Payday loan for students? Find out how

Payday loan for students? Find out how


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.