Personal Student Loans

by Mack Bartlett

Are you a student finding yourself struggling to make ends meet with all the responsibilities you have between school, homework, bills and other expenses? It’s not uncommon to be able to hold down a full-time job and keep up with your studies at the same time. Although everyone struggles from time to time, there are certain circumstances that come about in which we simply need to have money right now.

Personal student loans are one way that can help you wade through the slim times as a student. One of the most difficult hurdles to getting personal student loans is that you may not have the credit history that is necessary to actually qualify. Do not despair because there are ways for you to qualify. It may require that you have a cosigner or legal guardian sign for the money to ensure that it will be paid back. You may find that your parents can’t cosign for you if they’ve been hit with any financial difficulty in recent years because they might not qualify either. So you’ll need to look into different options. Although it can get discouraging, there are some student loans that are available for people with no credit or low credit scores.

One option for getting a personal student loan is through the government. Typically these loans are only available for college tuition and books, but it may be enough to help you get to a point where you can come up with the money you need to fuel the rest of your expenses. Another option while you’re waiting for approval on the loan, is to get a credit card but make sure that you use it smartly and don’t get yourself into financial trouble. Use it on occasion and make sure that you pay the balance when it’s due and it could actually help you build a good credit history in a short period of time.

Of course a serious situation may arise where you really need a personal loan and if this is the case you may need to go through what is typically called a payday loan. There may be a hang up getting this type of loan if you’re a full-time student seeing as you need to have held a job for a month or more. If you have a job, then there shouldn’t be a problem but the best thing that you can do is to talk to a qualified loan officer to see what they can do for you. You would be surprised what can be accomplished if you really put your mind to it.

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