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Finding cheap loans for students in the UK

If you’re studying for a Masters course, you may need to look for a loan to help cover the cost of your accommodation and living needs because postgrad courses aren’t eligible for student loans. Assuming you’re one of the many poor students, you want the very best deal you can get. Cheap loans for students in the UKaren’t as plentiful as they once were, but they’re still available.

Student bank account

If you haven’t already opened a student bank account, you should do so before you do anything else. A student bank account is the best way of getting a personal loan as you’re more likely to be accepted for a loan from your own bank.

Moneysupermarket

You’ve probably already used a comparison site for the best credit card deals or to shop for car insurance, but they really come into their own when you’re looking for a long term financial solution like getting a mortgage or a personal loan. When you take out a loan over a long period of time there are so many variables to consider like the length of the loan and the monthly repayment amounts. A comparison site like moneysupermarket.com makes the financial ramifications of changing these elements easily visible. If you’re going to use moneysupermarket.com, you should take the time to complete your details through their “Smart Loan search” function that tells you how likely you are to be accepted for credit.

Supermarket banks

If you’ve exhausted the high street banks, you may find a loan through a supermarket lender. Sainsbury’s Bank andTesco Bank are always offering deals to their most loyal customers, so a loan with either of these supermarket giants is best taken out in conjunction with a Nectar card or Tesco Clubcard.

Final word

There are plenty of cheap loans for students in the UK if you’re willing to do some homework. Be careful not to inflate the amount you borrow as that could make the monthly repayments impossible to meet.

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