Why Students Sometimes Need Payday Loans
College, for many young adults, is the first opportunity to leave home and learn to be independent. However, independence is something that most youngsters aren’t really prepared for. As they say, freedom comes with responsibility and that becomes a very clear fact once you become a full-time student, and are actually paying for it.
Speaking of independence, financial independence is one of the core aspects of student life. Being in a position where they have to learn to manage their finances for the first time, students often find themselves struggling to make ends meet. This is something that has been observed even among those who come from wealthy backgrounds.
For students who cannot depend on their parents or guardians all the time, an effective solution can be found in the form of payday loans. Payday loans can help pay for food, rent and a whole lot of other expenses that a student might find hard to payback on his or her own. Books, tutors and even vehicle emergencies can be covered with the help of a payday loan.
In some cases, students have also used their payday loan amount to pay off pending student loan debts, or to bridge the gap between when the student loan installments stop between semesters. The point here is that payday loans are very helpful for students and it’s an effective way to deal with temporary financial trouble.
What are Payday Loans?
In a nutshell, payday loans can be defined as short term loans that are due on an individual’s next payday. These loans are usually given out for small figures (typically around $500). The money is credited to the borrower’s checking account whenever they need it.
The borrower must provide the lender payment for the full amount within the term agreed upon when taking the payday loan. There are many advantages to such loans, and students can leverage these benefits in order to enjoy their financial freedom.
To begin with, getting a payday loan does not take too much time. In fact, you can just walk into a store that offers payday loans and walk out with the money you need. You can even send out an online application, which is something that a lot of lenders offer. Cashco Financial’s online approval only takes seconds to reach a decision for instance. Other forms of credit have several measures in place, which prevents students from getting the money they need right away.
Secondly, payday loans are much easier to qualify for. Most lenders won’t bother with a student’s credit rating because they already expect it to be low. However, payday loan lenders do require the borrower (student) to have a job. This is to make sure if the student has the capacity to repay the loan on time.
There are definitely a few basic checks, but are very easy to clear. Unlike other forms of credit, there is no need to meet a thousand requirements just to get some emergency cash.
Overall, payday loans are a great option if you’re sure you can make the payments on time and if your financial needs are just temporary.
The most significant advantage with payday loans is that you get the money right away. Cash in hand or in your account, is far better than having credit on a card. You gain the ability to pay off immediate expenses. Cards usually have limits, which isn’t the case with cash.
Cascho Financial offers Canada’s best payday loans. We give you access to instant cash on your payday loan applications. All you need to do is walk into any of our branches with ID and proof of income, or just apply online. Our application and approval process is smart and automated, plus quick and easy for you. We are not too concerned about your credit rating because we want to make sure you get the money you need.
We offer our services to various locations including Regina, Edmonton, Vancouver, Calgary, Saskatoon, and Toronto.
In order to be eligible for a payday loan from Cashco, you need to be of legal age, possess an active bank account, proof of current income and provincial ID such as a driver’s license.
Cashco offers online payday loans up to an amount of $1500. Once approved, the cash is directly credited to the student’s account via money transfer.