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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.
Reply 1
Original post by Kalkerwelly
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.


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.
Original post by Kalkerwelly
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?
Reply 3
Original post by applicationa
Why can't you get a tuition fee loan for first year? Are you sure it's correct?


From previous conversations here the OP has done three years at uni over two attempts, getting thrown out for plagiarism (the OP is appealing) on the second attempt.

They have posted that they can fund themselves this time but they don't want to. The story seems to be fluid.
Reply 4
I should be able to get finance I haven't had my letter back yet as if you have an adult dependant or disability they give you it no matter what or how many times you have been to uni.
Original post by Klix88
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.

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
Reply 6
Original post by Kalkerwelly
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.


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
(edited 8 years ago)
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
Reply 8
Original post by QueenBess
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

Work, save up and go to uni later. That's it. The likes of Future Finance cater for desperate people with no other options. That's the only way they get business. That and gullible people who don't know better.

There are times in your life when you will want things that you simply cannot afford. At the moment, you may have to accept that for you, uni falls into this category.
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.
Dear Kix88
Thank you for your comments.

We note that you have raised numerous issues which we will like toclarify and put right.
Firstly, we don’t “cater fordesperate people with no other options” or “gullible people who don’t know anybetter”. We advise students to explore other options, such as the UK governmentloan scheme.
Secondly, we don’t charge £10per letter issued: most of our correspondence with our customers is via phoneand email.
I hope this is of assistance and helps you understand our productbetter. If you require further information then please do not hesitate to reviewour website or contact us.
Reply 11
Original post by Future Finance
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.


Dear FutureFinance,

Thank you for your comments, I note that you have responded to my issues raised by confirming my concerns so thank you for clarifying what I've warned others about.

- Your Variable APR cannot be 11.3%.. it could be representative 11.3% however the variable nature of it makes it variable.

- You do indeed charge an origination fee of 6.5.%, or.. in plain English:

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


- I note that you have now removed mention of the £10 charge for sending of letters from your website. However just to clarify, and so there are no misunderstandings, it was clearly mentioned when I previously checked and as captured by web caching services:



Thank you for taking the time to respond, if nothing else it has highlighted that my concerns are justified and I have understood your product perfectly.
Dear future finance,How long does document verification take on a Sunday?
Original post by Reue
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


But do you know of "other finance options" because i'm really struggling to find options.
Reply 14
Original post by Future Finance
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


Basically mate, that's a big 2 fingers! Future Finance stuffed me good and proper! Glad they've gone into solvency