Loan Express does not require credit checks, decline a loan based off a credit check, nor do credit checks affect the minimum approved amount of the loan. The following article is purely for educational purposes.
Students are put under a ton of stress. Whether it’s juggling their classwork and midterms or combating the financial stress of living expenses and tuition. Without a steady paycheck or support from friends or family, these factors can impact their mental health and success in school.
In a recent survey conducted by FP Canada, 49% of young Canadians are stressed about money. This has led to 46% of them struggling with mental health. Individuals in Canada who struggle financially also struggle with excessive debt, food insecurities, and other legal issues.
With the help of payday loans for students, individuals can gain access to the resources they need to manage their finances throughout their academic journey. There’s no need to worry about being unable to pay for textbooks, resources, or even food for the week.
Here’s everything you need to know about payday loans online:
The Financial Struggles of Students
There are various expenses students are held accountable for during the academic school year. From textbooks and school supplies to everyday living expenses like rent and food. To stay afloat, many students rely on part-time jobs with irregular incomes.
It’s expected that one in four Canadians can’t cover unexpected payments over $500. This level of stress, on top of only working weekend gigs and part-time jobs, doesn’t provide university students with the stability or reassurance they need to feel confident financially. What’s worse? Many students don’t have a credit history. Which means they can’t get a credit card for emergencies.
To stay afloat, many students seek accessible financial solutions, like payday loans. These loans help to bridge the financial gaps and provide relief when students need it most.
Understanding Payday Loans for Students
Payday loans for students are short-term, small-dollar loans that typically range around $100-$1,500. Students can easily access the fund in emergencies and are expected to pay back the full amount on their next payday.
These are great options for students who need financial security and receive irregular paychecks from their current employers. This is also great for short-term financial needs and is a safer alternative to maxing out a credit card.
At Loan Express, we understand the financial struggles many students are facing. We have payday loans online with favourable terms that cater to student’s needs and are easily accessible online.
Benefits of Payday Loans for Students
Here are five reasons why payday loans online are a better alternative to credit cards or other types of loans.
Quick Access to Funds
Let’s face it: Life happens. Whether you didn’t work enough hours last week because you were studying for a test or need extra funds to pay for textbooks. With payday loans for students, you can quickly gain access to the funds you need for emergencies and feel financially secure during the school year.
At Loan Express, most individuals will receive approval in as quick as 10 minutes. After approval, the funds will be wired to your checking account and accessible in 5 minutes or less.
No Credit History Required
Most credit cards, private loans, or lines of credit require a credit history. However, many students are still getting used to “adult life” and likely don’t have a credit card to their name yet.
With most payday loans online, you don’t need a credit history to qualify. This makes payday loans a more accessible financial solution a broader student demographic can benefit from. At Loan Express, we offer payday loans for students with bad credit or no credit at all. All you need to do is be 18 years or older and have an open bank account for at least 30 days.
Flexibility in Repayment
Payday loans are designed with the recipient in mind. These loans work as a bridge between paychecks, giving you access to funds to pay for all your everyday necessities or emergencies. Once you decide on a payday loan is right for you, apply online and pick your designed repayment date.
Most payday loan Canada companies, like Loan Express, will automatically debit the money from your bank account on the agreed-upon repayment date.
Minimal Documentation
Most payday loans have a simple, straightforward application process. You don’t need to worry about proof of address or other documents.
At Loan Express, students are required to create an account on our website. From there, we ask you to send a bank statement and Pre Authorized Debit Form agreement. We strive to provide our customers with near-instant delivery of funds. However, if we require additional paperwork or screenshots, a team member will reach out to you quickly.
Responsible Borrowing for Students
While payday loans are an accessible solution for students struggling to make ends meet, you’ll still want to be mindful of your financial needs and budget accordingly. The last thing you want to do is get stuck in a debt cycle or add fire to the flame.
When debating if a payday loan online is the best solution for you, ask yourself, what are you using it for, and can it wait until you get paid by your employer? If you work part-time and have inconsistent hours, will you have enough funds to cover the repayment?
Here are some tips to help you use payday loans:
- Only borrow what you need
- Add your agreed-upon repayment date to your calendar
- Don’t get stuck in a cycle of constantly taking out loans
- Always use your best judgment
Loan Express: Supporting Student Financial Needs
Not everyone has the privilege of calling a friend or family member when they need extra cash to pay for unexpected bills, education expenses, or emergencies. If you need some extra cash to get you through the month, a payday loan for students is a great solution you can rely on.
At Loan Express, our team is committed to providing students access to payday loans online in Canada. We strive to be transparent lending practices and have some of the most competitive rates in the market. Simply fill out an application, and we’ll handle everything else.
Start the payday loans online process today!