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Future Finance: 
Smart, flexible loans designed for students

Future Finance offers smart, flexible finance solutions to postgraduates across the UK, to help towards tuition fees and living costs.

Future Finance has specialist loans designed for postgraduate students, which means they offer:

  • Lower, capped repayments in study
  • Up to four 3-month repayment holidays
  • No early repayment fees

You can apply for a loan from £2,500 to £40,000 and pay back over 1 to 10 years with great repayment options built in.

Better Than a Bank Loan?

Future Finance, who have now loaned money to thousands of students from over 150 UK universities, have interest rates that start at just 6% and average 10.1% APR (variable). That’s considerably better than short-term and payday loans on the market, which many students have resorted to and very quickly regretted. The Future Finance rates are also very competitive with bank loans and are far better than the rates you typically find on student credit cards.

Banks tend to review their loan applications based primarily, or even solely, on your credit score. This makes it very difficult for many students to get finance as they haven’t had chance to build up a long credit history – and if they do get approved a loan, it can come with high interest rates.

One of the great things about Future Finance is that they understand you’re more than just a credit score. So when you apply, they look at your postgrad course, institution and therefore future earning potential.

The Pros and Cons of Career Development Loans (CDLs)

If you’re doing a postgraduate degree you may be able to get a professional and career development loan. You need to be over 18, resident in the UK for at least three years and intend to work in the UK or the EU after completing your degree.

On the plus side, interest is fixed and you only start paying back once you’ve graduated. On the down side, you’re limited to what you can spend the money on – eg, no more than 30% on living costs – and interest rates can vary a lot depending on how much you want to borrow and how long you take to pay it back.

Finance Your Future

You can get a free, no-obligation quote online at www.futurefinance.com. Just fill out the short application form on their website – it only takes 2 minutes, you’ll get a quick decision and it won’t affect your credit score. 

Get a free quote

Representative example: 
Loan amount £9,700. Duration 11 years (10 years and 3 months after graduation). Origination charge £630.50. Total amount paid over life of the loan  £16,272.43. Interest rate during studies 10.04% pa (variable).  Interest rate after graduation 8.04% pa (variable). Repayments  12 payments of £60/month (until 3 months after graduation); 119 payments of £129.59/month and 1 payment of £131.22. Security may be required by way of a guarantee. 
Representative 10.1% APR (variable). Above rates are inclusive of LIBOR.

Disclaimer: Please note a variety of student funding options are available and we advise you to research all your options thoroughly before making such a commitment. Postgrad.com accepts no responsibility for your choice of loan and does not endorse or support Future Finance.

Future Finance is authorised and regulated by the Finance Conduct Authority (FCA). Interim Permission Reference Number 661722.

Bank Loans and Professional and Career Development Loans

Other funding options include bank loans and professional and career development loans. Bank loans for postgraduates are ‘proper adult loans’ so there are serious consequences if you do not keep up with repayments. You may think that a masters looks good on your CV, but it’s not worth having bankruptcy on your records for it! There is no guarantee that will be able to get bank loans for postgraduate study. First you must apply for one and attempt to demonstrate to a bank that there will be a return on investment, plus your credit rating needs to make you a trustworthy borrower for them to agree to lend you the cash. However, despite all the doom and gloom, bank loans are generally a safe and good option if you are responsible about lending. You need to be able to manage your money and make sure that you can always make repayments, and if you feel confident in that, then there is no reason why you shouldn’t get yourself a bank loans. 

If you are over 18 and are a UK resident or have been settled in the UK for at least three years and intend to work in the UK or EU after completing your degree then a Professional and Career Development Loan might be an option for you if you need a loan for postgraduate study.  Career Development Loans (CDLs) are a new type of loan being sponsored by the government and organised by Barclays Bank, The Royal Bank of Scotland and The Co-Operative Bank. The aim is to give loans that will help people advance their careers. Postgraduate degrees fall into this category, and therefore CDLs can be a perfect way to fund your study.

Pros and Cons of Career Development Loans

There are certain conditions that come with CDLs, both good and bad.  On the plus side you do not need to start paying back the loan until after you complete your course, which means you will not be laden with debt while studying as the government pays for your interest as you study. The interest is also fixed so you don’t have to worry about a massive jump in the cost of the loan – you always know where you stand with what you need to pay.  However there is some rigidness to contend with. There are fixed percentages on what you can spend your loan on – for example, no more than 30% can be spent on your living costs.  Also, the issuing of the career development loan is still subject to the bank’s agreement, so if you suffer from a poor credit rating you may not qualify for the loan.

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