Guest article from Future Finance
See how much you could borrow with Future Finance student loans – without it affecting your credit score – and find out how our smart, flexible repayments could help you achieve your dreams through great education.
Step 1: Design a loan for you
Our home page loan calculator will give you an instant guide to how much you could potentially borrow from Future Finance and what kind of interest rate you can expect.
Just tell us how much you’d like to borrow, how long you’d like to borrow it for and whether you’re an undergrad or post grad. We’ll show you the typical interest rate and repayment plan. It’s not a final loan quote at this stage – we don’t yet have enough details from you for that – but it’ll give you an excellent guide.
Click the image above to go to our student loan calculator
Step 2: Apply online – it takes 2 minutes
If you’re happy with the guide figures we’ve shown you, click ‘Get quote’, tell us a few more details about yourself and we’ll assess your full loan application. Don’t worry, we still won’t run a full credit check at this stage and you’re under no obligation to go ahead with the loan.
We’ll give an instant online decision there and then on most loan applications. Some are a little more involved than others so we’ll run a manual review of your application in those instances, but even then, we typically get back to you within one working day.
Step 3: Loan approved? Great! Go ahead and claim your funding
Some loans will be conditionally approved in your name and we’ll just email you to request the few bits of info and ID we need to complete your loan.
Others will be conditionally approved so long as you have a guarantor on the loan. This is usually a parent, though it doesn’t have to be. To become a guarantor on your loan they just need to be 25-65 and a permanent UK resident, with 48 months’ work history and a reasonable credit rating.
Find out more: How we make our loan approval decisions
Step 4: You get your money
If your loan is for tuition fees these will usually be paid straight to your university, so you don’t need to worry about anything and it makes it easier for everyone. If the loan is to help with your living costs we’ll pay the money into your bank account in phases. It’s all outlined in the loan agreement we send you before you decide to go ahead.
Step 5: Repayments
We keep monthly repayments lower and capped (up to £75) while you’re in study. This helps take the weight off as you’re unlikely to be earning much if anything at this time. But by paying back something now it helps chip away at your loan balance and gets you into the good practice of repaying regularly, which in turn can help boost your credit score over time.
Three months after you’ve graduated, your monthly repayments increase. Hopefully you’ve got a job by then and are in a great position to start paying back bigger lumps of your loan balance. But if not, you can usually take additional three-month repayment holidays while you find your feet. And if you start earning good money sooner than expected you can pay back more, or even all of your loan in one go, without incurring any early repayment fees.
I want to apply for another loan with you?
That’s fine. You can apply for a loan between £1,000 and £40,000 each academic year. And if you need it, you can apply for a top-up loan. For the top-up application you’ll usually need to have made nine or more monthly repayments on your current loan. Just fill in the online application form and one of our team will review it. Or, get in touch and we can talk you through it – email [email protected] or call 020 3748 8700
I leave my course?
Drop us a line. We can work with you on a repayment plan, one that fits with your lifestyle and potential future earnings. Email [email protected] or call 020 3748 8700.
I want to pay back early?
That’s great! You can pay back your loan early whenever you want and, unlike some loan companies, we won’t charge you any early repayment fees for doing so. Why would we? We helped you achieve your career ambitions.
Borrow: £4,500 for 10 years 5 months
Origination charge: £292.50
Total amount repayable: £7,577.60
Interest rate: during studies 11.10% pa. (variable); after graduation 9.10% pa. (variable)
Repayments: 5 payments of £30/month, until 3 months after graduation; 119 payments of £61.90/month; 1 payment of £61.50
Representative APR 11.2% (variable)
Get a free Future Finance student loan quote – you can apply online in minutes and we’ll give you a quick decision.