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Quick Student Loans

By: EconomyWatch Content Date: 15 December 2009

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Qualifying for a student loan is often a daunting task. Most student loan providers, federal and private, conduct a thorough credit check before sanctioning an education loan. This lengthy procedure may cause a student to miss enrollment deadlines in college or university. A student can consider other alternative quick student loans, such as payday and university loans to avoid this detrimental scenario.

Quick Student Loans: Payday Loans

A payday loan is an excellent education financing option for working students as it provides instant finance for meeting sudden, short-term expenses. Payday student loans accompany quick approval, wherein the funds are credited to a borrower’s checking account within 24 hours.

Unlike conventional student loans that accompany a maturity period of about ten years, a payday student loan spans an average duration of 13 to 35 days.

Such short-term student financing options can be considered over other education loans when:

· The borrower is certain about obtaining/ saving sufficient funds by the expiration of the payday-loan duration, thus meeting payments effectively.

· The interest borne by the borrower is lower than the costs that would be incurred in the absence of the loan.

· The cash limit on a credit card has been exhausted or when payments on a credit card do not qualify for interest-free payment periods.

Though payday student loan approval does not involve a credit check, an applicant needs to present recent pay stubs to the lender, to prove that s/he has an adequate monthly income.

Quick Student Loans: University Loans

Some colleges and universities provide eligible candidates with university student loans.

These loans are usually financed through a fund created with alumni contributions, wherein repayments (with interest) are added to this fund. The terms of such loans are established by the college or university itself. This eliminates the need to qualify federal guidelines and thus, facilitates quick student loans approval.

A university student loan may be short-term as well as long-term. Short-term university loans are favorable over payday loans as they accompany low interest rates, which may be as low as 1% (offered by University of Florida).

The long-term university student loan rates and terms vary from college to college, which are typically at-par with conventional private education loans. Remember, most university loans have a repayment period of ten years and accompany a six-month grace period.