Future Finance - Are they legit? Watch

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SilvoSurfer
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Future Finance are this company which claims to give students loans etc. I've been seeing their ads on Facebook very often so I got curious and went on their site. I can't make my mind up about this company. Does anyone know whether they are who they say they are and do what they claim they do?

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Klix88
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My opinions only...

They are legit, but check the small print in the Terms and Conditions. They expect you to start repaying whilst you're still studying. So they loan you money, slap interest on it and immediately start demanding it back again. I believe that's what's termed "a nice little earner". The loans are designed to tie you in over the longer term, with much less benign T&Cs than Student Finance, so don't be tempted to think of them as an alternative.

It's worth bearing in mind that their staff are paid at least partly on a commission basis. If you speak to anybody there, they will be more interested in making a sale than making sure that you'll be able to meet the repayments.

Basically, I view them as the student finance equivalent of Wonga or other payday lenders. They're not doing anything illegal, but they do prey on the desperate.
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Future Finance
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Hi SilvoSurfer,

We are a private student loan company. We're a new company and our website was launched in May, which is probably why you might not have heard of us before. We are regulated by the Financial Conduct Authority (which is the regulatory authority for lending in the UK), and our Interim Permissions Reference Number is 661722. If you want to, you can find us on their site.

We do require repayments while you are studying. However, these payments are capped at £75 per month, and if you're borrowing a smaller sum such as our minimum of £2,500 will be closer to £25 per month.

As Klixx88 says, we are definitely not an alternative to government loans and we are not competing with them. The government scheme offers better terms for students, and we always encourage students to explore government loans before coming to us.

You should only come to us if government loans are not sufficient for your needs or if you are not eligible for it.

However, you are not tied in to long term repayments. The term of our loan ends 10 years after you graduate, this is done to keep the monthly repayments lower when you are just getting started. You are free to repay above the monthly minimum payment, or make lump sum payments at any time without penalty. Doing so will lower the total loan amount (as the interest is calculated based on the loan amount at the time).

For regulatory, as well as just fairness and clarity reasons, our representative examples are all of people taking the full term of the loan to repay, but you do not need to do this.
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phdscholar2013
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being an international student, new to UK, having no friends and family, I could not provide a guarantor and ap\rt from being accepted for loan was unable to be granted.....in my situation this Guarantor issue sucks as I cannot have loan from any source i.e., government, banks or private companies...

I am suffering extreme financial limitations being self funded at international fees rate. I am desperate to get help but cannot find for previous 2 years to finish my PhD. I have tried Future finance and I found it reliable. However, I cannot find anyone who could be my guarantor as I am new here. Is there any solution for this problem for international self funded students?? If any one could help me please.
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