Personal loan for higher education: find out what the options are

Do you need to attend higher education, but have no money? Will the course fees weigh in your pocket and compromise your budget?

In order to have good opportunities in the job market, to stand out and grow professionally, higher education has become essential and indispensable. However, being enrolled in a college has been a luxury item.

Thus, the expenses for studying are not only related to tuition fees and their annual adjustments. To be enrolled in an educational institution, you will have to pay for food, transportation and materials that are necessary during the training.

However, if you cannot count on government funding, scholarships and discounts, a personal loan for higher education may be the solution. This can be an option to pay for your training without getting financially complicated.

For this, we have gathered, in this post, everything you need to know about this new type of loan that will help you to raise your professional and university life.

How does personal loan work?

The personal loan is a type of credit made available to individuals, and there is no need to report on where the money will be invested. It is also not necessary to place any assets under warranty.

Although it is not required to explain where the requested money will be applied, currently, it is already possible to count on several types of personal loan. Among them are personal credit for travel and financing of vehicles and real estate.

With this, there is also the personal loan for higher education, which is nothing more than a credit that will be directed to finance your course. In this option, it is possible to finance only the semester or the complete course.

You will be able to dilute the installments of this loan in a way that fits your budget and financial planning, since you will pay a considerably less amount than the tuition fees. That way, you can invest in good materials and focus on studies without worrying about tuition.

What are the advantages of personal loans for higher education?

What are the advantages of personal loans for higher education?

Currently, it is possible to follow the news on the difficulty that has been registering and being selected in government financing. Furthermore, this type of student credit has high interest rates, which must be paid after graduation.

As stated earlier, the installments of the personal loan for higher education can be divided into lower amounts than college tuition. Fees and interest will depend on the financial institution where the contract is closed.

Therefore, do not see this type of credit as financing, but as an investment. With it, your training and career will turn into great results and fruits in the future.

In addition, this type of loan offers more flexible terms, without bureaucracy, and you will not spend late nights trying to access the site to renew your contract, nor will there be competition, as it happens in government grants and financing.

How to choose the best loan?

How to choose the best loan?

To opt for the best higher education loan, you must start researching the colleges you want to study at. So you will have a sense of the monthly fee, the duration of the course and other expenses.

Once you know the value you need, start looking for financial institutions. Get information about rates and interest, payment options, run simulations and talk to companies. This makes it easier to know the requirements, the loan options and the documents necessary for contracting the credit.


Loan with social assistance benefit

When you are on social assistance it is often difficult to make ends meet. The smallest debt can already have major consequences for your financial household. A social assistance benefit is based on the minimum amount that a household can make ends meet. The extra pressure of repayment and interest is often just too much, so that you can no longer make ends meet.

We therefore do not recommend borrowing money when you are on social assistance. But sometimes it simply cannot be otherwise, for example when your boiler stops or the washing machine breaks down. If you are in social assistance, then only borrow if it really cannot be otherwise and it is absolutely urgent.

Borrowing money if you are on social assistance – Municipal credit bank

Borrowing money if you are on social assistance - Municipal credit bank

What you could possibly try is to apply for a loan from the municipality. Indeed, there are some municipalities in the Netherlands that provide loans to people who cannot go anywhere else. These municipal loans are no cheaper than loans from banks or lenders. You just pay a market-level interest here. So consider carefully whether you can do this and whether you are willing to pay.

Borrowing money with social assistance benefit – Beware!

Borrowing money with social assistance benefit - Beware!

Banks and lenders in the Netherlands are bound by a code of conduct. This means that they do not provide loans if it causes people financial difficulties. However, if you are in social assistance, there is a good chance that you will get into trouble by borrowing money.

Therefore, there will not be many reliable banks and lenders who provide you with a loan. You can certainly find providers on the internet who want to borrow your money, but please be aware of that. In addition to the many scammers that are active, the other parties often charge a high interest, so that you end up in the rain. The loan will then hang around your neck like a millstone.

Assistance loan – Private loan

Are you on social assistance and want to borrow money in one way or another? Then a private loan with friends or family is also an option. Even then, of course, you simply pay a interest in line with the market, but the advantage of private borrowing is that you determine the preconditions together with the lender.

For example, you could repay a private limberness over a longer period of time, which means that you spend less every month. Make sure that you record all agreements in black and white in a loan agreement. This provides clarity on both sides. The last thing you want is arguing with friends or family about borrowed money.


Find out how to get a personal travel loan

Want to make the trip of your dreams come true? The one you always wanted, but your pocket is not allowing? Follow this post, we will give you a solution!

Lack of money no longer needs to be an impediment to making the “trip of your life”. Nowadays it is already possible to count on a personal loan for travel. As the name says, this type of credit is specific for vacationing and taking trips.

It doesn’t matter if you want to know the country or explore territories around the world. This type of loan allows values ​​that allow you to make any trip, and with installments that can be diluted in order to fit smoothly in your budget.

For that, we bring everything you need to know to apply for a personal travel loan. Check out!

What is the personal travel loan?

What is the personal travel loan?

In the personal loan, it is not necessary to say the end of the available credit. Despite this, some companies already allow you to make this request exclusively for travel. That is, the personal travel loan is nothing more than private credit directed to this type of purpose.

It is possible to finance a partial amount of the total, with a payment period of up to 48 months. In this way, research and organize in advance, define the destination, calculate the expenses related to accommodation, tours and food and reserve an amount for future unforeseen events.

It is worth mentioning that this partial amount of the total that can be financed does not include purchases made at the destination, such as souvenirs, clothes and other purchases. However, accommodation may be included.

What amounts can be financed?

What amounts can be financed?

As stated, in personal travel loans it is possible to subsidize a percentage of the total amount. It will depend on where the credit will be applied for, as this amount may vary according to the financial institution or bank chosen. Loans are generally made from $ 2,500.00.

Considering that not all financial institutions offer this type of credit, to avoid losses, research which offer this option and what are the rates applied.

What documents are needed?

What documents are needed?

To hire and apply for the personal travel loan, you will need the usual documents that are easily accessible:

• identification document (identity card or CNH);

• proof of income (paycheck or bank statement, both from the last three months);

• proof of address (also from the last three months).

After that, just send the documents for analysis. This inspection serves to define your credit profile, check that there are no restrictions on your name and evaluate the amount requested. Finally, after this process, you will be informed about the deadline for accessing the money in your checking account.

What are the advantages of a personal travel loan?

It is a fact that traveling is good for the soul, rests the head and renews energies, but this free time does not always fit in our financial planning. However, with the new possibilities for personal travel loans, this need not happen.

And, unlike ordinary personal credit, where money can be applied to different segments, the travel loan will be completely geared to this purpose, thus preventing you from spending it on unnecessary things.

Despite the facilities and conditions that many travel agencies provide for installments of packages on credit cards, this may not be the best option. That’s because the credit card fees, the additions made to dilute the installments and the value of the installments themselves can be considerably higher and turn your dream trip into a nightmare.

However, never fail to plan financially for loans of any kind. When it comes to travel, if it is well organized, surely your vacation will be unforgettable!

Are you interested in this type of loan and want to know more details? Contact us! We are ready to help you with whatever you need!