Even as a student, it is not impossible to get a loan in addition to the usual student loan. You may not be able to borrow
some huge sums of money but enough to put a little gold edge on your life or buy what you need, maybe a new laptop that you use in school work.
Student loans at the bank
Some banks have something called student loans, not to be confused with student loans. To get a student loan, you usually have to work extra in addition to the studies. Unfortunately, in many cases, it is not enough that your income consists of tuition.
No rule without exception though, for example SEB offers student loans which it is not impossible to get even if you only live on study funds. Then the following applies:
- You must be at least 18 years of age
- You can borrow between USD 10,000 – 25,000 with a term of 2-5 years.
- When it comes to repaying, you can choose between a straight repayment, where the cost drops for each month that passes, or annuity, as you pay the same amount each month for the entire term of the loan.
- The effective interest rate is around 7%.
- You must have a bank account with SEB and be a student customer. A Visa bank card, a savings account and access to SEB’s internet bank are included and are free for students.
- Earlier payment remarks are not accepted.
- You must undergo a credit check.
Wiselink Mastercard is a classic payment and credit card for students. When you shop with this card, you apply for a credit limit of USD 5,000, 10,000 or 15,000 and when you shop with the card, all purchases are collected on a monthly invoice which you can then choose to either pay directly or split over a few months.
However, you must have an income of at least USD 125,000 / year in addition to the study material if you have your own accommodation or USD 60,000 / year if you live at home with the parents. If you work in the summer and during the other holidays, it may not be impossible for you to meet this requirement.
Sms loans for students
If you study and work extra in the summer, it usually suffices for you to get a sms loan because many sms lenders have very low income requirements.
If you do not work at all alongside your studies, it is also not entirely unthinkable that you can get a sms loan because the study grant is counted as an income and the loan component affects your disposable income.