Who can get student loans with bad credit? The fact is, almost everyone can these days, although in “the old days” few were able to obtain them.
It is no longer rare for college freshmen to be approved for their first credit card, nor is it rare for students (and soon-to-be-students) to get approved for short-term personal loans.
Why Do Students Need Short-term Loans?
There are many reasons why liberal arts college, community college, and graduate school students may need a student loan aside from any they may be getting from the government or from traditional banks.
- First, traditional student loans may not cover all of their tuition and book expenses.
- Second, you can’t use “regular” student loans for day to day personal expenses like transportation, food, or off-campus lodging.
- Third, emergencies like your only vehicle breaking down, unforeseen medical expenses, or suddenly realizing you need to stay for summer school in order to graduate on time, may arise and demand extra cash.
- Fourth, bad credit ratings or other factors may reduce the dollar amount your traditional loan will cover.
- Fifth, in the case of graduate students, far fewer traditional loan options are available.
Can You Get Student Loans With Bad Credit?
You can generally still get an ordinary student loan even with a bad credit rating. But you may not be able to get approved for the full amount you need.
Private, non “bank style” lenders will often approve students for a short-term personal installment loan even if their credit is “poor” or “bad.” And these same lenders will also approve those with no significant credit history.
At Bonsai Finance, we can help you find students loans that they can use to meet their needs with no restrictions on how you spend it. Almost everyone can submit an application for a student loans with bad credit in Bonsaifinance, most lenders we work with do not base approval on your credit score.
The lenders we work with have only a few basic requirements, including that you have an active US based bank account, have an adequate, regular, and verifiable source of income, and are currently 18 years old or older.
How Fast Can You Get Student Loans With Bad Credit?
At Bonsai Finance, we make it quick and simple to enable applying for your student loan, and our lenders will deliver cash to your personal account rapidly, usually within one or two business days.
Our online application system is fast and easy: it takes only a few minutes to fill out the forms.
The rates offered by our lenders are highly competitive for the market, as lenders usually base loan amounts and installment payment amounts on your ability to repay. Your monthly payment should not be higher than 10% or 20% of your income, though there can be exceptions where your expenses are unusually low.
Lenders do not usually require any specific credit rating, nor do they run a credit check. They do not ask for non-essential information. The application process is streamlined so as to get you your borrowed cash as quickly as possible.