Education loans

Are you thinking about a return to your studies so you can build on your career, or to change fields entirely, but this time get your dream job? For many, this is the ultimate aim, but one thing ends up stopping them: a lack of money. Tuition fees in the UK have tripled in recent years, and are now some of the highest fees in Europe, making returning to education for many people across the UK a seemingly impossible feat. However, here at Proper Finance, we can help you. We work with over 100 different lenders who can provide you with an affordable loan.

How much can I borrow for an education loan?

The exact amount you can borrow will be dependent on the lender and the product. It will also be dependent on what your requirements of a loan are for your studies. For example, maybe you are simply short on money for one particular month because of having to pay for university books or trips and need a payday loan. Or, you may be looking for finance on a longer-term basis, and therefore may look at applying for a personal loan, which in this case, could mean you are looking for a higher amount. Generally speaking, it is possible for customers to borrow from £50.

Will applying for an education loan affect my credit score?

If you are still in education, or have recently graduated but are considering going back to school, you may be worried about having a lack of credit history. This lack of history can mean you have a bad credit score, even though you have not taken out other types of credit before. No need to worry about applying with Proper Finance affecting your credit score: a loan application processed through our comparison site will not impact on your rating.

We will only conduct a soft search on your credit file and do not leave a hard credit footprint on it. It is important to know that these are two very different things: the first, means that this search will disappear from your credit report soon after applying, and it is something we do to verify your credit score. The latter, leaves a footprint on your file, meaning that future creditors will be able to see you have applied for credit, which could negatively affect your ability to apply for further credit in the future.

What checks are carried out for education loans?

As previously mentioned above, a credit check through the form of a soft search will be carried out when you apply for an education loan. Furthermore, an additional check, known as an affordability check, will also be carried out when you make an application through Proper Finance.

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Making sure we lend responsibly when it comes to education loans is important to us.

This is to make sure we are only providing loans that are affordable, as it is important to our company to lend responsibly. Therefore, we take into consideration your income as well as your expenses, and then what you can afford after these are deducted from your income.

Are there fees to pay for an education loan?

It is important to note that when you make an application through Proper Finance, you will not have to pay any upfront fees at any time for using our comparison services to find the right lender for you. We may receive a commission directly from a money lender you choose, but you will not pay a fee.

Nevertheless, it does not mean you will not have to pay any fees at all for taking out an education loan with one of our lenders if you are accepted. These should be taken into consideration prior to making an application, to make sure it is financially viable for you to take out a financial product. The fees you could pay include:

  • Interest rate fees from the lender, which will be a maximum of 0.8% per day
  • If you pay your loan late, you will most likely have to pay default fees
  • If you decide to exit the loan early, you could have to also pay early repayment fees. The exact amount will vary from lender to lender, or you may not have to pay them at all.

Always check the terms and conditions with a lender prior to accepting an agreement, as you do not want to take out a loan you simply can’t afford the fees for.

How can I apply for an education loan?

If you want to apply for an education, you can easily do so in a matter of minutes through our website. All you need to do is click apply now, and fill out the application form. Once this is done, there is no need to wait: you will receive an instant decision regarding your application, avoiding unnecessary delays in finding out about the outcome of your education loan.