Life as a student is no dance of roses. Not only do you have to take care of your education – You also need to have the everyday life to hang together financially. Many students are acquainted with one life as an out-of-town when they start the education, and then you have to both pay rent, have food, transport and then it would be nice if there was also afford for a city tour or a little fun once in a while.
Unfortunately, the ordinary rate goes well, whether you are at home or out of town not very far. Therefore, many students need to supplement, either with a job or by taking a payday loan.
What is a payday loan?
The payday loan is a government-administered payday loan that you can only get if you are a student. The payday loan is mostly calculated as a subsidy to your SU, as you can only get it paid out every month. You cannot get a larger sum paid out, for example if you just think you lack a trip or maybe a used car.
It is determined how much you can borrow and the rates are regulated each year. If you are eligible for a payday loan, you can always borrow the basic amount, which in 2012 is DKK 2,897. This amount is paid as mentioned each month. It is, however, a requirement that you also get paid – If you pause with you can also not get paid your payday loan.
- Basis rate: 2,897
- Support allowance: 1,450
- Final payday loan: 7.472
If you are trying at the same time, you can borrow another 1,450 each month. Finally, if you go to a higher education and you have used all your payday loan, you can get paid 7,472 each month.
What is the interest rate on a payday loan?
From day 1, where you get your payday loan paid, you must pay interest. However, the interest rates on a payday loan are not so high, and it is considerably cheaper than borrowing the money in the bank or by taking a consumer payday loan. Bank payday loans typically have interest rates from 5% to 12%, while consumer payday loans may have interest rates up close to twenty percent.
The payday loan, on the other hand, remunerates with only 4% as long as you read. When you are done and start repayment of the payday loan, the interest will be on the “discount plus a supplement”. The discount rate is the always applicable interest rate, which is set by the National Bank, and the supplement is typically approx. 1%. So now. a student payday loan will pay interest of 5.25% when you have started repayment.
Then you must also be aware that you can only deduct your payday loan in tax when you start repaying the payday loan. As long as you are undergoing training and receiving your student payday loan, you cannot obtain a tax deduction for the interest.
How do I get a payday loan?
If you meet the conditions, that is, you are a student and get paid, then you can apply for a payday loan , which is an online portal for everyone who receives. You must use id to apply for payday loans.
You can search for a month at the earliest before you start your education, but you can easily search for your start. If you have been paid for a while, but have not used your student payday loan, you can also apply to have it paid out as you “benefit”.
You do not have to pay the full rate every month. If you can manage for as well as a payday loan of SEK 500 extra, then there is no reason to get paid any more. The student payday loan must after all be repaid again.
What about repayment of my payday loan?
A student payday loan must of course be repaid, as opposed to the ordinary. However, you can wait until January 1 of the following year to start repayment. For example, if you designate in June, you must first start repaying the student payday loan in January of the following year.
However, you can easily start repayment of payday loans earlier. You can also change the rate so that you pay more than is required. That way, you will also finish paying the student payday loan back faster, while saving interest.