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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.
Who can take out a Future Finance loan?
We are the UK’s leading specialist student loan provider and our focus is entirely on you. Whether you are a first year 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
  • UK or EU citizen and resident in the UK
  • You must meet our lending criteria
Non-EU citizens can apply too and will be asked to provide 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. If you are an EU/EEA citizen, our standard criteria apply when we look at your application. And if you’re a non-EU/EEA citizen, you’ll be asked 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 5 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?
Yes. We can conditionally approve your application for up to 30 days 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?
How does Future Finance make lending decisions?
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.
How much interest will I pay?
Our interest rates range from 6% to 24.9% and our typical rate is 14.7% (variable). Our interest rates are based on LIBOR (the London Interbank Offered Rate) which is very common for a UK loan. The LIBOR – and therefore our interest rate - can vary during the period of the loan. 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.
Are there any other fees and charges?
There is an origination charge on all loans of 6.5%. 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 attendance at university 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 020 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 5 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 university?
University isn’t always for everybody, but we would ask you to seriously consider your decision before dropping out. Talk with friends and family, they often offer a unique perspective. If you do decide to leave college, please call us. We will work with you to design an affordable and sustainable repayment plan.
What happens if I transfer to different university or degree program?
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.
What happens if I miss a payment?
Missing a payment isn’t the end of the world, but we will contact you within 48 hrs to make sure you are ok. We will then work with you to arrange a payment schedule. You may incur a £12 late payment fee. This charge may be applied to your loan balance if you are 30 days overdue.
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?
You sure can and unlike other lending options we don’t charge any fees for early repayment. Contact our customer service team to find out more.
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 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.
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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.