Loans for School Fees

Pay for Term School Fees, Uniforms and More

If you are looking to put your children through private school, then you will be more than likely having to face school fees. We understand just how expensive these can be, and especially so if you have more than one child going through this type of schooling. As a result, you may be concerned as to how you will finance it. No need to worry – Proper Finance can help you find the right personal loan or guarantor loan for you that is both affordable and manageable.  We take you through the different types of loans available so you can determine exactly what might be the best option for you.

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In partnership with Smart Loans

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Types of loans for school fees

Personal loan: with this kind of loan, you have the option of borrowing a sum ranging anywhere from £1,000 up to £35,000 in total, and repayments are made over a minimum of 12 months and can last for over 7 years, which is perfect if you are looking to find a loan to cover school fees and looking to repay gradually.

What are the benefits?

school-feesPersonal loans fall into the unsecured category, which simply means that you do not have to secure the loan against things like your car or your property, meaning that in the event that you are unable to keep up with repayments you do not have to worry about potentially losing your home.

In addition, you will most likely have fixed payments agreed upon with one of our money lenders that you will pay back each month. When it comes to loans for school fees this can be particularly advantageous, as it means that you are able to budget effectively as you will be aware of what you are paying each month, and do not have to worry about any sudden surprises.

You will also find that the longer that you have the loan, the lower the interest rates will end up being.

Are there fees for applying?

When you apply for a loan for school fees through Proper Finance, you do not have to worry about having to pay any upfront fees with us in any way. As a comparison site, our service is completely free for you to use, even if you make an application with us.

Of course, this doesn’t mean there won’t be fees incurred with one of our lenders directly if your application is approved. As previously mentioned, you will have to pay interest, and you may have to pay other charges. These can include:

  • Early redemption fees
  • Early repayment fees, if you decide to make overpayments or pay off the loan in full. However, check with one of our personal loan providers directly as not all lenders will have this type of fee
  • Default fees if your payments are late

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In partnership with Smart Loans

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How do you choose your lenders?

Proper Finance does not take the decision lightly nor quickly when it comes to the lenders we decide to work with and collaborate with. We want to make sure we work with reputable lenders who treat their customers fairly, so we vet them thoroughly prior to putting them on our site. We also make sure all of our lenders are FCA authorised and compliant.

What are the criteria for applying/

If you are considering applying for a loan for school fees and want to take out a personal loan in particular, then you will need to make sure that you fit the following eligibility criteria:

  • I am employed and have an income that is over £15,000 per year
  • I have a good credit history
  • I am over the age of 24

Your acceptance for this particular type of loan will be dependent on how highly you score on these criteria, in part because you are not putting down valuables as collateral in order to get it.

You will find that some things may work against you getting this type of loan for school fees, these include having a history of defaults, CCJs and bankruptcy.

What if I have a bad credit score?

You may be wondering what to do if you have read the personal loan eligibility criteria and realised that you might not have a high chance of getting approved for a loan for school fees. No need to fret, Proper Finance definitely has other options available to you! It may be worth investigating more about getting a guarantor loan instead if you have a bad credit score. With this kind of loan, your guarantor (which can be a family member or friend: but it is worth noting they will need to be deemed creditworthy by the lender) will secure the loan for you, as they will be relied upon in the event that you are unable to keep up with loan repayments.

How can I apply?

Want to go ahead and apply for a loan for school fees with Proper Finance? Great! Simply click apply now and you can do your application online all in a matter of minutes.

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In partnership with Smart Loans

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