Short term loans popular with university students due to necessity

Short term lenders are being used by British students to supplement living costs

Please explain to me, please explain to anyone, how is it possible to live off of 40 pounds a week? You can hardly buy two baskets of groceries at Tesco’s for that! Now how will you buy your bus pass, what if you need new socks, and even more important, because you are a student, how are you possibly going to be able to hang out on Friday evening with your friends and get away with ordering water all evening long?

According to The Money Charity, the average British student spends up to three quarters of their allowance on accommodation alone. The cost of living for students has hit a crisis. It seems that living on Campus makes it no cheaper. On campus accommodation is in much the same price bracket as off campus accommodation, and the charity even encourages parents who have their students still living at home to begin to take note of the costs incurred, because statistics say there is not much difference.

The major concern revolves around how students are going to pay for their day to day expenses. A Spokesperson for the National Union of Students says that most students find that their everyday bills for essentials are spiraling out of control. Something that is echoed in the pensioners of the selfsame community. Unless students have the luxury of the “Mom&Dad Bank”, a financial institution that many wish they could get an account in, they have little choice and have to do what ever it takes.

What does it take?

Well you have your grant. That is being eaten up nicely by your accommodation. So then you go off for a student loan, but do you really want one of those? Given the fact that you will be paying back nearly 10% of anything you earn once you have your degree in your fist. The logical solution is to serve in the nearest pub as the bar tender or very sweet waitress. Basically you need to figure out how to augment your 40 pounds where ever you can and it is no big secret that students the world over have a supplementary job to pay for their needs while they study.

You may not like it but at least you won’t starve.

The above spokesperson informs us, however, that the British Students are using the Payday Lenders, or short term lenders, as one of the solutions to this problem. The lack of funding in the forms of grants and benefits that should enable students to enter into higher education is something that needs to be addressed. How funds are distributed also came under discussion. It has been suggested that regular research be carried out to keep tabs on how much students are spending on just keeping their heads above water. Also that it would be more beneficial to pay out monthly, instead of three times a year.

But then while everyone is debating the topic, and no changes are made, the students still find themselves on the High Street talking to the Payday Lender. Because let’s face it, if nobody is really going to listen, and it is Friday evening…