As a student, if you need a loan and cannot borrow from family or friends, you will need to know where to turn. Firstly, there are student loans that are designed specifically for students and help pay for tuition or board – costs related to studying. If you need cash above and beyond, you may need to look into personal loans that are available for students. This may include needing a loan with no regular income, no employment, no credit score or even no bank account. While it may sound unlikely that you will get a loan with those terms and that much flexibility, they do exist in the form of car title loans. Let’s first look at how to apply for student loans.
Applying for Student Loans
Before we can see how to apply for student loans, we need to understand them. Student loans are types of loans that are available only for students and only for student-related expenses. There are two types of student loans – private loans and government loans. We will look at how to apply for student loans that are government loans. Once you have chosen your college you will need to apply for the loan. You need to apply to both the college and the government. When you apply to the government, you will need to provide detailed financial information and this will be used to determine how much of a loan you will be eligible for. This information will be passed onto the college where you applied. The college will use this information, together with the total amount of funds they are allocated for loans and will award loans on a first come, first serve basis. This means that the amount you are eligible for at one college may be different compared to at another college due to the amount they are allocated by the government, the number of students at the college, the number of students applying for a loan etc. In many cases, the loans only need to be repaid once you are working or once your student load drops below a specified amount.
Applying for Car Title Loans
If a student loan is not enough to get you through and you need an additional loan as a student with no bank account, a car title loan may be ideal. These are secured loans that use your vehicle as collateral, but with that comes flexibility that makes them ideal for students. There is no requirement for a bank account, no credit check and no employment requirement. For students who may find it difficult to meet the requirements of traditional lenders such as banks, these loans may be suitable. The other benefit of car title loans is that they are personal cash loans and so can be used for any purpose. The cash can be used to help you towards your tuition or board or can be used for bills, groceries or entertainment. The application process is simple and quick with the loans available in as little as an hour.
