Loans to students

Where can I get a loan for students on favorable terms?

Not everyone can get a loan quickly and without problems. There are several categories of clients for whom this is most difficult to do. First of all, these are students of any educational institutions. During the student period, you often need money and everything, but at the same time there is always not enough of it.

Under what conditions can I get a loan for students?

A student can only get an education at a bank, and then parents usually have to apply.

Loans are available to students and other persons upon reaching the age of majority from 18 years of age. At the same time, contacting a banking institution involves collecting other certificates confirming the solvency of the person. Often this is a certificate of employment or income. A loan to a student without official employment, without guarantors and collateral from the bank is subject to refusal. Reasons: inability to pay for the loan with your own funds, difficulties in collecting debt. For a banking institution, this is a socially vulnerable group of clients. TO

How and where can students without work get a loan? The optimal solution is to contact a microfinance organization (MFO). 

In an MFO, a student can easily get a non-targeted loan. True, microfinance organizations often limit the maximum amounts and repayment terms of loans for students. For example, if an “ordinary” client can count on 10,000 UAH issued for 30 days, then a student can be approved for up to 5-7 thousand. Such restrictions do not apply to every company, but they are still not uncommon.

What needs are student loans accepted for?

Student years are one of the most exciting periods of life. Many young people at this time are looking for themselves, have informal part-time jobs, earn money from freelancing and want to improve their conditions. Often a student loan is needed to:

• buy training courses, participate in events, realize yourself;
• cover basic needs: payment for housing, travel, clothing and food;
• purchasing gadgets, electronics, household appliances, etc.

Often technology is necessary for communication, such as a new smartphone. Also, students often choose to buy a laptop for studying. It is possible to receive funds for desired trips, etc.

Advantages of taking out a loan for students from microfinance organizations

Cooperation with microfinance organizations has a number of significant advantages, due to which there is demand among borrowers:

• fast processing. You can get a loan without leaving your home; you just need to choose a microfinance organization and conditions, fill out an application, get approval and transfer. This will take 15 to 30 minutes;
• minimum requirements and lack of bureaucracy. No large package of documents, guarantors, collateral, etc. is required;
• funds can be obtained in any region of Ukraine, without the need to visit branches or waste time in queues;
• extensions available. Many companies offer loan extensions of a week or more, without introducing penalties, if the borrower warns the microfinance organization;
• low interest rate or even a loan at 0 percent with first-time cooperation;
• loan approval even if you have a bad credit history.

What do you need to get a student loan?

MFOs put forward the same requirements for any borrower, regardless of age. The client must be over 18 years old, provide the original passport and TIN and have an active Ukrainian SIM card. If the loan is issued via the Internet, then you will definitely need a Ukrainian bank card (if you receive the loan at a branch, you can do without it).

Now we will describe how you can get a loan for a student step by step:

1. Select the microfinance institution from which you will take out a loan. An important nuance: some companies are not ready to issue loans to students, so before submitting an application or going to the branch, you need to study the conditions.
2. If the selected MFO has a branch near you, and you want to get a cash loan, you need to go to the office and fill out the application in person. If you want to apply for a loan online, you must submit an application through the website.

After submission, the application will be reviewed – this can take on average up to 30-60 minutes if you apply to the MFO for the first time. If the manager approves the loan, all you have to do is sign the loan agreement (if you apply online, it will be sent to you by mail) and then receive the money (in cash or by transfer to a card).

List of companies that are willing to issue loans for students

If you don’t want to call companies yourself and ask if they will approve a loan for a student, on the Bank-ua website you can find an up-to-date list of microfinance organizations that are definitely ready to give you a loan.

How to choose a microfinance company to obtain a loan for a student?

Any loans should be repaid; before choosing an MFO, it is important to calculate your financial capabilities. You need to plan the loan so as not to aggravate the situation. For this it is recommended:

• apply a filter system on the online loan comparison service to identify current offers and save time searching for them;
• use sorting by the lowest rates, you can find the option of an interest-free first loan;
• read the terms and conditions in detail in order to have information about contractual obligations, possible charges, fines and sanctions;
• select several suitable microfinance organizations with optimal loan conditions;
• fill out an application, indicating personal and other necessary data;
• wait for notification that the student loan is approved and receive a money transfer.

The Bank-ua website contains the most important information about each such organization, so you can quickly view the conditions and choose the most profitable option from the list. When searching for an MFO through Bank-ua – an online loan comparison service, you will spend literally a few minutes choosing, whereas you can search for a suitable option yourself for several hours.

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