Loans for young students without paycheck
For young people, obtaining financing is a real challenge, especially if they don’t have solid income guarantees. Let’s be clear: today, with youth unemployment at over 40%, it’s very difficult for a young person to offer a paycheck or a tax return as collateral to a credit institution. So, how can you access credit?
How, for example, can you get the money to finance your studies? What not everyone knows is that some banks offer products specifically designed for this category of customers. Furthermore, there are some initiatives promoted by the European Union or local social organizations that even provide a portion of non-repayable capital.
On this page, we’ll try to be as comprehensive as possible, providing all the information a young person needs to apply for a loan even without a payslip or other proof of income.
Loans for young students without paychecks
As we mentioned, some banks offer products specifically designed for those who want to finance their education . But how do these personal loans work?
In most cases, loans are provided in the form of capital available in a bank account . Students can draw on this capital whenever they see fit to pay for books, a master’s degree, specialized courses, or any other expenses related to their education (such as housing for out-of-town students).
Once they complete their studies, the young person can choose whether to repay the amount in a lump sum or wait a year (the time needed to find a job) and then start the installment plan at interest rates that are significantly more favorable than those of standard personal loans.
These loans for young students are very attractive products because they’re aimed at professional training. This, of course, is a very important aspect because it improves one’s chances of finding a job.
As we’ve said, finding a job is increasingly difficult, and for this very reason, it’s crucial to get the most out of your studies. A young student who pursues a high-quality education has a better chance of competing in an increasingly complex job market (remember, unemployment among young people is over 40%).
Subsidized financing for young people
The European Union and some local authorities also offer subsidized funding for young students. One example is the “Diamogli futuro” project , which has allocated several million euros to support socially vulnerable groups such as young people or parents with precarious employment.
This is a very interesting project and represents a fantastic opportunity for young students who meet the required criteria, also because part of the funding is provided as non-repayable grants.
In a context like the current one, where banks only allow access to credit upon presentation of solid income guarantees, these funds should be taken seriously.
For further information, please refer to the relevant sections.
Loans for young students: advice
Many young people write to us asking for more information on subsidized personal loans . Unfortunately, we want to point out that we don’t directly provide financing; we simply provide general information on various products and, in some cases, we review the products offered by banks and financial institutions.
That said, we’d like to offer some advice on how to find good loans for young students looking to finance their studies. First, we always recommend gathering information from your university. They often have agreements with banks that can offer interesting opportunities worth taking advantage of.
The most patient and willing can spend some time visiting provincial, municipal, and regional offices to see if there are any local agreements (often they exist, but they aren’t advertised). Finally, all that’s left to do is visit your local credit institutions and see if they have any openings.
Student loans are very special products . Unfortunately, they aren’t always advertised as they should be, and for this very reason, there are many hidden opportunities that are up to you to find!