The Loan Services Office makes available to qualified students who need help meeting unforeseen expenses three types of short-term loans. To qualify for a short-term loan, you must be a UCLA student*, enrolled within the current quarter with sufficient accepted funding to cover your current quarter/semester student services fees, and have no outstanding short-term loan. You must apply in person and present one of the following picture IDs: Bruin Card, driver's license, state ID card, military ID, or passport. The three types of short-term loans offered are the:
Even the best budget plan cannot foresee unexpected expenses that occasionally arise. Many students feel the only alternative is to put such expenses on their credit card, but a short-term loan may be a better alternative than falling into the credit card trap. What is the credit card trap? You find yourself confronted with an unavoidable expense. You don't have the money at the moment but will within a few weeks. You figure you can put it on a credit card and pay off the balance next month. In the meantime you make a few extra credit card purchases, those of which were based more upon want than need. Now the balance is a bit too large to pay off in one payment. You are now forced into making monthly payments and accrue high interest charges. Rather than putting such an expense on a credit card, adding to your monthly budget expense column, and increasing your overall indebtedness, why not apply for a short-term loan?
Short-term loans are interest-free and due to be paid in full by the twentieth day of the month following the date borrowed, the same day most BruinBill charges are due. The promissory note that you sign when taking out a short-term loan always indicates the due date. You will receive a copy of it for your records along with your short-term loan check. Any previously received short-term loan must be paid in full before obtaining another; you can only have one short-term loan at a time.
What happens if I don't pay it back? Short-term loans that are not paid by the due date are subject to late fees and will be referred to the UCLA Collections Office. The ability to take out future short-term loans will be jeopardized and a hold will be placed on University services including, but not limited to, financial aid disbursement, registration, obtaining classes and transcripts.
The short-term loan program has helped many UCLA students who have experienced times when pay day schedules or loan disbursement dates don't match up with payment due dates or the unanticipated circumstance. If you find yourself in short-term need of a little quick funding that you know you can pay back by the twentieth of the next month, come to the Loan Services Office and apply for a short-term loan.
Short-term loans are obtainable from 9:00AM to 4:30PM weekdays
in the Loan Services Office, A-227 Murphy Hall.
*Please note that this program is not available to UNEX students.