Planning for Additional Student Loans with No Credit History

Being a student in the UK, you must have successfully borrowed loans for University fees and other college expenses. Student loans are conveniently offered subsidised loans in the UK and get a waiver until they begin earning well. According to Plan 1 (those who availed loan before 2012) threshold if you earn £17,775 or below you need not pay out anything. While, Plan 2 (those who availed loan after 2012) threshold is capped at £21,000.

Most of student loans are disbursed in parts, just before the commencement of every academic year or semester. However many a times, in the middle of the academic session a student may require additional student loans.

In any case, your lender would not prepone the loan disbursement and you would need something to fill the gap. Herein you can apply for private loans right from your college campus online. The entire loan processing is hassle free and concluded online.

All you need to do is conduct a simple Google search for the same. However it is important to ensure that you do not build bad credit history while searching for best short term loans for students in the UK. For a lot of loan sharks are also active in the market. If you happen to deal with a pawn shop while making a private loan deal, you are likely to be duped due to hidden charges.

Thus it is always recommended to contact a reputed loan broker with fair experience in student loans. You simply need to visit the website of a loan broker and share your loan needs. As you submit your application, a broker would call you to guide regarding your credit situation.

They explore all the available options and share practical deals available in the market. You can compare and choose according to your financial position.

While choosing a student loans keep following things in mind:

1. Do not borrow more than what you need

Being a young borrower it is important to ensure that you do not borrow more than what you require. Or it would add unnecessary stress for repayment. Unlike your education loan, this additional loan would come with interest rate and thus it would be wise to keep the financial burden minimum.

2. Do not borrow for long

You must ensure that you do not borrow for a more than a few weeks. Raising longer loan would entail higher interest cost.

3. Have a repayment plan

Unlike your main student loan, you should plan to repay this loan along. Mostly students plan additional loans from their next loan disbursement. You should learn to manage funds appropriately and improve your credit health by repaying on time.

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