More loan options for students
Student loans, available from the Student Loans Company, allow you to borrow money at a low interest rate that you only have to pay back once you reach a certain income. They are a way to borrow money to help pay your way through university.
More information on student loans
There are other loans that you can get from other lenders, although it will be difficult to get one when you are a student. There are exceptions, of course, if you have a good income or if you own property.
Your loan options
There are two types of loans:
- Personal - you can borrow up to £25,000 for up to ten years. Being approved depends on your personal credit rating
- Secured - you use your home as security against the loan. It means you can borrow more money for up to 25 years. To secure the money you will need to put your property up against the loan as security.
Lenders will want assurance they will get their money back. It’s unlikely that, as a student, you will be able to get a loan, unless you have a regular income that can meet the repayments.
Other money options
Credit cards can sometimes be an option for helping you get through your studies although beware of running up debts. Find out about the various offers available so you can make an informed decision as to whether this option will work for you.
Choosing the best loan for you
To view all the loan options available, use the uSwitch.com loans comparison service for an impartial and comprehensive view of the loans market.
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