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.
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.
We are the UK’s leading 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
- 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.
Yes. You just need to be 18 or over, resident in the UK and enrolled in an accredited UK university. All non-UK applicants will also be required to provide a UK guarantor.
Absolutely. We are here to help as many students as possible and welcome applications from part-time and full-time students.
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.
Yes. We can conditionally approve your application for up to 3 months before the start of your course.
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.
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.
You’re more than just credit score. That’s why we also look at things like your course and university when making a lending decision, to see your future earning potential. Find out more about how we make our loan decisions.
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. The table below shows the current interest rate ranges based on your situation, but please take these as a guide only. 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.
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.
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 viss
- Minimum of 24 months income history
- Subject to a credit check
Guarantors allow us to offer much lower interest rates than usual banks. For this reason, you cannot be your own guarantor.
Once your Future Finance loan has been conditionally approved (woohoo!) you will need to provide us with a proof of ID, evidence of your attendance at university and any summary of income etc., if relevant.
The standard length of time for funds to be released is 3-5 working days.
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.
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 firstname.lastname@example.org or call our office at +44 (0)20 3743 8700 to get more information.
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.
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.
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.
University 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.
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.
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:
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.
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 email@example.com. Re-opened applications are subject to Underwriting assessment.
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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.
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.
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.
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.
- Date of birth
- 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.
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.
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.
Guarantors allow us to offer much lower interest rates than most usual banks. For this reason a student cannot be their own guarantor.
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 firstname.lastname@example.org and we will get back to you as soon as possible.
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.