Responsible lending

Future Finance always aim to be completely transparent about our lending, ensuring that you understand how borrowing will affect you, such as how much interest and charges you will pay, and on what basis lending decisions are made.

Our commitment to responsible lending is built on the Financial Conduct Authority’s “golden rule” that borrowing should be fair, clear and not misleading. We extend this to every student we deal with.

Borrow ONLY the money you need

Our loans can be used to cover tuition fees and cost of living expenses. As part of this, we will look at the average cost of living in the city you are planning on attending university in, and if your amount is significantly more than seems reasonable, we will ask for clarification as to what you need the money for (e.g. you may be staying in a specific student accommodation), and may not approve this amount.

Fair student loan assessment

We use sophisticated, proprietary software to assess all of our applications. We look at your outstanding credit, repayment history and a variety of metrics related to your university education to make an assessment. You can read more about this process here.

We believe that this means we only lend to customers who can afford to repay. We won’t make student loans to applicants that we believe will struggle to make their repayments. Though we wish we could help every student, it wouldn’t be responsible to lend to students who don’t meet our criteria and we don’t believe can make repayments.

Clear and approachable

The Future Finance website provides all the information applicants need to understand our service and the costs associated with our loans, including a glossary of loan terms.

We also have a live chat service for any students who are having difficulty with our site, or are confused about any of the terms used on the site before completing an application.

In addition to this, once the application has been completed, students will be assigned a case manager who will take them through any issues they may have with the process.

Straightforward, not misleading

We want to provide students with all the resources they will need to understand how our student loans work. For this reason, we include as part of every contract we make, a repayment breakdown detailing every payment the student will need to make over the entire loan term, based on the current rate of LIBOR.

We also let students know that they can repay additional sums on top of this, which will lower the total amount that needs to be repaid.

By showing how much our student loans will cost (including the interest, and origination charge), our customers can rest assured that there won’t be any other fees associated with their loan if they pay back as agreed. No hidden surprises.

For more information please check out our Student Support Page and Blog that provides topical and relevant information aimed at supporting students.

Meeting Industry standards

Future Finance is a member of the Finance and Leasing Association (FLA), and you can obtain a copy of the Code here.

Our priority is to support our customers and give them the best chance of reaching their full potential. If, for any reason, you have any concerns or complaints about our service, we want to hear from you.

If you would like to lodge a complaint you can contact us by phone, email or post and we’ll resolve any issues as quickly as we can – and keep you updated on our progress.

If you’re not satisfied with our final response, or eight week have passed since 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. For more information on complaints visit Responsible Lending. You can obtain a copy of our complaints procedure here.