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At first, one would think that a loan for students is a thing of impossibility – underage students from secondary schools and high schools can not conclude a loan agreement! As in many other areas of life is not everything as it seems at first glance. In fact, it is virtually impossible for minors to complete a loan to afford a purchase or to fulfill smaller dreams. However, students are not automatically minors: students, retrainees and evening students are theoretically pupils – and they may apply for a loan under certain conditions. What conditions have to be met and how to increase your chances of obtaining payday loan for students, we will reveal here.
All facts about the guidebook “payday loan for students” at a glance:
- Minors require the consent of their legal representatives and a family court to conclude a credit agreement in Germany
- In addition to the age of majority is also a sufficient credit rating to the conditions for a loan for students
- Pupils must therefore undergo a comprehensive examination in advance
- In addition to the house bank, also offers partial loans for students
- Guarantors or fellow borrowers can increase the chance of a loan
How to increase your chances of obtaining payday loan for students and where to find such loans? We have the answers!
1. Loans also for minors? Requirements for a loan for students
The typical adolescent student who attends a secondary school, a secondary school or a high school actually receives a loan only in extreme cases. In order to receive a loan, students must meet some important requirements. These prerequisites primarily include the age of majority or the ability to work. If this condition can not be met, the chances of getting a loan against zero will also be reduced. Only the signatures of guardians or legal representatives and the consent of a family court can pave the way for a minors to obtain payday loan for students.
However, since students do not have to be exclusively minors, as returnees, evening students and vocational students are theoretically considered students, a stable income is one of the prerequisites that must be met for a payday loan, in addition to the age of majority. This income must be sufficient to cover the cost of living and to ensure repayment of the loan. If this is not the case, the likelihood is high that the loan will be rejected . With some tips and tricks, students can still partially get a loan.
Students do not automatically have to be minors, because even vocational students, returnees and evening students are considered students. The prerequisites for a loan for pupils therefore include not only sufficient income but also the age of majority and, accordingly, the ability to work. However, with the consent of the legal representatives and a family court, minors can sometimes also receive a loan.
2. Loans for pupils: contact points under the magnifying glass
Loans for students are sometimes given as regular installment loans , provided that the conditions can be met. An installment loan comparison helps to find the best provider. Alternatively, to students who wish to take out a loan to complete, also contact broker portals like auxmoney: If you decide to collect or with a Lendico credit experience to take a loan from private in claim about other portals, one benefits from more attractive conditions and a higher tolerance of investors – especially in comparison to conventional bank credit. However, if you can not meet the usual requirements, you will not get payday loan for students in this way either.
Partly, however, you can also get a loan : The “” supports consumers in their further education through education loans, Bafög bank loans and payday loans. On the website of the can be informed about these offers and the associated conditions – loans are usually not obtained from the credit institution itself, but instead from banks with which cooperates. Again, a credit comparison can be beneficial.
In addition to the house bank, students can also make use of intermediary portals such as auxmoney or Lendico loans from private sources, provided that they can meet the necessary requirements. The providers also helps consumers with loans for their further education – however, these loans are generally not granted by itself, but rather by banks with which the institution cooperates.
3. 3 Tips for Better Chances for a payday loan
As a rule, students are not particularly welcome as borrowers at banks and intermediary portals, as they generally bring only little or no income of their own. For this reason, when applying for a payday loan, there are some tips that we would like to introduce here:
1. Banks want collateral
If you meet the necessary requirements for a loan for students, collateral can convince the bank of an approval of the loan application. Since students usually do not bring their own property, real estate or cars to deposit as collateral, you should resort to guarantors or co-applicants: if the application is signed by a relative or stable-income partner, the most important requirements of the banks are met and the credit is basically nothing in the way.
2. Small stacks is the motto
Especially as a young borrower, who has just reached the age of majority, you should only take loans in the worst case, so as not to start with debts in adulthood. If you still need a loan, you should keep it as small as possible: Short-term loans are a recommended option and even a small loan comparison can be worthwhile.
3. A provider comparison must not be missing
If you want to take out a loan for students, you should set the most important criteria in advance. After that, it is important to make a provider and credit comparison comparison that will allow the customer to access their loan at optimal terms while enjoying the best services. Comprehensive invoices are inevitable in advance: How long may the term be? How high should the monthly rate be? Where is the maximum limit of the interest rate? These and other questions must be answered by the borrower in advance.
Since students who take out a loan usually have little or no income at all, they should be able to provide the bank with collateral and / or a guarantee to protect the bank from payment defaults. In addition, the credit should be as low as possible, especially for young borrowers, and even a provider comparison can help find the best loan. It may be useful to check loan options for large families .
4. Alternatives to payday loan in detail
While evening students or returnees usually have a regular income, with which they can ensure the loan repayment , this is rarely the case with young (vocational) students. In order not to unnecessarily accumulate debts , they should primarily ask whether a loan is absolutely necessary and whether one can not possibly avoid a loan. The first question is this: Do I really have to make the purchase or use the service that is to be paid for with the loan? The borrower must know the answer to this question himself – but there is basically a simple rule of thumb: If the purchase is for personal comfort , should one refrain from it – if it is used for professional or personal advancement, a loan may be justified.
If one has come to the conclusion that the purchase is actually necessary, one can finally look for alternatives to the loan . Unless the money is urgently needed, it is of course advisable to first save on the purchase and work it out in this way. For urgent projects, you can rely on the help of relatives or friends instead of a loan – here, the interest rates (if they are even available) are usually much smaller than the bank loan. If you finally have a portion of the required budget together, you can also look for alternatives to the actual purchase or second-hand goods or lending options to save money.
Especially with a small budget you should first ask yourself whether the purchase is really necessary – this is usually the case when it serves the personal or professional advancement. If so, then other considerations are worthwhile: Can I also save myself for the purchase? Can relatives or friends help me with the financing? Can I switch to used models or rental options? These and other questions help to save money and avoid expensive loans.
5. Conclusion: Not every student is a minor!
Although a payday loan usually starts with a young “schoolchild,” vocational students, returnees or evening students are usually of legal age and sometimes bring their own money. If this is the case and provided that the borrower is actually of age, he can in principle also take a loan. However, collateral is always an asset, as well as a provider comparison that helps the borrower find the best loan. funding programs, such as training, may also be the right solution for students.
Let’s find out how you can receive a payday loan without a paycheck. All the characteristics of the loans offered by the bank and the requirements necessary to access the credit we need. So we will see what are the best loans for the unemployed…
How to apply for a payday loan
Payday loan are a particular form of consumer credit not aimed directly at the purchase of goods and services. It is possible to access the request for a personal loan, in an absolutely confidential and secure form, through the platform . Simply click on the “account and card” tab, enter the area reserved for loans and loans, and choose the payday loan option.
You then have access to a loan simulation at the end of which, once you have entered the amount and duration required, you can proceed with the online request.
The procedure, at this point, will require you to produce a certain number of documents. In addition to those necessary for personal identification, it will be necessary to insert an income document to certify the applicant’s financial capacity and the solvency of the applicant . You can then insert a copy of the last paycheck or the latest tax return. For pensioners it will be necessary to insert the last taxpay of your pension.
At the end a contract will be drawn up which, after careful examination, can be signed in digital form . At this point will have all the necessary elements to instruct the personal loan procedure and accept it or not. For all those who are unfamiliar with technology, it is possible to request a personal loan via the web platform by printing the contract that must be signed and sent together with the documentation requested by registered mail.
The request option is still open to all through your financial advisor.
Technical characteristics of a personal loan.
All the conditions and technical characteristics of a personal loan are contained in the information sheets relating to the product that makes available to its customers both in paper and digital form . The minimum amount that can be requested is € 2,000; the maximum is € 50,000 . Requisites needed to access the request are: to be a Fineco current account holder for more than three months and a balance equal to or greater than 500 euros.
The duration of the loan that can be requested is variable in relation to the amount . There are three possible bands; from 2,000 to 4,000 euros disbursed, an amortization period of 12 to 48 months can be chosen; from 5,000 to 10,000 the maximum duration is raised to 72 months; the last band up to 50,000 euros allows to extend further to 84 months.
The passive rate varies according to the market conditions and the client’s financial capacity. The latest available figure shows a 2.95% Tan reserved for Private customers (with assets invested of at least Euro 500,000); customers who have a salary or pension credit in the Fineco account enjoy a 3.95 Tan. The maximum rate applicable is 6.95%.
The loan disbursement and the installments are debited directly from the Fineco current account . The customer has the right to rethink within 14 days from the conclusion of the contract and can exercise withdrawal communicating it to the Bank by registered mail.
If the client decides to repay the loan in advance, he / she will be entitled to grant the Bank a penalty of 0.95% if the contract has a residual duration greater than one year and of 0.50% if the duration is less than 12 months. In the event that the residual debt is less than 10,000 euro, no penalty is payable for early repayment.
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Do you need extra money for your expenses? Now you can also apply for it completely via the internet! How to get a payday loan by phone?
Borrowing money thanks to access to the network has become much easier. Now we can get the sum we need without even having to leave the house – we will arrange everything on-line. Internet payday loans are currently offered by banks as well as by non-bank companies. Many of them also allow you to receive funds by phone.
A payday loan by phone is generally available in several ways, depending on who gives it. We can apply for it via a special mobile application or on the phone or by SMS to the payday loan company. Let’s take a closer look at these methods.
A payday loan through a mobile application
Such an offer is available both at banks and non-bank lending companies. It can be used by regular bank clients – even in a few clicks. This is possible because in their case the bank has access to the account history, so it can easily calculate the creditworthiness. We do not have to provide any documents then – we simply indicate the amount we want to receive, we choose the repayment period, and then we confirm the desire to obtain a payday loan.
More and more payday loan companies also use mobile applications. Such an offer has, among others, Aasa – the free application Moja Aasa Mobile allows you to submit a payday loan application by phone, while ensuring full data security.
A payday loan by phone or SMS
The second option is a payday loan offered during a phone call or by SMS. Such an offer, however, is available mainly in non-bank payday loan companies and for regular customers.
Then you can send an SMS with an indication of the amount and repayment period according to a special pattern or inform about the willingness to take a payday loan during a telephone conversation – then the funds can be activated immediately.
We can also apply for a payday loan during a telephone conversation in some banks. However, it takes more time than submitting it online.
By phone only payday loans for smaller sums
Basically, by phone we can get cash payday loans only for quite small sums, which do not require confirmation with any documents. How much we can get depends mainly on our creditworthiness and creditworthiness, as well as the limits of the payday loan.
In the case of bank payday loans, it is usually an amount of up to several dozen thousand zlotys – depending on our ability calculated on the basis of receipts and expenses from the account. For non-bank payday loan companies is the amount of from about 100 to 10 000 gold even for the payday loan installment. In the case of payday payday loans, this limit is smaller and usually ranges from 2,000 to 4,000 PLN.
In summary, a payday loan by phone is a good choice when we need a quick financial injection – anywhere, anytime. It is enough that we will have a mobile phone with us, in a few simple steps to submit an application, and then even within a few minutes to receive money.