Life as a college student in the USA can be extremely challenging, there is mounting student debt and work can be hard to come by whilst a student in any college, no matter which state you are in. If you are a student and are starting to struggle for money you may have considered applying for payday loans online.
If you need to pay your bills this month then there are ways that payday lenders may be able to help you out as a student. It is always important to make sure that you will be able to repay your loan on time so that you do not face any of the consequences of not repaying your payday loan.
As long as you fit the eligibility criteria then lenders will consider providing a payday loan to a student. With Kallyss, you can get a payday loan up to $1000 in the form of a $1000 cash loan from many different companies online, within one working day, so if you have experienced an unexpected cost such as car repairs or a medical bill you can use Kallyss to find the most suitable lender for you.
This guide takes you through whether students can get payday loans, if they should apply for them and what they might be able to use the money on if they receive a payday loan.
Can Students Apply For Payday Loans in the USA?
Yes, it is possible for students to get payday loans. As long as they follow the eligibility requirements then they will be able to apply and possibly receive a payday loan. There are however, differences between states in the US. For example, if you need an instant payday loan in Texas, the process and the rules will be different compared to say, payday loans online in Ohio or Indiana when it comes to borrowing money as a student.
It is up to the lenders and their discretion as to whether a student is accepted for a loan. A past history of missed repayments or a skewed financial background might be problematic for the lender but in theory it is still possible for students to get payday loans online.
Moreover, it may be harder for students to get payday loans because they may never have applied for a loan before so lenders have nothing to base their understanding of the applicants ability to repay the loan properly.
However, as long as these requirements are met then they will be able to apply and, upon approval and acceptance, receive a payday loan within potentially 1 working day:
- Be a U.S. resident
- Be over the age of 18
- Be in steady employment with a stable income
- Earn a minimum of $800 per month ($9,600 per year)
- Possess a valid mobile phone account and number
- Possess a checking account for the loan to be deposited (if approved)
- Be able to afford the loan repayments
- Be a resident of a state that allows payday loans (such as California, Ohio, Nevada, Texas etc.)
Should Students Get a Payday Loan?
There are some benefits but also some disadvantages when it comes to students applying for and receiving payday loans. Therefore, it is worth considering everything before applying for a payday loan as a student. This includes looking at alternatives to payday loans such as borrowing money from your family and friends.
A student’s situation is worse even if they are not able to have a part-time job because of their work or if they do not receive an allowance which would allow them to repay their payday loan. An un-paid internship programme will not provide you with the money to repay your payday loan, which although might be useful will not cause further trouble when you do not repay in the future.
There is nothing wrong with students trying to find ways to pay an emergency expense, especially if they are eligible for a payday loan with Kallyss. Remember to pay on time and students can get a lot of use out of getting a payday loan, helping them to keep on grinding through the semester and one day prosper.
Why Do Students Need Payday Loans?
The daily living expenses of a student can be high during the studying semester and therefore there are many things that a payday loan could be used on if you are student. The tuition fees alone are extremely high and the cost of equipment that students need to just pass their exams is also a lot of money. Students may find that being able to borrow money online instantly can be a great help in the immediate term when they need cash fast. Even if a student just needs a $400 online loan, there are lenders out there online and offline who may be able to help.
If a student was to get a payday loan there are many areas that they might want to spend their money on, these include:
- Tuition or school fees
- Room or apartment
- Books and other school supplies
- Emergency medical bills
As long as students have a job or an allowance and understand that they have to make repayments on time to their lender, then, whether they need a quick 500 dollar loan or perhaps an even smaller $100 loan, a short term loan online may be useful to help them get over the line at college and be successful in school.
What Are The Alternatives To Student Payday Loans?
Although student payday loans have their advantages and can help students when they need money fast and when they are struggling to find the cash they need, there are alternatives that students may consider so that they do not necessarily need to apply for a payday loan or other form of short term loan online. Possible alternatives to a payday loan for students may include:
- Asking friends and family to help
- Using existing sources of funds such as credit cards
- Student loans (if the interest rate is lower and repayment period longer)
- Speaking to their bank
However, always remember that you should never take out or even start to apply for a payday or other type of loan if you are not sure you will be able to repay it in full.