Loans when young or student
I wish I had had the same opportunities in my study time as there are today. There was not always much room and room for partying and colors, because the budget was tight for many of the months of the year. So it was a matter of balancing rent, shopping, books, parties, travel and gifts, and often I was in a situation where I had to choose something socially, even though next month looked much better financially.
Sure, my parents supported me as well as they could now, but they didn’t have the finances on a monthly basis either. In the end, it was their money, and of course they didn’t have to support me now that I had long since moved home.
I started in a dorm room, but later moved in with a good friend. The rent was basically the same, but it was a step in the right direction that there should no longer be a padlock on the refrigerator and that the kitchen was clean and tidy all the time.
But it went, I survived, I read and got my SU. I had a study job, and I worked extra during the times when the rest of Denmark was on holiday. What I would not give for it was me who was a student again now. With the opportunity to take out a loan – maybe just a small one – so I could have taken it to the party, come on a summer vacation or just spend money on other things than books, rent and a full menu of pasta and oatmeal.
Everything I wanted
My parents were sweet and gladly paid for the train ticket when I went home on weekends with them. But it wasn’t always the kind of journey I went and dreamed of. Not that it wasn’t good weekends and holidays with mom’s good food and access to washing machine and that kind of luxury, but I always liked skiing. But there were not many ski holidays for me. The high season for skiing is very impractical at the start of the semester, and the books I could not do without in any way.
I was so envious of those I read with who had money for that kind of thing all the time. They didn’t get higher SU than I did, not even all of them had student jobs, but they came from families who had something more on the coffin floor than mine. It sounded like fun trips and I would have liked to have been there. Now I have every opportunity and I go away with the family every year. – Will not do it without anything in the whole world.
Today you can borrow the money
Just because you are a student and a student does not mean that you are not responsible. You can borrow money as soon as you are 18 years old, because then you are a “real” adult. Had I had the opportunity to take out a loan that time – just in between – I would have done it. Borrowed for a ski vacation and just taken off. Or given my loved ones the gifts I wanted, but which I did not have the opportunity at that time.
I wanted to take advantage of the opportunity to take out a quick loan, a small amount that I could pay off on current or next time I got salary and SU, and the money was used for a trip down the slopes in the Alps. Something after skiing, too, because it sounds like it does.
I was thinking about my study time the other night, and then I decided to enter the market and of course I had to pass on my new knowledge to all of you. Even if you are young, you can easily take out a loan. Even if you are at SU, you can easily take out a loan. And even if you are only 18, 19, 20 or under 25, you can easily take out a loan. It was very simplistic, but now I like to start with the conclusion and then the details can come afterwards. Then you know something about what the next section will be about.
Loans for young people and students
I was surprised at how many companies offer loans on the Danish market. I searched the web and found a great many, so you can easily do the same, even if you, like me, are not really good friends with your computer (yes it was not the most common in my study time yet).
Age can make a difference where you can borrow money. Again, you have to be at least 18 years old to borrow, but the companies themselves can choose that their age limit for a loan should be higher. The highest minimum age I fell to was 25, then you are 25, the whole market is open to you. If you are under, your options are limited, but you can easily find companies where age is in no way an obstacle. Just research the company before applying, otherwise you’ll just get a rejection and have to search again somewhere else. It is a waste of time.
Elsewhere, your income matters – So SU is not enough for them. Their choice, but I think you take an education to use it and to make money afterwards. But of course that’s just my attitude. Fortunately, there are also companies where SU is totally ok or where SU and student jobs are ok. So you can easily find a place where your age and your SU are not a problem so you can get a loan too.
To borrow the money in the bank
Yes, this is also easier than when I read. Back then, only the banks certainly did not view students and young people as an asset – on the contrary. They had no idea that I would or could pay back (but of course I could) and they could not see that my education afterwards would lead to work and earnings that were somewhat higher than SU.
Besides, everything had to be explained. Why I would borrow, why so much money, and what to spend. They did not agree with me in my plans. It was always a no. Or at least a hint of tight claims and high interest rates if they were to give me either a loan or a cash credit.
I gave up quickly and was pretty tired of banks in general. But since no one can have their money stored in the mattress, I obviously had a bank account like everyone else. Now that my situation is different, they look at me with completely different eyes. Their choices and their losses.
To borrow online
All of a sudden, loans have become both easy and fast. At first I thought that there must be a lot of hidden traps about it – because if something is so good, it is rarely true. But there I was pleasantly surprised. There are countless companies where you can lend money online, and there are also companies that would like to lend to you who are young or students. There are plenty of opportunities.
Everywhere, borrowing is done the same way:
- You apply for the loan using an application online.
- You will receive an answer if you are approved.
- You sign the agreement with NemID itself.
- You get the money.
- You pay back on an ongoing basis, as stated in the agreement.
That’s it. And it is very limited what you have to disclose about yourself. This is something like name, address, phone number, email address and CPR number. You have to live in Denmark to be able to borrow, and the CPR number is used for this and to put the money into your Easy account. NemID secures your identity so that no one can borrow random loans in your name and the pages are encrypted as an extra security.
Even better is that now there are also opportunities to borrow with your mobile phone. SMS loan is called that. Then you can borrow when you’re on the go and don’t even have the laptop with you. On mobile, you can’t borrow as much as you can online, so it’s a way of borrowing that can suit a lot of students. There are even free mobile loans. You can borrow and then repay it for exactly the same amount. No interest or fees. It offers opportunities if the money is missing now, but you get salary or SU later in the month.
Use the money you want
No one – no one at all – asks what you need the money for. That’s the best thing about these loans. Use them for high-tech, parties, boring textbooks, extra bills or skiing every year. You choose it completely yourself, as I would have done. Wow… I just think, never again the annoying questions of a little too mean bankers again. However, it is good enough. It says on all their websites, and for good measure, of course, I have looked through a lot of application forms. So you can be absolutely sure it fits. Neither does the loan terms say that you should disclose the purpose of the loan. It’s so brilliant and I just got excited. Try to research it yourself, you won’t be disappointed.
How much you can borrow
Yes, you can borrow hundreds of thousands or you can borrow a plowman. It provides a wealth of opportunities and there is real loan for every need. Now, the few young people who are just borrowing fortunes are a possibility, but this is an option if you have to read something where there is user payment so that you can enter the dream education.
The opportunities for students, as I see it, are the smaller loans for the heavy months. Since you do not have to disclose what to borrow, the heavy months are your assessment. It may be the skiing holiday, but also less fun things like bills or visits to the dentist.
Maturity is something you can adjust when you apply for a loan online. The longer the maturity, the less you pay each month. It generally fits well with life as a student, because the money may be small in general, but a small amount can be spent on every month – without it breaking the budget.
When you are done with your studies, choose a place where you can freely repay the loan. That way, you can quickly pay it all off once you get your diploma and start getting paid. Then you should not be taken out with the loan for longer than is necessary.
Would I use this myself?
Yes, yes and yes I certainly would. Even when I was a student and young. Have I used it? Yes I have and I got the money the same day I signed the deal. It was a wildly bold feeling that it was going so strong and I actually thought it was just an advertising stunt the companies used to entice people like me to lend.
But it was good enough and you probably guessed that the trip went to the Alps in the month of February, I enjoyed the whole trip, which I could stretch to 14 days instead of a week because I took a loan. For me, the loan is paid off within one year. So I definitely imagine this is something I will do again for next February so I can get off again. If I can afford it, I’ll just pay off the loan before the maturity is over. I have secured that.
Then live your dream, and do it while you are young. Skiing is still fun, but I wish I had had the opportunity to do it throughout my study time as well. Because that’s what gives me a kick. With the opportunities available today, I will never miss a run again. Loans online have come to stay and I have definitely become a fan of this type of loan. Because they don’t care if my passion is to ski every winter.