As a student, managing your expenses can be tricky. From rent and bills to groceries and course supplies, there are lots of costs you need to factor into your budget.
It’s no secret that university is expensive, and even with a part-time job you might find yourself falling short in certain months. If you are struggling with money, it’s important to explore all of your options. You should first speak to friends and family members, or approach your college or university to see if they can help.
Alternatively, personal loans for students can be used to cover financial emergencies or large one-off payments. For example, if you need to buy several expensive course books upfront, a student loan could help to spread the cost into smaller, more manageable weekly or monthly chunks.
For people studying at university, student finance can help to pay for course fees and living costs. The main loans available are tuition fee loans and maintenance loans, which are paid back after the student has graduated and started earning income over a certain level.
As well as these two types of loans for students, other finance options are available. Short-term student loans can help to cover additional costs incurred while studying. These personal loans are usually unsecured, and borrowed over a short period of time, typically up to two years.
When you apply for a short term student loan through ThisLender, you can request to borrow up to £5,000† in funding. The amount you receive will depend on your financial situation and chosen lender. Before approving your application, the lender will conduct affordability checks to ensure you will be able to repay the loan.
Our loans for students are available from £50 to £5,000† on an unsecured basis.
An unsecured student loan does not require you to put forward any personal assets as collateral for the loan. Most loans for students are unsecured, and are less risky finance option as borrowers do not have to offer their own possessions as security for the loan.
Generally speaking, it can be much harder to secure a personal loan if you have bad credit. The credit check forms an important part of the loan application process, as it gives lenders a better idea of your financial situation and previous borrowing history.
There may be a couple of reasons why a student has ‘bad’ credit. The first is that you might not have built up enough of a credit history to prove yourself as a reliable borrower. This is because you are only able to apply for things like loans and credit cards once you reach the age of 18.
Alternatively, you might have struggled with credit in the past. Things like late or missed payments can harm your credit score, making it more difficult to borrow in the future.
Loans for students with bad credit are available, but you should check your credit score before making an application. It’s important to understand that your credit file will stay with you for life, so the earlier you start to build your credit score, the better.
As a student, it might be tempting to apply for finance through a provider offering student loans on a no credit check basis. However, the credit check forms a vital part of the process.
UK lenders are required to conduct these checks before approving finance, so you should never agree to borrow from a lender who skips this all-important step.
At ThisLender, we work with a panel of trusted UK lenders who are able to arrange loans for students quickly. Instead of waiting weeks and weeks to find out if your application has been approved, our lenders make fast decisions and are often able to deposit the money into your account within 10 minutes² after approval.
With that being said, due to the flexible nature of the loans on offer, funding times will vary from application to application.
Struggling with money during university can be a stressful experience. In financial emergencies, loans for students offer several benefits:
We try to make loans for students as accessible as possible, however, there are certain criteria you will need to meet. To be eligible for a student loan, you must:
When discussing the loan terms of agreement with your lender, you should think carefully about how long you need to pay back the money. The repayment term describes the time in which you have to repay what you borrow.
At ThisLender, the loans for students on offer have 3 month to 36 month repayment terms. This means the longest time you have to repay the money is 3 years. It’s important to choose a period of time that will allow you to make comfortable weekly or monthly payments.
While it can be tempting to spread the cost of your loan over a longer period, this is not necessarily the best choice. Although you may receive a lower interest rate, you will likely pay back more interest overall.
The best loan for students depends on your individual circumstances - it’s important to do your research and compare lots of deals before making a decision.
We know that as a busy student working to meet various deadlines, you might not have the time available to do this. When you apply through ThisLender, we do the hard work for you.
After you make an application, we do our best to match you to the a suitable lender for your financial situation. Once matched, you will receive a tailored quote for you to review and to decide in your own time - remember, it's no obligation.
Yes, of course. Mature students studying in the UK are also able to apply for our loans for students provided they meet the eligibility criteria listed above.
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Representative 49.9% APR
Representative example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28 Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative. Rates from 45.3% APR to 1721% APR - your no-obligation quote and APR will be based on your personal circumstances. The minimum repayment period for any loan will be 90 days from the date the loan is issued. The maximum repayment period is 3 years.
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