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With rising cost of University fees and expenses, Graduates from the UK are the second most indebted students in the world. The average student debt burden has escalated from £10000 in 2007 to approx £32000 in 2017; wherein tuition fees already rose 300% from 2005 to 20012!
Post-Brexit, borrowing unsecured student loans from main street lenders have become even more difficult. Not all of your expenses are funded by your university loan and every student requires gap fill short-term loans in the midterm of their course. Herein, private financial technology (FinTech) is playing a crucial role by offering an alternative to conventional loans at a much cheaper rate.
From student payday loans to short term loans for students, tailored funding offers are available online for students with no or minimal credit history or low family guarantor. More and more students are relying on online student loans in the UK for small cash lapses during their course term. The repayments can be tailored according to their needs. Many students offer small weekly or fortnightly repayments so as to keep the low debt burden at the term end of their Graduation, while many others opt for delayed repayments.
You can fill a form on a website of a loan broker to explore the available loans for students near you. The deals are processed online and generally require only valid proof for University Admission to approve the loan.
Why have online student loans become so popular today?
Safer loans
Every now and then we come across news report citing loan sharks duping the borrowers with pressing needs. Loan sharks work on the psychology of a borrower and they are unlikely to leave the students! In face of so many scams and shams in the world and low availability of additional loans, online loan partners provide a legal and safe platform to borrow at justifiable interest rates.
Cheaper loans
The rate of student loans is better than bad credit loans and thus students can confidently use services of an FCA authorised loan broker to search the available deals. You can compare and choose the most pocket-friendly deal. The online student loans are also popular because they are cheaper than credit card borrowing.
Flexible repayments
These online loans are available as tailored loans and thus offer flexible repayment plans. You can assess your credit situation and figure out if you want to repay loan now or later; the loan amount, instalment and duration, everything is available according to your credit requirements.
No Hassles
Unlike conventional borrowing channels, no hassles are involved; and your loan approval is not dependent on credit history guarantor or collateral. Flexible plans are available for different profiles. From permanent residents to international students, all have started to rely on these quick loan facilities.
Borrowing has certainly become convenient with the advent of FinTech industry; nevertheless being a borrower you must plan for repayments before applying for the loan.
