Responsive Ad Slot

Popular Posts

Latest Posts


Studying, Working and Short on Cash? Four Considerations before Borrowing

Jun 20, 2014

As a student you undoubtedly have a lot on your plate in addition to your studies and trying to make sense of your career choices and it’s probably safe to say that from time to time money is, like water in a drought, a scarce resource.

Going without cash and surviving off cup noodles is one way to weather a cash-strapped period, at least for a few days, but what about when you’re looking at a period of a week or more and there are no more noodles?

This is a situation many of us have been through in the past, with most surviving – albeit a few pounds lighter and looking considerably trimmer – to tell the tale.

Stressing about money?

Stressing about money and where it’s going to come from next isn’t something students want to deal with, plus it’s hard to focus on your studies when your stomach’s grumbling and rumbling like an antiquated tractor and you’re living in fear of that knock on your door from your landlord; however, there are options at your disposal.

Could a loan be the answer?

Applying for a loan is an option if you have an income from a part-time job – provided you can prove your income – but as with all loans and borrowing in general, it isn’t something you should rush into no matter how sure you are that you can comfortably make repayments. When in need of a loan, one can always leverage the equity of their home. It is important to become familiarized with Home Equity Loan Rates.

Many students have found themselves in deep water because they’ve been too quick to apply for loans, not to mention those who’ve applied for loans to fund fun nights out, however there’s no need for you to find yourself in such a predicament provided you understand what you’re doing.

Create a budget before borrowing

If you plan on applying for a loan to get you through a tight financial period it’s advisable to create a budget before applying; in fact, considering the trouble some students have found themselves in, it’s essential.

Creating a budget, as a savvy university student, should be a doddle and you’ll need to list:
  • Your income, i.e. wages and money received from elsewhere – your parents perhaps? 
  • Your essential expenditure – bills, food, rent, transportation, etc. – and a little set aside for emergencies 
  • Your repayment amounts and the dates on which they’re due 

By creating a budget prior to applying for a payday loan you’ll understand how much you need to apply for and how much you can afford to borrow, though it’s often the case that they’re two very different figures.

Ensure you’ll have enough work to repay your debt

Many students have found themselves in over their heads because they didn’t have enough work to cover their repayments.
This is the nature of part-time employment to a great extent, so give your employer a call to ensure you’ll have enough work coming in and if necessary, Inquire about taking on a few extra shifts.

Budget your loan, i.e. don’t spend it straight away

We’ve all experienced the joy of seeing a bank balance for the first time in days; however, resist the urge to spend it straight away.

A great way to budget your loan is to withdraw the loan in its entirety, take a few envelopes, label each one with labels like ‘bills’, ‘food’, etc. and set aside an amount for each.

If you have more than one week’s rent to budget for it might pay to contact your landlord to inquire about paying two or more weeks rent upfront to ensure your rent is covered.

Meet your repayment commitments on time

Along with choosing the right payday loan provider to apply to – some payday loan providers offer great rates and easy application processes – meeting your repayment commitments in a timely manner should be your top concern.

Failing to do so can harm your chances of borrowing on favorable terms in the future and the last thing you want to do is incur a poor credit score before you’ve finished school.

Applying for a payday loan can be an effective way to weather a tight financial period, though make sure you know exactly what you’re getting into before applying.


  1. That was really a great essay writing services , very good information here. I want to share this to all my classmates.

  2. Always be careful when borrowing because you can be overwhelmed with your payments someday.


More Resources

Our Sponsors

Blog Archive