Back to school is each year one of the most important headaches in September for families, who have to make a significant outlay and in many cases force them to resort to external financing. Per student, it represents an approximate average cost of between 841 and 1,086 USD, according to recent data from the OCU. Interest-free loans are an option to go to finance this expense. The payroll advance, although less widespread, is also a good product.
Impotant option is personal loan
The most interesting option is personal loans without interest, Although the processing can be less comfortable than those of credit cards and its offer is also somewhat more limited due to the small amounts that are requested and since there are few entities that offer specific loans for this purpose. Web comparators like ours recommend going to loans whenever the amount exceeds 1,000 USD. Below, the best option is interest-free microcredit, cards, or even payroll advances.
Small loans are quick to apply, since they hardly require documentation to study, but they have the downside that the interest is high. However, some entities offer interesting loans of small amounts, specifically, two have an interest of 0%. Good Lender gives between 1,000 and 3,000 USD with an opening commission from 15 USD to be returned within a maximum period of ten months. Meanwhile, Good Finance offers the payment of tuition and an advance of study scholarships with 0% interest and exempt from commissions, with a maximum amount of 3,000 USD and a repayment period of nine months.
Microcredit is the best option
Below 1,000 USD, the best option is microcredits, cards or even payroll advances. For its part, Lite Bank offers a loan for those students who do not have payroll, has an interest of 4.15%, an opening commission of 1% and also has a grace period of two years in which there would be no need to pay nothing. If what we need is a much lower amount, Agree Bank offers loans from 300 USD, without opening commissions, with an interest of 8.29% and a repayment period of between 3 and 36 months.
Another option is the payroll advance. One of the best and cheapest, according to several web comparators, since they are usually short-term and usually with low or even 0% interest. Among the entities that offer this product is BBVA, which offers up to a maximum of three payrolls or 3,000 USD with an interest of 0% and a term of up to 6 months. With Santander you can have a maximum of two monthly payments or 9,000 USD to be repaid in eight months, with an opening commission of 3.5% and no interest.
On the other hand, credit cards are also attractive for deferring expenses. They have the point in favor of flexibility, however, you have to be careful with making payments too long since these types of products have commissions and interests that can be well above those of a loan.
When hiring these cards, we will always have better conditions if we do it in the bank with which we have some type of relationship. Here, Lite Bank offers the best option by not having a fee for the first year and a 4% commission for deferring payments. Among those that do not need a link, Cream Bank has a credit card with no fee for the first year and a fixed commission of 3% for deferred payments.