Students in college often come up short on cash, and most young people lack the credit record to get a low-interest loan from a bank. There are several alternatives for students in college who need a loan to continue their studies or pay basic needs such as food and rent. Extreme care must be exercised in order to not put yourself in long-term debt that can bite you later on in life.
The most common way college students obtain credit in this day and age is through a credit card account. Many companies today still regard college students as a great way to get new life-long customers who are likely to remain customers for life. But beware of interest rates which can reach up to twenty percent or more. Payments depend on the balance of the account and can reach up to two or three hundred a month is the balance is high enough.
There are other methods that can be used by a college student without previous lines of credit, but most of them have very high interest rates and should be avoided if at all possible. Payday loans are one way in which you can obtain a large amount of cash if you have a job, but the interest rates are much higher than credit cards and you can find yourself in a never ending loop of paying off a loan, and then needing to borrow again just to pay off your bills.
If you're in school and trying to make ends meet, there are a few options you have to borrow money. Most of them are not great options and should be avoided unless you just absolutely have to have the money. Weigh your options carefully and select the option with the lowest interest rate.
The most common way college students obtain credit in this day and age is through a credit card account. Many companies today still regard college students as a great way to get new life-long customers who are likely to remain customers for life. But beware of interest rates which can reach up to twenty percent or more. Payments depend on the balance of the account and can reach up to two or three hundred a month is the balance is high enough.
There are other methods that can be used by a college student without previous lines of credit, but most of them have very high interest rates and should be avoided if at all possible. Payday loans are one way in which you can obtain a large amount of cash if you have a job, but the interest rates are much higher than credit cards and you can find yourself in a never ending loop of paying off a loan, and then needing to borrow again just to pay off your bills.
If you're in school and trying to make ends meet, there are a few options you have to borrow money. Most of them are not great options and should be avoided unless you just absolutely have to have the money. Weigh your options carefully and select the option with the lowest interest rate.
