PayDay Loans And College Life

PayDay Loans And College Life

College can be tough. You have to attend class, do homework, work and have time for some socializing. Chances are you have student loans and mum and dad to help, but there are times when you need emergency cash for situations that may arise.
There are times when mum and dad may not understand why the money is needed. Maybe they have been bailing out the student for too long or lending too much money over a period of time. Maybe what the student wants the money for is not what a parent would approve of.

All the student needs is proof of being 18 years or older, proof of United Kingdom citizenship, steady income from a job that yields £100 per month (that can be a part time job at a burger joint making about £250 per week), own a checking account under their name and not be active in the military. A credit check is not necessary, therefore existing student loans or late payments, bankruptcy or being in collections has no bearing.

It is easy for a student to get a payday loan, however is it a good idea? Some students find themselves in more trouble than before they got the loan. If they are using it for frivolous items and still have bills to pay with the upcoming paycheck, they will soon find themselves in hot water. Payday loans must be paid back within about two weeks. Typically a pre-dated check or debit card number is required to automatically withdraw the funds or charge the card within that time frame. What happens is that the student is paid, deposits their money and the payday loan takes it as re-payment. If there are not enough funds deposited, or no funds deposited there is a fee of at least £25 and more fees as the payment is not made. This can cause the student's checking account to go into a negative balance with even more fees.

While a payday loan is a great idea for bailing out, a college student should check with a parent and make sure that the loan can be repaid and that it is absolutely necessary to take out the loan. For true unexpected situations, it is a great way to get the money you need, when you need it. Life can be filled with pitfalls, having a backup is always helpful. Use it responsibly.