People talk about living on a student budget all the time, but until you are actually in that position and living the life yourself, it’s hard to understand just how tight money can be. As a student, the majority of your time and energy goes into your studies and attending class, which leaves very little time – if any – for making some money. This is precisely why so many college and university students end up picking up part-time jobs, often in the service industry, so they can have some income while attending school.
But what happens when that part-time job doesn’t cut it, and you’re faced with an unexpected expense that you haven’t budgeted for? This leads us to short-term loans, and why they can make such good financial sense for students. If you’ve never considered using them before, here are five reasons you may want to take a second look at them.
Get the Cash Fast
One of the most exceptional features of these short-term loans is that you can have access to the cash fast. It’s not like a typical loan, which can take days, or even weeks to approve and then get the money in your hands. That may not be fast enough to cover your expenses. With a short-term loan, the approval process tends to be quite quickly.
Bad Credit Doesn’t Mean You Won’t Be Approved
Then there is the topic of bad credit. Many people assume that if you have bad credit, you can’t possibly be approved for a loan. Well, that isn’t necessarily the case; BingoLoans bad credit loans are a prime example of a short-term loan that won’t turn you away just because of your credit rating. A poor credit rating is something that many people out there struggle with, especially for students who haven’t yet had a chance to earn a true salary and get ahead with their finances.
Pay It Back Fast – Avoid Lengthy Repayment Terms
The fact that it is just a short-term loan can also work to your advantage, in that you will be able to pay it back fast – it won’t be lingering over your head and on your credit report for years to come. You simply borrow what you need, and repay it in the terms you have agreed to.
Not Everything Can be Budgeted
There is also the simple fact that try as you might, you just can’t budget for everything in life. Things come up, emergencies happen, and this is a great way to deal with them that is stress-free.
Ideal If You Don’t Have a Credit Card
If you don’t happen to have a credit card that you can simply fall back on, then a short-term loan can also make perfect sense. Perhaps you need to purchase school supplies, school books, or even upgrade your laptop? All of these can be made more affordable with a short-term loan that you can pay off in instalments.
Ideal at the Right Time
A short-term loan shouldn’t be seen as a long-term or permanent solution, but it can help students in a pinch that just need a little extra cash.