Is it time to start applying for student loans? Student life is fun, but it’s not always cheap. People often overlook the fact that students aren’t exempt from regular monthly expenses. You’ve still got to pay for food, transport, accommodation, and recreational activities, all while your available earning hours are severely diminished by the hours you spend “hitting the books.” And this is all before you begin thinking about the overall cost of your studies and study materials.
Maybe you work part-time, or maybe you get an allowance from your parents – whatever the case may be, if you earn some form of income no less than $350 per week, you’re eligible for a loan. At Pronto Paydays, we understand that every student’s financial needs are unique, and that’s why we make it our duty to present your loan request to some of the best student loan providers in Australia.
What is a Student Personal Loan & How Does it Work?
With a student loan from Pronto Paydays, you can borrow money to pay for your studies and further your education. Taking out such a loan requires you to borrow a set amount and pay it back over a specified period plus interest. In accordance with the law, if you apply for a student loan below $2,000, you can expect 0% interest to be charged.
With a short-term loan for students, you can pay for a variety of student-specific costs. These include:
- Tuition fees
- Daily living expenses
A student loan is more than just cash in a hurry. It’s a sense of relief knowing that you can focus on your studies with all your costs paid instead of worrying about how you will make ends meet.
Filling out a quick and easy online application form will get you the loan you need, just like with any other easy loans. The form will require your personal particulars, financial information, banking details, employment information, and a few other basics. Once the form is submitted, you’ll e almost instantly informed of the outcome. If it’s a “yes,” you can expect the money is as little as just 60 minutes. If it’s a “no,” we will let you know immediately. You may have to seek out other funding.
One big plus with Prontopaydays.com.au is that we work with a panel of Australia’s most reputable lenders, and your application reaches them all by completing just one application form. Our system saves time, money, and frustration. No doubt you have studying to do and classes to attend, so why wait around for lengthy approvals and payouts when you can get everything concluded on the very same day here at Pronto Paydays!
Types of Online Student Loans
At Pronto Paydays, we can link you to a variety of online student loans that are perfect for students. Some of these include:
Student No Credit Check Loans
Having a good credit rating is not the most important thing in life or in the small loans application process either! While bad credit loans can mean a higher interest rate, having poor credit history doesn’t mean that you can’t get a loan.
You might have bad credit, but the chances are that you don’t have any credit history at all. That can be almost as bad as bad credit. Building credit is easily done with a no credit check loan at Pronto Paydays. And what could be better than boosting your credit rating while paying for your student life expenses!
At Prontopaydays.com.au, our credit check loan options are just perfect for students! With this type of loan, lenders will consider your current affordability instead of simply relying on the outcome of a credit check.
Keep in mind that no credit check loans at Pronto Paydays can be paid off over up to 24 months and come with 0% interest on loans under $2,000 and up to 48% annual interest on loans from $2,001 to $10,000. Furthermore, to qualify for a cash student loan with no credit check, you must earn at least $350 per week.
Best Student Guarantor Loans
If your parents are willing to support you, they may be interested in co-signing a student loan online with you to stand as guarantors. When your parents or guardian sign as a guarantor, it means that they will take over the cost of the loan if you end up unable to repay the loaned amount. Just like regular cash loans, the guarantor loans at Pronto Paydays are paid out within 60 minutes, or at the most, 24 hours.
Student Unemployed Loans – Loans for Students with No Job
If you’re a student without an official job, you can apply for an unemployed loan. With this type of loan, you won’t have to present payslips, but you will have to prove how you will pay the loan back. Good forms of income proof include allowance from your parents as well as freelance or part-time work earnings.
At Pronto Paydays, you can apply for student loans that range from $200 to $10,000 and can select a payment schedule that suits your financial situation. These loans can be paid back weekly, fortnightly, or monthly. Each applicant of a student loan is treated as an individual. That means the lender will take a look at your request, your income vs. your expenses, and determine if you’re likely to afford the repayments. If you’re deemed a viable candidate, the money will be paid into your bank account within an hour.
Features of Student Loans
Interest Rates of Student Loans
Prontopaydays.com.au’s lenders determine their interest rates in accordance with Australian law. That means 0% is charged on a student loan online of less than $2,000 and up to 48% maximum annual interest on loans above $2,001.
Flexible Loan Amounts and Terms
With Prontopaydays.com.au, students can borrow flexible loan amounts and take their pick of terms up to 24 months. In most cases, our panel of lenders sets up a favourable repayment plan with an extended period that leads to lower monthly instalments – the lender discusses this with the borrower when finalising the contract.
Payout Times for Student Loans
The lenders on our panel fully understand that when a student applies for a loan, they don’t have a lot of time to wait around. As such, the funds are paid out as quickly as possible. Usually, the funds are paid out within 60 minutes, but the payout can take up to 24 hours in some cases.
Loan Amounts for Student Loans
At Pronto Paydays, you can obtain a loan for anything between $200 and $10,000. Even though the max loan amount is $10, 000 only request what you need as it will heighten your chances of approval and ensure you’re not paying off excess debt.
Examples of Student Loans
Below is a look at what you can expect when taking out a loan for students at Pronto Paydays.
|Lender||Max Loan||Loan Term||Disbursement||Fees|
|Nils||$1500||12-18 months||Paid to Supplier||None|
|Sunshine Loans||$2,000||9-14 weeks||60 Minutes||20% establishment 4% monthly fee|
|Ferratum Money||$1,900||3-12 months||Same day||20% establishment 4% monthly fee|
|Jacaranda Finance||$4600||9-24 months||Within 48 hours||20% establishment 4% monthly fee|
These figures are just estimates and subject to change.
Advantages and Disadvantages of Student Loans
The loans for students available through Pronto Paydays come with various advantages and disadvantages attached. They are as follows:
· Improved Credit Rating
As a student, taking out a loan gives you the opportunity to build a good credit rating. Pay your loan on time and in full, and you will start off the rest of your life with an excellent credit rating. Even if you already have a bad credit rating, a short-term loan that’s successfully repaid can help improve your rating.
· 0% Interest on $2,000 Loans
As a student, you’re probably very aware of the expenses you’re faced with. Paying interest when you’re already in a tough financial spot isn’t an alluring prospect. Paying 0% is alluring, though! According to government law, lenders cannot charge interest on loans of $2,000 and less. You will only pay a 20% establishment fee and a 4% monthly service charge. No interest loans are the best student loans in Australia, don’t you think?
· 60-Minute Payouts
When students apply for loans through Prontopaydays.com.au and are approved, they receive the funds in around 1 hour. In some instances, it can take up to 24 hours, but that’s rare.
· Can Be Expensive
Depending on how much your loan is, instant cash loans for students can be expensive. If you apply for a small amount and pay it back over a short term, you stand to benefit.
Eligibility Criteria for the Best Student Loans
Applying for a student loan in Australia couldn’t be any easier. Below is a look at the criteria.
- Only Australian Citizens and permanent residents can apply
- 18 years of age
- Must have an Australian address
- Must earn at least $350 per week
- Present validation documents: Proof of address, ID, and proof of income
How to Apply for a Student Loan
Our goal here at Prontopaydays.com.au is to apply for student loans as quickly and easily as possible. It’s important to spend some time thinking about how much you can genuinely afford to pay each month on a loan instalment. You can find a variety of helpful finance calculators on the MoneySmart website.
Here’s how to apply once you know how much you can afford.
Step 1: Click “Apply” & Fill Out The Application Form
On the top right of the screen is the “Apply” button. Click on the button and then fill out the application form. Some details you will be expected to provide: ID, proof of income, residence, and banking details, along with the amount you wish to borrow.
Step 2: Wait for Approval
From the moment you submit the application to the time, you will hear back from our lenders is around two minutes! If you’re accepted by one of them, our system will transfer you to their website to complete the registration process. The lender may require you to provide some supporting documentation or more details.
Step 3: Review & Sign the Loan Contract
The lender will send you a loan agreement to sign. Before signing it, read through the terms and conditions and make sure that you understand the entire contract. When you are comfortable doing so, sign the contract and return it to the lender. The lender will make final approval and move on to the next step.
Step 4: Wait 60 Minutes for Your Cash
If your application is on order and the contract is signed, the lender will pay out the funds within 60 minutes. This can take 24 hours in some cases. Now you have the cash you need to do with what you want.
How Long is Student Loan Approval Waiting Time at Pronto Paydays?
The approval process is so fast; you probably won’t know it’s happening. Once you’ve submitted your form, it takes about 2 minutes for lenders to reach out with a loan offer.
My Credit Score is Bad- How Much Can I Borrow on a Student Loan?
At Pronto Paydays, our loans range from $200 to $10,000. If your credit score is bad, the lender will determine the amount offered by assessing your income vs. expenditure and consider if the money you’re getting every month will cover the requested loan.
If I Apply for Loans With 10 Same Day Lenders, Will it Affect My Credit Score?
Yes, if you consistently apply for cash loans, it can look bad on your credit score. When applying with Pronto Paydays, you apply just one, and the entire process has no negative effect on your credit history.
Why Is There No Interest on Small Same-Day Student Loans? What’s the Catch?
There is no catch! According to the Australian Securities and Investments Commission, fees on small loans up to $2,000 in Australia are capped to protect the borrower. While you won’t pay the 48% interest that lenders can charge on higher loan amounts, you will still pay certain fees. These include the 20% establishment fee and the 4% monthly recurring charge until the loan is paid up.