It is a shame that most people will start their adult life in debt. After all, you need money to go to college, right? You need money to buy a car! You need money to start out in life, and this means lending. Some people also need to lend in order to plug gaps in their student loans! We have seen a lot of people having to take out short-term loans because of delays with their student funding. It can be a nightmare. After all, not everyone has a family they can rely on financially.
This is why it is pivotal that you understand the different financial solutions that are out there before you dive right in. There is no single best lending solution. It is all about figuring out what is going to be right for your situation. Nowadays, there are specific companies for specific instances. Take Raleigh Bail Bonds, LLC, for example. If you need money for bail because you’ve gotten drunk and college and got into trouble, these are the companies you turn to. If, on the other hand, you simply need money to cover your rent for a week or two while you wait for student finance, you may want to consider getting some money out and securing it against an asset, like your car. If you have a part-time job, you may look for a short-term loan. It is all about ensuring it is right for the situation and most importantly it is affordable. Below, we will look at these options in a bit more detail.
Lending should always be the final solution for any student
It is important to recognize that lending money is never a desirable outcome. You need to pay it back, and you need to pay back more than what you borrowed. If you don’t have family who can help you out, don’t be afraid to talk to the college first or your landlord. Explain your situation and when you expect the money to come in. You will find that most are sympathetic to your situation. They know how difficult it is for students and they will be flexible. Lending should always be the last resort and it should only be a solution if you are certain you can pay the money back. Otherwise, the spiral of debt begins!
The problem for a lot of people is they do not like talking about money problems. You could be living in a dorm with ten other people. You may find that around six people are struggling financially, yet no one will talk about it. It is understandable. But there is no need to feel ashamed. No one is going to expect students to have thousands of pounds in the bank. Furthermore, people want to help you! They see that you are trying to move forward in life by going to college, and they want to support you. Talk to someone – whether it is someone from your college or anyone working for the company you owe the money time. You may even feel like you have got a weight lifted off your shoulders by doing so.
Some financial tips for students
Managing your finances as a student can be difficult. However, there are a number of different tips that you can follow in order to make sure that you are managing your money effectively. For example, there are a lot of businesses that will offer regular student discounts, as well as having student nights whereby you will gain access to even bigger discounts. By shopping tactically and making the most of the offers that are available to you, you can reduce your spend considerably.
Aside from this, you should consider your banking options with care. A lot of banks today offer student bank accounts. These accounts can be beneficial because they come with a number of different perks, including an interest-free overdraft. However, make sure you understand the terms of the overdraft and how you will need to pay this back first. For example, you may gain access to an interest-free overdraft, yet you may need to pay it back within a year of finishing university, otherwise interest will be added to the entire balance. This is usually the sort of agreement that is involved. However, everything differs from bank to bank, so make sure you understand the full terms and conditions before going forward with this.
You should also make the most of savvy solutions like free software. Furthermore, rather than buying everything on the reading list, why not contact students from the year above and ask if you can buy their textbooks instead? They are bound to be happy for a few extra quid if they no longer need the book. After all, the entire reading list can end up costing a small fortune when you first start university. Assessing your options and thinking before you buy can make a bigger difference than you may realize.
If you do need to lend, be aware of these red flags…
Many people find themselves in a position whereby they don’t have enough money to pay their bills or other expenses. Unfortunately, not everyone has the ability to borrow money from a friend or a family member. Nonetheless, this does not mean that it is all doom and gloom. There are plenty of options available nowadays to help individuals who find themselves in this sort of situation. From log book loans to pay day loans, there are lots of same day cash loans to choose from. Yet, this does not mean you should go for the first loan you lay your eyes on. You need to be extremely careful with your decision. This post reveals some warning signs you should look out for. If you notice any of these you ought to opt for a different lender.
You often hear about horror stories regarding cash loans. More often than not, these arise because individuals have failed to read the contract before agreeing to the loan. A lot of people then end up stung by terms and conditions they did not even know existed. This shows how essential it is to read each and every word of the contract. Nonetheless, if you do not understand the terms, get some advice before agreeing. The contract may be deliberately misleading and thus you could find yourself in a worse position than you were, to begin with.
One little trick that may be worth considering is going for a loan whereby you have 14 days to back out if you want. If you know for certain you’re going to have the money in 14 days, you can simply cancel the contract and pay the money back. This could be a great way to avoid interest. Of course, this is, again, only something you should do with caution. Make sure you can afford the repayments should anything go wrong and you be unable to foot the bill.
In addition to this, another common misleading factor is when lenders charge people for making an early repayment. A lot of people are shocked to discover that companies actually do this. You should definitely stay away from lenders who have early repayment fines in place. Why should you be punished for wanting to pay off your loan earlier than required? All this does is make life more difficult for you, as a lot of people will be tempted to spend the spare cash they have if they cannot put it towards their loan.
Aside from the points that have already been mentioned, it is vital to read reviews that have been left by previous customers. If you notice a lot of negative reviews this should act as a warning sign. If people have had bad experiences with the company in question you can rest assured that they will have taken to the internet to express their dissatisfaction. They will want to warn others from making the same mistake they did. Nevertheless, you should never base your opinion on one review; make sure you consider them as a whole.
Last but not least, if the lender is difficult to contact, this is also worrying. If you have any problems or are confused about part of your contract, you want to be safe in the knowledge that you can get in touch with the lender at any time. Thus, make sure the company has a contact number and email address, and more importantly, you need to be certain that the contact options work.
If you take all of the points that have been mentioned into account, you will avoid any bad lenders when looking for same day cash loans.
We hope that this post has helped you to get a better understanding of lending money as a student. No one wants to end up in a bad cycle of debt, so always lend with extreme caution and make sure this is the final solution.
