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Students 'must be cautious with personal loans'
People studying at university should be cautious about taking out personal loans to supplement their income, it has been suggested.
According to financial advice website Think Money, a number of students turn to credit cards and personal loans during terms in order to meet living costs when not working full-time.
However, the website warned that only certain people are able to handle such lending.
"This is fine providing they can afford the repayments, but these kinds of debt tend to carry much stricter repayment terms than overdrafts - meaning that the consequences of missing payments can be quite serious," it explained.
Think Money added that those with debts from their time as a student need to have a structured plan to repay such loans once they complete courses.
Kate Murphy of Moneysupermarket.com recently told the Independent that consumers applying for personal loans need to ensure their applications are as accurate as possible.