FAQs

Who Are You?

We are Future Finance. We provide smart, flexible student loans in the UK, helping thousands of students reach their potential. We believe in the positive impact of education on society and are here to financially help students achieve their dreams.

Will getting a quote impact my credit score?

At quotation stage, we conduct a “soft” credit check, also known as a “Quotation Search”. This takes a “snapshot” of your credit history without leaving any footprints visible to other lenders when they look at your credit report. Instead, it looks at key pieces of information to check your credit worthiness, so that we can assess whether you will be successful in applying before we carry out a full examination of your credit report. This soft search safeguards you from an excess of searches on your credit file, which, if you’ve made a lot of applications for credit recently, could suggest to lenders that you have an urgent need for credit which you may struggle to pay back.

Who can take out a Future Finance loan?

We are the a specialist student loan provider and our focus is entirely on you. Whether you are an undergrad or writing a thesis for your PhD, we want to help. To be eligible to apply for a loan you must be:

  • Enrolled in an accredited UK university or eligible institution
  • 18 years of age or above
  • Resident in the UK
  • You must meet our lending criteria
  • EU citizens from outside the UK and non-EU citizens will be required to nominate a UK guarantor.
I am an international student, can I apply?

Yes. You just need to be 18 or over, resident in the UK and enrolled in an accredited UK university or eligible institution. All non-UK applicants will also be required to provide a UK guarantor.

I am a part time student, can I apply?

Absolutely. We are here to help as many students as possible and welcome applications from part-time and full-time students.

How much can I borrow?

Our loans range from £2,000 to £40,000 and can be repaid over a period of up to 7 years. Note: The maximum cost of living amount that can be applied for per academic year is £12,500.

Can I apply before I have a confirmed offer from University / Eligible Institution?

Yes. We can conditionally approve your application for up to 3 months before the start of your course.

How can I spend my Future Finance loan?

You can use the money to pay your tuition fees, put towards your living expenses or a combination of both. If you are looking to broaden your horizons and study abroad for a semester, a Future Finance loan will also cover your time outside the UK.

I already have a Government loan, can I still apply?

You certainly can. Government loans offer good value and we strongly suggest students make the most of them first. But if your government student loans aren’t enough, and you don’t have the bank of mum and dad to fall back on, we believe we’re a great option to help fund your education.

What is the process for applying?

What is the process for applying?

How does Future Finance make lending decisions?

You’re more than just credit score. That’s why we consider your course when making a lending decision, to see your future earning potential. Find out more about how we make our loan decisions.

How much interest will I pay?

Our interest rates range from 6% to 25% and our typical rate is 14.7% (variable). Our rates may vary based on changes to the Bank of England Base Rate, LIBOR and/or other base or reference rates which can affect the cost we pay for our funds. You can get a free no-obligation quote to see what interest rate you might pay on a Future Finance loan by completing our short online application form. We run a soft credit check which won’t affect your credit score and won’t be visible to other financial institutions.

Are there any other fees and charges?

There is an origination charge on all loans from 4.5%-8.5%. Returning customers have an origination charge of 3.5%. This can be paid up front at the beginning of your loan or it can be added to the loan amount at set-up. You might incur a one off default charge of £12, should you miss payments.

Do I need a guarantor?

In the past, students have often been subjected to high interest rates because traditional banks are reluctant to lend money unless you’ve personally built up a good credit history. We have a smarter way of reviewing your application, which is why we sometimes request a guarantor. By having a guarantor the student can get much lower levels of interest on their loans. Not all loans require a guarantor and we examine each loan on a case by case basis. You can complete an application form or contact us directly to determine whether you will need a guarantor or not. The minimum requirements of a guarantor are:

  • 25 to 70 years of age
  • UK resident. Please note that non-EU or non-UK citizens must have an indefinite leave to remain visa
  • Minimum of 24 months income history
  • Subject to a credit check
Can a student be their own guarantor?

Guarantors allow us to offer much lower interest rates than usual banks. For this reason, you cannot be your own guarantor.

What supporting documents do I need?

Once your Future Finance loan has been conditionally approved (woohoo!) you will need to provide us with a proof of ID, evidence of your course attendance and any summary of income etc., if relevant.

When will I receive my loan?

The standard length of time for funds to be released is 3-5 working days.

How will I get my loan funds?

Tuition fee funds are sent directly to your university. Cost of living funds will be transferred to yourself. Typically they are disbursed over a number of months, you’ll receive a detailed disbursement plan with your loan quote.

I already have a loan from Future Finance, can I apply for an additional loan?

Yes, you can borrow between £2,000 and £40,000 per academic year. If needed, you can reapply for an additional loan request. Remember; “additional loan requests” are not guaranteed. We offer funding on a year by year basis and each “additional loan request” application is subject to a new assessment. This means that the criteria under which the original loan application was assessed may have changed, or your circumstances may have changed, and your application no longer meets the current criteria. Before applying for an additional loan request the following must be true:

  • You are not due to receive any further funding installments from us.
  • Your last 3 payments have been on time.

If you wish to apply, submit a new application on our website and our team will assess it. Alternatively, you can email us at hello@futurefinance.com or call our office at +44 (0)20 3743 8700 to get more information.

When do I have to start repaying my loan?

The loan repayment period commences when you receive your funds. Repayments are capped at £75 per month until three months after you graduate. Our loan term is a maximum of 7 years (including time at university). The loan can be repaid in full or in part at any stage without incurring additional charges. Interest is charged on the daily loan balance and any repayments will immediately reduce the amount of interest payable. Our loans are designed for students which is why repayments are capped at £75 per month until three months after you graduate. Full repayments will be made over the period specified on your initial loan application. We have no early repayments charges so feel free to pay as much as early as you can.

Can I take a break from my loan repayments?

Yes – these are called “permitted payment holidays”. After graduation, you can take up to four payment holidays during the 5 year loan repayment period. They can last up to three months, you can take a maximum of two holidays consecutively during the 5 year loan repayment period. The best holidays are planned in advance. Be sure to apply at least two weeks prior to the repayment holiday start date. Payments that should have been made during your payment holiday will be added to the loan balance. The interest rate being charged during your payment holiday may be affected, please seek further advice from our servicing team regarding this. The loan term will remain the same and as a result your monthly loan repayments will be higher once the PPH ends.

What happens if I drop out of my current course?

We understand you may face challenges that prohibit you from continuing with your studies. Please note that if you do drop out, you will no longer qualify for the reduced in-study repayment amount and your account will retain the current ‘in study’ interest rate for the remaining duration of your loan. Please call us, and we will work with you to design an affordable and sustainable repayment plan.

What happens if I transfer to different university, institution or degree program?

University and studying is all about trying new things, but before you decide to transfer to an alternative university or degree make sure to get in touch so we can discuss your loan details.

What happens if I miss a payment?

Sometimes it isn’t possible to make your payment on time. If you miss a payment, we will contact you within 48 hours to notify you of the missed payment and work with you to arrange a payment schedule to bring your account up to date. A late payment fee of £12 will be payable if you have failed to make any scheduled payment within 3 business days after the scheduled due date. If your account is 7 or more days past due, the Credit Reference Agency (“CRA”) status of your account may be updated.

What happens if I find I cannot keep up with my payments?

Get in touch as soon as you can. We won’t bite and we’ll always try to come up with a sensible repayment plan to help you out. Missed payments are reported to a credit agency and this could have a negative impact on your credit rating in the future. If you have a guarantor on your loan, they’ll be contacted to make the missed payments on your behalf. If you are struggling financially and feel you’d benefit from some impartial advice, you can contact any of the UK’s free debt advice services such as:

Can I pay back my loan early?

Yes you can. Repay early and you will only owe interest accrued to the date of your final repayment. Contact our customer service team for more details.

You have cancelled your application and want to re-open it?

That’s no problem at all, we can re-open your application at any time. Please call our team at +44 (0)20 3743 8700 or email us at hello@futurefinance.com. Re-opened applications are subject to Underwriting assessment.

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What if I have a problem with Future Finance?

We hope you like our service. However if you have any concerns or complaints you can contact us by phone, email or post. If we can, we’ll resolve any issues immediately.

If you’re not satisfied with our final response, or eight weeks have passed since you first raised your complaint with us, you have the right to refer your complaint to the Financial Ombudsman Service.

You have six months from the date of our final response to refer your complaint to them.

Why do I need to be a guarantor?

In the past, students were often subject to high interest rates because traditional banking systems valued them according to their credit score. At Future Finance, we believe students are more than just a credit score. By securing a guarantor we can ensure that students have access to our loans, pay much lower levels of interest on them and can get back to what is important, their education.

What does being a guarantor mean?

A guarantor is a parent, friend, sibling or close relative that agrees to take legal responsibility for the debt if the loan defaults. Many parents find it is a way that they can help their child fund their education without simply giving them money directly.

Do I meet your requirements as a guarantor?

You must be:

  • 25 to 65 years of age
  • UK resident. Please note that non-EU or non-UK citizens must have an indefinite leave to remain visa
  • Minimum of 24 months income history
  • You must meet the income and credit history criteria specific to the loan application and agree to a credit check.

You do not need to be a home owner, to qualify as a guarantor.

What information do you need from me?
  • Date of birth
  • Address
  • Home phone number
  • Employment and debt details, including whether you are acting as a guarantor for any other loans.
  • Certified copy of your passport
  • Proof of income
  • Consent to run a credit check and employment verification.
When will I be contacted?

We know how busy people are so we strive to disrupt you as little as possible. We will contact you to confirm you are happy to act as a guarantor. We will also follow-up if we have any questions regarding your information. Once the loan is funded we will send you an email to confirm it has been funded. We will aim to make the process as stress free and smooth as possible and will keep you updated with key information.

How can I provide my details?

If you are nominated as a guarantor, an email will be sent to you with a secure page to provide your details. This information will not be shared with the borrower. If you have not received this email, please contact us and we will re-send it.

Can a student be their own guarantor?

Guarantors allow us to offer much lower interest rates than most usual banks. For this reason a student cannot be their own guarantor.

Where can I get more information?

If you didn’t find an answer to your questions here, please give us a call us at +44 (0)20 3743 8700 or send us an email to hello@futurefinance.com and we will get back to you as soon as possible.

What happens if both the student and guarantor consistently misses payments and the debt remains outstanding?

In the event that you consistently default on payments and the debt remains outstanding as a last resort we may secure a charging order on any property that you own. Please note that the failure to make repayments could have a negative impact on your credit file.

Do you run a credit check on me during the loan approval process?

We have to run credit checks for three reasons: to verify your application information, to decide whether or not to accept your application, and to come up with an amount for your loan. We’re a trusted loan company, so these credit checks are necessary to make sure that we only lend you an amount that you can comfortably pay back.

How do I apply?

Simply click here to apply and we’ll send you a personalised loan offer. It takes just 5 minutes and all you have to do is enter a few important details (name, date of birth, address, etc) and we then run a credit check. All the information you submitted and your credit file helps us calculate your loan offer. Please be aware that this offer is only valid for 14 days. Once the deadline passes, you’ll need to apply again, with the possibility that your rates may change.

Who can get a Future Finance graduate loan?

Our criteria is simple and almost anyone can apply. We just ask that you’re:

  • 18 years or older;
  • A resident in the UK and have a UK bank account to receive the loan;
  • A graduate from an accepted Higher Education Institution in the UK;
  • In full-time employment;
  • Able to meet our lending criteria.

Still not sure if you’re eligible? Give us a call on +44 20 3743 8700 – we’re happy to help!

How much can I borrow?

You can borrow between £2,000 and £10,000.

What is the purpose of a graduate loan?

Our graduates usually use their loans in the following ways:

  • Moving to a new city;
  • Deposit for a new apartment;
  • Buying a car;
  • Making improvements to their home;
  • And many others uses!
What is an origination fee?

We charge an origination fee for processing your application and everything else involved in originating and funding your loan. The origination fee is 3.5% of the loan amount for all graduate loans.

Do you offer variable terms i.e. for less or more than 3 years?

At the moment, we only offer loans for 3 years. Since we do not charge any early payment fee, you can always pay the loan back before the full term, which means you’ll save on interest costs - and that can only be a good thing!

What documents do you need from me?

Simply log into your account to see what documents we need from you. On the customer dashboard you will see the Documents section which will have a list of all the documents and the option to upload them directly onto your account. Some of the documents we may need are some form of ID, proof of education and proof of employment to support your application. As always, if you have any questions, please call us on 020 3743 8700.

When do I get a decision?

Once you’ve hit submit on your application, we aim to give you a decision within seconds. In some cases, we might have to do some extra checks before we can continue, but this rarely happens and, if it does, we’ll always keep you in the loop.

How long does the application process take?

We have a simple application process and if you have all the details handy (like a valid debit card and proof of education) - you will be able to whizz through the application process in minutes. Of course, every applicant is different, so the length of the process might vary. If we are unable to arrive at a decision quickly, we will get in touch with you.

How long do you take to review uploaded documents?

To keep your application moving we review documents as soon as you upload them. We aim to get back to you within two days at the latest. If we have any questions or there are any issues with your documents we will send you an email to let you know.

When will I receive money?

Once your loan is approved by us and you have uploaded the required documents, we’ll normally get the funds to you on the next business day.

How will I receive my funds?

We will disburse the funds directly into your bank account on the next business day after your loan application has been approved by us. We will send you an email once we have sent the money to your account, along with the executed agreement.

When do I start repaying my loan?

You’ll start repaying your loan a month after the disbursement date. You can find the full schedule on your account page.

How can I make repayments?

We’ll ask you for a Debit Card during the application process, and will take your monthly repayments directly from this Card to make things easy for you. If you’d like to make an additional repayment you can do this at any time either from your account page or by making a payment to the following account:

  • IBAN: GB22MIDL40053064600274
  • Sort Code: 400530
  • Account Number: 64600274
Why do I need to use a Debit Card?

A Debit Card helps you out if you miss a repayment – you won’t be hit with any bounce fees by the bank whose debit card details you have given us. You can also use the same card to pay back more of your loan or pay it back earlier – again, helpful for you!

Can I pay off the origination fee immediately?

Of course! Simply call us the same day your loan is disbursed and ask to pay the origination fee off or do it through your account page. We won’t penalise you for early or over payments.

Can I pay off my loan early?

If you can pay off your loan early, that’s great! We won’t charge you any early settlement fees – you’ll only have to pay back interest accrued up until the date of your final repayment. Just check the outstanding balance by logging into your account and then pay it off right then and there!

Can I pay more than the scheduled amount?

Definitely! If you repay your loan early, you only pay the amount of interest that has accrued on your outstanding balance. Let’s say you took out a 36-month loan and decided to repay it in two months - you would only pay interest for the two months that you had the loan outstanding. Basically, we don’t charge a fee for repaying your loan early.

Sent an extra payment or paid more than you need to on a payment due date? Your principal balance will reduce by the amount of the extra payment, reducing the term of your loan. Your monthly repayments will stay the same.

What happens if I miss a repayment?

We understand that sometimes it isn’t possible to make your payment on time. Don’t worry - if you miss a payment, we’ll get in contact within 48 hours to let you know this has happened.

We’ll then work with you to make a payment schedule to bring your account up to date.

However, you’ll have to pay £12 if you don’t manage to make a scheduled payment within 3 business days after the arranged due date. What’s more, if your account is 7 or more days past due, your account’s Credit Reference Agency may be updated to reflect the late payment.

What happens if I can’t keep up with my repayments?

The most important thing it to get in touch as soon as possible – we won’t bite! We’re here to help you out and work with you to come up with a sensible repayment plan. Missed payments are reported to a Credit Agency, which could negatively impact your future credit rating. If you’re struggling financially, you can get impartial advice from any of the UK’s free debt advice services such as:

  • Step Change Debt Charity - www.stepchange.org
  • National Debtline - www.nationaldebtline.co.uk
  • Citizens Advice Bureau - www.citizensadvice.org.uk
What if I need additional time to make my payment?

We’d advise you to only take out a loan if you can repay the loan both sustainably and following the terms of your agreement. However, we understand that a person’s financial situations can change. If that happens and you can’t repay the amount due on your repayment date, please get in touch on 020 3743 8700 as soon as possible – we’ll help discuss what to do next. One of the options is deferring your upcoming repayment to a later date, but that all depends on your situation.

Can I borrow more?

You can, but not while you have another active loan with us. If you want to borrow more funds, you’ll need to fully repay one active loan first. Give us a call to find out more!

How can I reset my password?

Forgotten your password? Simply click here to reset it.

How can I close my account?

You can only close your account if you don’t have an active loan with us. If this is the case, you can simply cancel your application via your account page. Please be aware - if you previously had a loan with us or submitted a completed application, we won’t necessarily delete all your information when you close your account. If you want more information, check out our Privacy Policy.

Where can I upload my documents?

You can upload your documents via your account page. Simply login to check if there are any documents outstanding.

How do I change my contact details or address?

Simply log into your account to update your personal details. Any questions, feel free to give us a call on 020 3743 8700.

How do I change my payment method?

You can pay using a Debit Card - if you want to add another card simply do so via your account page.

What is CPA and how does it work?

Continuous Payment Authority (CPA) is a type of automatic payment that allows a lender to collect sums from a customer’s Debit Card, subject to specifically agreed terms that are fully disclosed and agreed through the loan application process.

Once the customer agrees, a CPA lets a business to take a series of agreed payments using a customer’s Debit Card details without having to request authorisation for every payment. CPAs can be an efficient and convenient way for you to pay back your loan. However, please be aware that you’re entering a commitment when you apply for and accept the offer of a personal loan from us. On your repayment date, we will use the CPA to collect the full amount due that day from your Debit Card. If the debit fails, we might attempt to debit your card a second time on the following business day.

How can I cancel CPA on my account?

You can cancel the CPA with the bank, the card provider or Future Finance. If you cancel the CPA with your bank or card provider, it’d be great if you could let us know too. You can also cancel the CPA directly through us by calling 020 3743 8700.

If any payments are taken before you cancel the CPA, you can only get a full or part refund at our discretion. Even if you cancel the CPA, you still have to pay back your loan including any charges, so please get in touch with us to agree a new method of repayment.

How to make a payment.

If you would like to make an ad hoc payment for a graduate loan you can either log into your account and use your Debit Card or make a payment to the following account:

  • IBAN: GB22MIDL40053064600274
  • Sort Code: 400530
  • Account Number: 64600274

Any questions or issues?

Please feel free to reach out to us on 020 3743 8700 or email graduate@futurefinance.com.

We’re happy to help!

+44 (0)20 3743 8700 hello@futurefinance.com


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