Future Finance

Hey, has anybody else used Future Finance, starting uni in sept and found out I can't get a tuition loan from the government for the first year and needs to find finance for uni and wondered if they are any good to use.

Hey, has anybody else used Future Finance, starting uni in sept and found out I can't get a tuition loan from the government for the first year and needs to find finance for uni and wondered if they are any good to use.

Why can't you get a tuition fee loan for first year? Are you sure it's correct?

They are the equivalent of a payday lender. They charge punitive interest rates and repayments can start whilst you're still studying. You will have a set date on which repayment must start, even if you have no job or income. This type of loan can trap you in a spiral of debt for decades. No degree is worth it.

Their representative will probably be posting here shortly, to tell you how great they are. Get on their website and check the very very small print. They won't be so friendly when they send the bailiffs round.

Hey, has anybody else used Future Finance, starting uni in sept and found out I can't get a tuition loan from the government for the first year and needs to find finance for uni and wondered if they are any good to use.

But what other finacial options are there? Student finance is a no no, i have a bad credit rating due to a few late payments and limited history so a bank loan is a no no too

Dear Reue
Thank you for your comments.We note that you have raised numerous issues which we will like to clarify and put right.Firstly, the variable APR on our undergraduate loans is 11.3%. We charge an origination fee of 6.5%.
Secondly, we don’t charge £10 per letter issued: most of our correspondence with our customers is via phone and email.
I hope this is of assistance and helps you understand our product better. If you require further information then please do not hesitate to review our website or contact us.

- FutureFinance will charge you 6.5% of the total loan amount just to set it up.

Hello OP,

Please be aware of the following before considering any funding from FutureFinance:

- The quoted APR rate is relatively high compared to other long-term loan offers, the comparison to Wonga is misleading and irrelevant due to the vastly different timescales. Your bank will almost certainly be able to provide a better interest rate.
- FutureFinance will charge you 6.5% of the total loan amount just to set it up. This is extremely high compared to most companies who have no setup charges.
- You can be charged £10 per letter if they need to contact you with regards to late repayments
- Should you run into financial difficulty; Future Finance will pursue the loan from your guarantor. This could result in them being taken to court. Most other finance options do not require a guarantor and debt can be written off if you are struggling to repay it.

I strongly recommend you consider other financing options

For comparison, Our representative APR is 11.8% (as you can see on our homepage, based on borrowing £6,500 for 12 years and 5 months) Wonga have a representative 1,509% APR to borrow £400 for 31 days

We do encourage everyone to read the small print though. In fact, before you sign your loan document, we provide you with a repayment schedule showing every repayment you have to make over the 10+ years of your loan. (You are free to repay sooner than this which will lower the total amount you have to repay, but the standard term is 10 years and three months after graduation).

Also, I should clarify that while the person quoted has said repayments can start while you are studying, they always do. they are capped at between £20 and £75 pounds (depending on how much you borrow, between £2,500 and £40,000), but it is a standard part of our loan.

You can check out our reviews for the opinions of actual customer here https://uk.trustpilot.com/review/www.financemyfuture.co.uk