August 25, 2024
Whether you are a young or an experienced student, you will quickly realize that studying is becoming more and more expensive: tuition fees, housing, computer equipment, university restaurant... It is therefore often necessary to take out a student loan, and in this day and age, an online student loan!
Students can borrow from banks or other institutions to finance the cost of their education. The traditional student loan is a loan with a preferential rate (generally 1% excluding insurance) that can be repaid in installments, over a maximum period of about 10 years.
Deferred repayment is the strength of the student loan: you can pay back your loan and the interest when you start working. If your studies last longer than expected, you can always negotiate with your bank for an extension
As mentioned, you will be able to benefit from a very advantageous loan rate because you are a privileged client for your bank (or new bank).
Interest charges from the banking institution may vary. Even though student loans are relatively low, do not hesitate to negotiate a lower rate (but it will be difficult). Some banks offer zero-interest loans. This is mainly to help students cover the cost of school. Overall, the annual percentage rate is about 1%.
The organizations that offer a personal loan in France are the classic national banks such as BNP Paribas, Crédit Agricole, Société Générale, Banque Populaire, La Banque Postale, Crédit Mutuel...
You will need to submit your loan application at a branch. To our knowledge, none of these institutions accept a remote application.
To access a student loan, you'll need a guarantor (usually a family member). If you don't have a guarantor, you can in some cases obtain a state guarantee(student loan guaranteed by the state via the public investment bank - BPI), but above all use Smarto to guarantee your student loan.
In general, the application fees are offered by the bank (check with your bank of course). Concerning the insurances, they are generally optional for a student loan, except in case of need of a guarantee perhaps.
The classic banks (Société Générale, BNP Paribas, La Banque Postale, HSBC ...) will refer you a loan simulation and will ask you to submit a file. If your loan application is accepted, you will have to return to the branch to sign the offer. You will then have a legal retraction period of 14 days, and you will then receive the money. So it will take a good month before you get the money for your loan.
It is not possible to obtain a student loan on the internet as defined above (especially the deferred repayment and the value of the amounts). You will always have to go to a branch.
Online, you will obtain a student loan similar to a personal loan. Because of your student status, you will be able to benefit from a reduced rate, but the repayment must be made during your studies.
In our opinion, this solution is less favorable to students, but it is suitable for people who have not obtained another loan or who want a small amount of money to make a purchase or who do not fit into the classic banking criteria. We advise you to ask Smarto for more information in the latter case.
With traditional banks that provide what I would call traditional student loans, you can do a loan simulation online. You can then compare the different offers of each bank and then make an appointment to go physically to the agency: you cannot make an application via the internet.
When you turn to an online bank, you will very often get either a micro-credit (up to 1000 to 1500 euros) or a personal loan for an amount up to more than 10,000 euros. With these financing options you will be able to pay for your schooling for example.
The only problem with this type of loan is that the monthly payments are only slightly deferred (from a few days for a micro-credit to a few months for a larger loan). You should not neglect this commitment because the repayment is of course mandatory...
If you have a temporary problem, a student micro-credit can be a solution. Generally without a guarantor, it can be obtained almost instantly but beware of the fixed rate which can sometimes be high.
Generally these credit organizations propose an offer ranging from a few dozen euros to 1000 or 1500 euros in the rarest cases. You can thus face punctual needs: new PC, books, expenses to finance your studies.
Be careful, the repayment period for a micro-credit is usually a few months. The lending institution expects a quick repayment because this type of loan is considered more of a cash advance than a loan to pay for your education and expenses in full.
One of the advantages of a student micro loan is that you can get your money within 24 hours usually, so it's pretty fast. There is no need to ask for resources and the customer service is usually very efficient: everything is done online with your smartphone. However, be sure to check the interest rate which can be quite high
Let's face it: it's still a personal loan. Sometimes a loan company will give a more generous rate for students, but that's not always the case.
Even without a fixed income, you can take out a consumer loan directly from your phone, PC or tablet. Depending on the amount borrowed, you may not need a guarantor or deposit.
There is no good or bad idea to take out a loan... There is only a problem of needs. You need to be able to finance your studies, your expenses and without the help of mom or dad, you need the support of a financial organization.
Whether it is from a distance, quietly on your couch, or sitting in the office of a bank advisor, you should always be careful before taking out a personal loan:
To obtain a student loan, you must provide at least:
The conditions of obtaining and financing are different according to the organizations. There is no means test, and if you are an apprentice, you should be able to benefit.
A traditional student loan will easily take less than a month from the first appointment to the funding of the account.
The organizations that lend to students without a guarantor are banks that use the state guarantee, banks that use the guarantee offered by Smarto or institutions that make student micro-credit accessible from your smartphone
To obtain a student loan without a guarantor, we advise you to check your eligibility for the Smarto guarantee: student loan guarantee. Smarto is an innovative platform that facilitates access to financing for students. One of Smarto's key advantages is its ability to offer loans without the need for a guarantor, which is ideal for young adults who don't yet have a credit history or financial backing.
What's more, Smarto offers flexible repayment terms and competitive interest rates, making it easier for students to manage their budgets. The platform is also user-friendly, with a simplified application process that can be completed online, offering a fast, stress-free experience. By choosing Smarto, students can focus on their studies without worrying about financial constraints.
In France, no proof is required to take out a guaranteed or unsecured student loan: whether it's for your study expenses, the purchase of equipment (camera, material for your apprenticeship), daily or living expenses or the rent for your accommodation, you do what you want.
As a reminder, if you sign up for a credit solution, you commit yourself at the same time to pay it back.
Image credit:
https://pixabay.com/fr/users/quincecreative-1031690/?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=3513738
https://pixabay.com/fr/users/tumisu-148124/?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=4783150
https://pixabay.com/fr/users/graphicmama-team-2641041/
