A student loan is an essential financial service for many learners around the globe to continue their education. It supports them during the learning period to provide better opportunities with the career. However, there are some misconceptions about its lengthy process and incredibly troublesome repayment.
These are true for the banks since they have rigid policies for their financial services. You cannot expect them to make changes for some customers, even for some genuine reasons. It is a major reason for people to opt for private lenders to get student loans in Ireland.
Because of a smaller clientele, private lenders are known for the faster processing of a loan. The flexibility with the terms also makes it easier to get a loan. In this blog, you will get an idea of the time to get approval for a student loan.
Process of Student Loan Application
The answer to your question lies in the process to get a student loan at our website. Understanding every step will ensure it will take the least possible to get the application approved and fund disbursed. You don’t have to visit the bank for an application. Just click on the “Apply Now” button to fill the form.
- Gather the Documents
The student loan will require the applicant to submit some additional documents compared to a personal loan. You need to provide the identity and residency proof to fill the form. In addition to these, the documents supporting your admission to the University, along with the fees slip, is required to get approval.
You can also submit the expense report to get the funds for expenses other than the tuition. A scanned copy of each document will be uploaded along with the application form. You can contact our representative if you have any query about the documents required to get the loan.
- Fill the Online Application Form for Students Loan
The online application form has streamlined the whole process to get approval. You need to click on the “Apply Now” button to open the application form. Select Student Loan from the dropdown menu to apply for the specified loan.
It will take only a few minutes to fill in the detail and upload the documents. There are no long queues to submit the documentation and get the sign of authorities. Also, the application can be submitted 24*7 with no holidays to make the website inaccessible.
- Wait for Approval
Similar to other financial institutions, we have to follow certain steps before handing over the approval to the applicants. The difference is the priority and flexibility while managing these applications. Our representatives will take every application as a priority to process the application on the same day.
You will receive application status in your email ID along with a quotation. The interest rates and other terms are offered based on your credit profile. Our representatives will remain available for any doubt or query over the quotation.
- Get the Funds in Your Account
Once the application is approved, you need to send the confirmation to start the fund disbursement process. An email response with the required information asked in the original communication will initiate the fund transfer. It will take some time before the fund is transferred to your bank account.
You will be required to agree to the terms and conditions of the loan. Different mode of transactions is offered to the customers that include account transfer and doorstep delivery. Applicants receive the loan amount within 24 hours of the approval regardless of the mode of transfer.
Factors that Contribute to Fast Approval
The above process takes a few hours to fill the application form and get approval. The fund disbursement takes 24 hours during the busiest days. This is faster than the financial institutions such as banks because of the following reasons –
- No Hard Enquiry
A hard enquiry on your credit report takes time and leave trails on it. It gives the lenders detailed information about the credit history and the current list of debts. We get the required information through a soft enquiry that takes only a few minutes with no negative marks on the credit history.
- Optional Guarantor
Applicants can provide guarantors to get a better offer on their loan application. The interest rates will be relaxed if the guarantor has a perfect credit history. However, it is never easy to find a guarantor, even for student loans.
There is a risk associated with being a lender since they are liable to make the repayment in case of a default. You will save your time and efforts on finding a guarantor to get approval for the loan. Moreover, we don’t have to verify the guarantor’s details to provide the approval faster.
- Fast Online Process
Unlike the banks, you don’t have to visit a physical location to apply for a student loan. It will save you an enormous amount of time since there is no queues or travelling involved. Also, the application form is not complicated, and mistakes can be corrected with a backspace.
Students do not get the time to visit the banks for a loan during the academic years. It is easier and faster for them to fill the form online at their convenience. Our representative will ensure not much of your time is wasted on filling the forms or uploading the documents.
- Excellent Customer Support
Customer support creates the fundamental difference between dealing with huge financial institutions and private lenders. We provide personalised support to the customers to help them throughout the process. The banks don’t have flexibility in their policy handbook as the one service is created for thousands if not millions of their customers.
Our representative will get in touch with you with a few hours of the application with a decision. They will help you create a better application or make the changes to get approval. At Online Cash Finances, we try to serve customers with a diverse credit profile to help them achieve their dream.
To sum up, it will not take more than a few hours to get approval on your student loan application. Courtesy of the fast online application process and excellent customer support, the student loan process is not as lengthy as you might have expected. Therefore, it is wise to start the application now instead of waiting for hours to decide.