Over the past couple of years, student loans have become increasingly popular – It’s because they are fast, easy and risk-free
It is especially young people who are hard pressed on the economy who apply for quick loans online, as they are usually students and do not have as much money to do with their daily lives. The focus of the study is good, but it results in less time for student jobs, which is why quick loans become more and more popular to apply.
The pressure in Denmark is so high
That students need more time in the real study and therefore do not have enough time to be able to have a study job. The young people instead focus on borrowing money for clothes, city trips and the fun life while studying and instead secure a high average on the study, so that they can get a good paid job – and pay off their loan – when they have finished to study.
This increase in applications for quick loans has meant that providers are willing to take more risk, and more and more are coming.
This increases competition in line with demand, which means that prices and interest rates will be lower and lower. Over the last couple of years, a quick loan has actually come down to the level of a regular consumer loan from a bank – and someone even offers it as a mortgage loan, so a student has an alternative to a student loan.
The possibility of taking out a student loan outside the SU Board has increased since you can now easily and quickly apply for quick loans online. Always remember to take a look at interest rates when taking out a student loan. Up to 100 students take out quick loans in Denmark each month according to Statistics Denmark.
Borrow money as a student
As a student, you typically do not have the opportunity to borrow money in the bank as your income is too low. Therefore, you have the option of either applying for an SU loan or taking out a quick loan. An SU loan is a long-term decision where you borrow money each month to supplement your SU. Interest rates are among the lowest in the country and you only have to pay back when you finish studying. BUT, it also means that you, as a graduate, have a very large debt that can put a strain on your finances many years into the future.
Therefore, a quick loan may be a good idea to consider if you only need money periodically. There is no reason to lend money every single month, which you will later have to repay if you actually only need a little extra every now and then. Many loans are now applied to students, and both the amount, installment rate and maturity are flexible, so you can get a quick loan that suits you and your situation.
A student loan is typically a quick loan with a relatively low interest rate. The amount is not very high and you have to repay the loan within a short period of up to a few months. On the other hand, you do not have very high credit rating requirements. The loan can be taken quickly and easily via computer or mobile and you will have the money in the account later the same day or the day after, depending on the provider. So it’s both easy, fast and cheap.
A quick loan can be used for you as a student if the economy burns for a month. The money can cover food and household goods, but you can also borrow for unforeseen expenses or expensive study books. Just remember that there will be a little extra money to pay off the loan in the coming time.
Best bank for students
Although you can rarely borrow money in the bank as a student, there can still be benefits by looking a little at what the banks offer young people and students. The vast majority of banks have special offers for you.
It can be:
- Information Evenings
- Higher interest rates
- Financial advice
- Discount on insurance
- Budgeting help
At some banks, you may be lucky enough to borrow, even if you are a student. For example, it may be if your cohabitant has a good income, if you have a large savings, or if you earn well next to your studio. However, this is the case for the fewest students – and even if you are allowed to borrow in the bank, it will most likely have a collateral requirement in one form or another.
Find the Cheapest Mortgage
As a student, money is typically small, which is why it is especially about finding the cheapest loan. In some places, you can take out small loans for free if you are a new customer with the loan provider, and then of course it is important to know if the loan amount and maturity are right for you.