About our Student Loans Facility
We have introduced our very own, alternative student loans facility. We believe that in many ways it is superior to the standard 19+ advanced learner loans facility for the following reasons:
- With our student loans facility, you are ONLY charged the course fees that we charge. This means that your fees will be up to, or even more than £1000 cheaper than if you used a government funded learner loans facility. For example, our diploma in fitness instruction and personal training costs £1800. With the 19+ advanced learner loan you can be charged up to £2882.
- This is a loan that appears on your credit file, just like the 19+ advanced learner loan. However, our loans facility still allows low monthly repayments and will only appear on your credit report for the term you agree. Unlike the 19+ government loan which typically takes 15 to 30 years to pay! That’s a long time on your credit report!
- You can be 18 to apply – meaning that 18 year old students are not excluded from obtaining a student loan just because they’re 18!
- The repayments are still low. And the interest is either just as low as the government loan, or it can be interest free!
We can offer you the following plans:
- 6, 12, 36 and 60 months interest free – depending on your credit score
- 24, 36, 48 and 60 months at 9.9% APR
- Alternative plans as required – can be tailored to suit your needs
Example monthly repayments based on £999:
- Student chooses the 36 month, interest free payment plan after paying a 10% deposit of £99.90: £24.98 per month.
- Student chooses the 60 month option at 9.9% APR after paying a 10% deposit of £99.90: £18 per month
What’s the not so good?
Honestly, there isn’t really anything about this facility that’s negative. The 19+ government loan does offer the right to not pay anything back until you’re earning over £21,000 per year. Which is a great offer. However, it must be noted that the entire time you’re not paying it back; or you’re paying the lowest monthly amounts; interest does accrue and your loan essentially grows. Resulting in you owing a larger amount than what you originally borrowed, which simply looks worse on your credit file. Our student loans facility does not work in that way – as long as you keep up your monthly repayments, your loan will be paid off in good time and it will not grow!
Our student loans facility does also offer a buy now, pay later option depending on individual circumstances. Which is always a bonus!
Finally, unlike the government loan, you will be credit checked. We are able to offer VERY high acceptance rates. However, we do have a responsibility to advise you that every applicant is credit checked as part of the process. This only leaves a very soft imprint on your credit report and it ensures every student is in the right position to have a student loan – making all lending responsible!
So, in summary:
- Low monthly repayments
- No interest options and low interest
- Potential for buy now, pay later
- Student loans tailored for each individual student
- Up to 60 months
- Student loans available for course fees from £250