Loans for Students: how to get it with Amazon

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Margaret Nelson

An often widespread need among students, particularly university students, is to find a loan to finance their studies. Among the many offers on the market, a recent and advantageous regards the service offered by the American company Amazon.In fact, thanks to the agreement with the bank Wergo, the US giant offers loans designed specifically for students.

How to access the loan and what are its characteristics

The Student Loan is reserved for all members of the Amazon Prime Student loyalty program. All those enrolled in the program can access the student loan to cover all or most of the expenses related to education.

Students get discounts on interest rates starting from half a percentage point by making the request directly on the portal of the American company, leader in electronic commerce. For the moment, the service is only available on the US Amazon site, but will soon expand in all other countries, including Italy.

Amazon Prime is an annual membership program that includes many benefits for those who decide to join. These include: The unlimited number of shipments without additional costs with same day delivery in most Italian municipalities and over one million articles; Morning and Evening Shipping at reduced prices; the opportunity to preview the flash bids, the ability to store an unlimited number of photos on Amazon Drive.

Future considerations and market scenarios

Through the agreement signed with the Wergo bank, the Amazon giant opens up very interesting new market prospects. In the immediate future, this company aims, on the one hand, to increase and retain its customers through the Prime Program and on the other, to increase the range of products offered. The bank Wergo, for its part, obtains a gain directly proportional to the number of loans granted. Amazon’s downtrend in the financial sector is a win-win opportunity for loyal customers who can benefit from very competitive interest rates.

Amazon and Well Fargo discussed this agreement for about a year, establishing a multi-year partnership. For the moment the initiative has started for the US market but soon it will also extend to other countries, including ours.

In fact, Amazon’s entry into the financial sector dates back to 2012 with loans offered to selected sellers operating on the site. This particular service is also active in Italy for a year and is designed for third-party vendors who use the platform and need short-term credit to be more competitive. The subjects in question, at the moment, do not have the possibility to spontaneously request of financing but it is Amazon that selects the most suitable seller, using a specific internal algorithm. This system is based on the popularity of the products of the sellers and the frequency of depletion of their stocks. The student loan is a further, useful piece to expand the offer in all sectors of the financial market. Given the size and popularity of the American colossus, we are sure that this new initiative will be a candidate to have a good result.

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