Are you a student or thinking about studying? Check out our handy guide for options on personal loans for students in Australia!
Being a student never stops being hard, no matter what stage of life you are in.
There’s the early starts battling traffic and the public transport system in Australia, the late nights spent studying over a bowl of mi-goreng, turning down exciting plans to stay in and save your hard earned cash and then there are those expenses that just keep piling up!
Some of these expenses can be maintained via support services available to students – if you’re a new student, you may not be aware of the support that is available to students through your school, college or university – many institutions offer support for their students by way of subsidised accommodation, sale or loan of used books, tools, laptops other equipment, and even small cash loans – but generally these loans are for a set purpose and can’t be used toward course fees or other general expenses you incur in your life as student.
What type of personal loans for students are available?
If you have checked out the support available at your college or university, you might find that they offer different types of loans – some loans are through your local government and are paid directly to your school for the cost of your tuition, course fees or other application education costs, and others are directly through your institution, which can usually only be used for certain purposes – contact your campus for more information on what types of financial support are available to students in your circumstance.
Sometimes we need a little bit of help where these types of loans aren’t suitable, for example if you were only needing to pay for 1-2 terms or semesters, you might not need to take on a large student loan, but the smaller loan option available cannot be used for course fees – if you are in need of a teeny tiny loan to pay course fees, furnish your new space with the essentials, or to help with an unexpected bill – that’s where you might consider a teeny tiny personal loan for a student from Fundo!
What is a personal loan for a student? Is it different from a student loan?
Depending on the lender, a loan for a student may be different to a student loan. For some lenders, a student loan may be a loan taken with the government to assist with the cost of course fees and accommodation, whereas a personal loan for a student would be a regular personal loan, that is tailored to suit the lifestyle and expenses of a student.
Can students get loans in Australia if we’re only working part time or casually?
Many students work part time jobs in their free hours to help with some of the expenses related to student life, like boarding and accommodation, course fees, transport costs and computers, but sometimes it can happen that we need to access cash fast to pay for these things.
Yes! There are many lenders in Australia that can lend to students on low incomes that are working part time or casually – not working full time shouldn’t be a punishment, we all have to balance things in life. At Fundo we understand that even if you are working and well supported by your school or family, sometimes we just need a little extra help.
For a Fundo loan from $300-$2000, if you’re 18 years or older and can prove your identity and employment earnings of $500 a week, you can apply for a short term loan up to $2000 – the best part is that once approved, you can have the funds at your disposal within minutes!
What type of loan is best for students?
The best type of loan for an individual can be determined with – you guessed it – research!
If your loan is to pay for the course fees, it’s best to consult with your local education authority to see if you may qualify for their loan type. If the reason you need a loan is to cover expenses which cannot be covered by an education or student loan from your government, school or college, you may need to consider other loan types such as a bank loan, or a short term loan if you can’t borrow from your friends and family members.
Can I get a student loan with no income?
Some types of student loans don’t need to be repaid immediately, and can be paid over time from your wages in future once you are earning above a certain threshold. These loan types are generally for course fees and can be in the tens of thousands of dollars – if you don’t need that much, there are other loan types, such as secured lending, where you can borrow against goods that you own, and are not required to prove an income.
FAQ
Why would I choose a Fundo loan as a student?
Fundo loans from $300 to $2000 can help you in a pinch. The application process is super fast, and can all be done online from your phone in just a few taps. Once approved, the funds are deposited to your account within minutes and you can spend the funds on course fees, bond, furniture, clothing and even to repair or register your car, and you repay it a bit at a time on your pay dates
How can I contact Fundo if I have any questions about their online loan for students?
Give us a call on 02 9066 9660, chat to us online here or send us an email to hello@fundo.com.au and our friendly customer service team will be more than happy to help you with any questions you may have about online loans for students, and talk you through the process.
Do I have to wait long for a small loan for low income earners with Fundo?
Once you’ve got all of your information at hand, the entire application process takes around three minutes. We are also able to tell you whether you’ve been accepted almost immediately. Once approval has been confirmed, we can transfer your funds to you within a few minutes!
I’m already a Fundo customer, do I have to apply for a new loan?
Yes, you will have to complete a new application for each loan you want funding for, so we can assess your current circumstances. For our returning customers we make this super easy — you can apply in just 3 clicks via your Fundo dashboard.
Disclaimer: The opinions expressed in the Blog are for general informational and entertainment purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific investment product. It is only intended to provide education about the financial industry. The views reflected in the commentary are subject to change at any time without notice.