This year’s A-Level results were released recently and with them came more record breaking statistics. The overall pass rate rose 0.3% from last year, up to 97.5, while 26.7% of entries were awarded A grades. These statistics however, spell uneasy times for students as the number of university applications are up 10% (60 000) from last year and it is expected that “there are roughly six applicants for every place available through clearing,” according to the BBC.

Meanwhile, a survey of employers suggests that “this year will be the worst time to graduate in two decades”. Therefore refreshing the view that we are experiencing very troubled times for both graduates and students alike.

If you’re in this position and find yourself short of money, it may seem logical to look towards a bank loan or student overdraft. A free student overdraft however, is only free of charges if you arrange it with your bank first and stick to the limit. Go over your limit or overdraw without approval and you’ll attract some pretty high charges. Furthermore, there’s the temptation to keep using an overdraft and worry about paying it off later. Soon enough, you’ve borrowed more than you can easily or quickly afford to repay and it’s another debt you’ll potentially be stuck with after graduating.

Bank loans usually offer low interest rates; however they’ll also want you to take out large amounts of cash over a long period of time, so as to make enough interest from you. A short-term loan will let you borrow what you need when you need - not on the bank’s terms. If you’re in the market for a quick, short-term loan, the banks cannot cater for your needs.

If you’re going through one of those odd times when you need some instant cash and know you can repay it soon, apply today and avoid a potential problem associated with banks.

This entry was posted on Tuesday, September 1st, 2009 at 1:19 pm and is filed under General, UK loans.