Obtain A Short-Term Loan

UCLA Student Loan Services and Collections - Find Loans

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No matter how good you may be at budgeting, the unexpected monetary complication—an emergency car repair, a doctor’s visit, or a delay in funding—can surface and play havoc with your finances. Ongoing credit card use can easily develop into an expensive arrangement due to constant balance carryover and accruing interest. One of the strategies you could use to take care of life’s little surprises, keeping more of your money in your own pocket instead of the pockets of your creditors, is participating in the Short-term Loan Program offered at UCLA. Short-term loans are made by UCLA Student Loan Services to qualifying UCLA students.

 

Types of Short-Term Loans

To meet those occasions when you have unforeseen financial needs, UCLA Student Loan Services’ Short-term Loan Program offers three types of short-term loans:

  • Emergency Loan—for students requiring an amount of $200 or less;
  • Living Expense Loan—for the needs of employed students who provide current employment verification on company letterhead and request sums greater than $200, but less than $350;
  • Financial Aid Advance—for student loan borrowers whose current term (quarter/semester) funds are delayed. This bridge loan provides a portion of the delayed funds and is made against electronically disbursed Federal Direct Subsidized and Unsubsidized, Federal Direct PLUS, Federal Perkins, and University Loans. You may only borrow against current term disbursements.

 

Short-Term Loan Benefits

With a short-term loan, unlike a loan you take out at a bank or a line of credit you receive from a credit card company, you enjoy these outstanding features:

  • 0% Interest Charge—the amount you borrow is the amount you pay back assuming on-time repayment;
  • 0% Origination Fee—no charge to you for processing your loan and printing the check;
  • Quick-Complete Application—a simple, short form that requires only a few basic pieces of information;
  • Rapid Approval Process—a few minutes with a loan associate and you’re on your way with a check.

 

Qualifications and Terms

To qualify for a short-term loan you must be:

  • A UCLA student registered in the current term;
  • In good standing, with no holds that prevent your use of the Short-Term Loan Program.

Of course, all loans have terms. The terms on a short-term loan, as listed in the promissory note that you will sign, are minimal. Briefly stated:

  • Short-term loans post to your BruinBill and are due by the 20th of the next month (i.e. borrow on any day in September; repay the loan by October 20th);
  • If you have not repaid the borrowed amount by or on the due date, penalties will occur. All past due loans are subject to late fees;
  • While in repayment you will keep all contact information current and respond to short-term loan related correspondence promptly.

You must contact the Loan Services Office before the due date if you are having a problem repaying your short-term loan on time. Under such circumstances a loan counselor will assist you in further handling the matter.

 

Obtaining a Short-Term Loan

To acquire a short-term loan, perform the following five easy steps:

  • STEP 1: Go to the Loan Services Office located in A-227 Murphy Hall and fill out a short-term loan application completely and legibly, providing your name, university ID number, and telephone number. You will also need to indicate the type of loan you are requesting and your university status.
  • STEP 2: Provide a form of picture identification: a driver’s license, state ID card, passport, or Bruin Card; plus any additional information the loan counselor may request such as a letter from your employer if you are applying for a Living Expense Loan.
  • STEP 3: Read and sign the promissory note that the loan counselor will present to you after the loan has been approved.
  • STEP 4: Accept the short-term loan check and cash it at your banking institution. Use the loan money for the purpose it was intended. If you receive a short-term loan check endorsed to the UCLA Main Cashier to take care of an outstanding matter on your BruinBill, you must take that short-term loan check to the Main Cashier’s Office located at 1125 Murphy Hall for further processing.
  • STEP 5: Repay the loan by the 20th of the next month to remain in good standing and thereby qualify for future short-term loans. Your due date is printed on the short-term loan promissory note you will receive.

 

It’s that simple!


 

 

(UCLA attempts to provide up-to-date information in our Bruin Dollars and $ense How To Series. Please be aware that the content of this document is based upon information that was correct at the time of publication. All information pertaining to and gathered from both UCLA and other sources is subject to change without notice.)