Unexpected expenses can be tempting to put on your credit card; however, short term loans offer more solutions and are usually a better solution in these instances.
UCLan is a globally renowned university, having achieved high rankings in both QS World University Rankings and Times Higher Education World University Rankings 2021.
Unexpected expenses, like an expensive home improvement project, a large medical bill or that new car you just got, can be a nightmare to budget for. Fortunately, there are ways to minimize their impact and get you back on track quickly.
Establishing an emergency fund and revamping your budget to live within your means will go a long way in helping you avoid some of the more common budget difficulties. Furthermore, saving more money in the long run could prove beneficial should an unexpected expense crop up down the line.
For the quickest and most budget-friendly way to cover unexpected expenses, consider applying for a UCLA short term loan. These are available to all UCLA students and can come in handy if you find yourself facing financial difficulty.
The Credit Card Trap
Utilizing your credit card for unexpected expenses can be a risky strategy and may lead to financial issues. Unfortunately, these expenses often stem from inadequate budgeting and savings habits.
However, a better solution is to create an emergency fund and avoid falling into the credit card trap altogether. This can be accomplished by cutting back on spending and saving more money for any unexpected situations that arise.
Begin by creating a list of all your monthly expenses and planning how much each item can be afforded. Doing this can help determine whether or not you can actually afford the items on your list and identify any areas where cuts could be made.
Once you have an accurate understanding of your monthly spending, creating and sticking to a budget becomes much simpler. Additionally, having control over debt makes understanding financial situations much clearer.
A Better Alternative
If you need some quick money that you know you can pay back by the twentieth of the following month, the Loan Services Office offers short term loans. This program has proven useful to students whose pay day schedules or loan disbursement dates don’t align with payment due dates or an unexpected circumstance.
International students may also be eligible for a Maintenance Loan to cover living expenses while studying at UCLan Cyprus. These loans are based on your household income and paid directly into your bank account.
As a student, you’ll be charged tuition fees each year. To make it as easy as possible for families to manage their educational expenses, we have created a payment plan that offers unprecedented predictability. With this arrangement, families can defer payment until the start of each quarter when financial aid disbursement occurs.
Utilizing a short term loan to cover major purchases can be daunting in today’s budgetary climate, particularly if you’re still paying off your student loan. Fortunately, UCLan Financial Aid Office provides several solutions to help students manage their debt and avoid becoming mired in it in the first place.
Start the journey towards debt freedom today by filling out our online application! We look forward to seeing you soon and wish you the best of luck! The UCLan Financial Aid Office is located right here on campus, striving to ensure all students receive top quality educations within a safe and supportive environment.