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Students in the UK will return to university in September upon commencement of the term. During the summer, most students have part-time jobs to save up for the remainder of the academic year and cover both living and educational costs. Many UK students rely on the availability of student payday loans to assist with numerous expenses.
Owing to changes in economic conditions and the expense of groceries, rent, books and study material, there is a pressing need for loans. Unfortunately, there is a rise in the use of individual savings to address these costs that may have been supported by a traditional student loan. The payday loan is fast becoming a popular solution to provide financial aid when needed.
Why More Students Need Payday Loans
It is estimated that 33% of students seek payday loans to cover living expenses including food, utilities and entertainment. The handfuls of companies hiring students mean more individual are losing out on earning a wage while studying. This makes coping with accumulating costs incredibly hard. It is no wonder that more university learners are relying on payday loans.
The Cost of Living in London
London accommodation and daily transport demands higher costs than any other city in the UK. The exorbitant university fees certainly do not help those who are struggling to manage their finances while studying.
Benefits of Payday Loans for Students
The reason more students seek payday loans is owed to the efficiency within which these financial sums can be obtained. It eliminates the complexity of seeking a conventional loan from a regular credit provider such as a bank and provides the flexibility of approval without lengthy financial applications. Many of these applications include bad credit payday loans from a direct lender. This means that credit checks are not prioritized and individuals with new or bad credit may be eligible for a short term loan. Seeking cash advances from a direct lender cuts out any third party including broker services to reduce repayments by removing commissions.
For students to reach graduation, university debts must be settled from learning material to course costs for each term. According to UK university research, the average student is responsible to pay an annual fee of £9000.00. This amount if for university course fees alone and excludes extras from food and utilities to accommodation. With more learners unable to pay the new government requirement, only once they find employment and earn an average of £25 000.00 per year will they be eligible to start paying off the student loan.
Unfortunately, the higher living expenses have led more students to find payday loans to provide cash advances when needed the most. An average 3 out of 10 people between the ages of 18-25 years are students. While the majority of UK youth are encouraged to pursue higher level education, the exorbitant economic conditions make it harder to invest in tertiary education.
How Payday IOM can Help
We offer flexible student loans and affordable solutions to address your financial needs. Every short term loan is issued based on meeting our minimum payday loan requirements. Contact us for more information on securing your student payday loan.
Payday IOM is Your Trusted Loan Provider:
- Direct Lender
- Valuable Payday Loans
- Flexible Solutions
- Fast Cash Deposits Upon Approval
We take the hassle out of finding payday loans and assure applicants of a cash advance once the minimum requirements are met. Proof of alternative student income and active bank account to settle the loan is required. We advise on supporting documents and once approved you could receive the cash into your account in a matter of hours.
It is important to determine adequate financial plans as a student. This ensures the correct efforts are applied and every step taken to ensure your living expenses are met. Do not make the mistake of seeking payday loans for students from a poor lender. Payday IOM offers short term loans you can trust. We take every effort to ensure student financial needs are met with our payday cash advances. These fast loans offer superior financial solutions when you need it the most. Simply contact us to learn how to obtain your student payday loan.