How do short-term loans for students work?
Short-term loans for students are designed to offer emergency funding. Most students don’t have steady income and may have a problem getting approved for standard loans. Short-term loans, on the other hand, offer financing with more lenient lending criteria and very short approval times. This allows students to access emergency funds they can repay when they get income from other sources.
Most lenders require students to provide their identification details and show they can repay their loans by providing 90 days worth of bank statements. The online application and approval process removes the need for any paperwork or face-to-face meetings, allowing you to possibly get your money faster. Remember that you may be required to pay for the loan in less than a month depending on the terms of your particular loan, and that the interest rates are a lot higher than what you’d normally find in a personal loan.