cash in case the borrower is unable to offset the loan.

WHY STUDENTS GO FOR PAYDAY LOANS: 

# 1 Cash-strapped with no option: 

Residing with other university students means that none of the individuals has spare cash to either cover costs for other housemates and or lend out. Nonetheless, this is not to say that utilities and landlords will go slow on demanding their dues when time is up!

While universities occasionally avail hardship grants and loans to students marred by serious financial problems, qualifying for one mandates your proof of extremely dire financial conditions that beg for assistance. So what to do when you are cash-strapped and you still need to attend to other expenses such as rent, food, equipment, and books?

# 2 Bridging loans: 

Where your extra financial needs are just a typical one-off circumstance, going in search of a loan can be quite tempting. In comparison to any other individual, students have quite a challenge in respect to applying and obtaining loans majorly because of being deemed as financially unstable and not financially accountable yet.

Where students loan funds get depleted either because of uncontrolled spending (particularly for first years who are experiencing having such large amounts of money for the first time), borrowing loans (short-term) may go a long way in aiding them to offset their debts and stay afloat- and this is where Payday loans come in handy.

ADVANTAGES OF PAYDAY LOANS: 

· Fast way to obtain cash particularly in financial emergencies

· They require no credit reports

· They may help you in saving money. For instance, by covering an outstanding balance, you are safe from further penalty if the payments are delayed

· They safeguard the credit ratings of the user; of you pay in time, you avert a mark against your subsequent credit rating

· It instills the skill and sense of independence. With payday loans, you can survive without nagging your family or even friends.

DISADVANTAGES OF PAYDAY LOANS: 

· Crippling interest rates: These type of loans work under Annual Percentage Rates (APR) which means the interests are well close to the 1,000% range. Why? It is the interest as would be paid for the duration of a year.

· Damage on credit scores: Taking Payday loans could pose problems for you when applying for mortgages even on prompt payment. Why? It always shows up on your credit reports and to bankers and other lenders, it gives an impression of an individual not good at managing your finances.


Latest Activity: Mar 31, 2017 at 7:20 AM

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