Top International Students Loan Lenders- The United Kingdom offers the best educational experience for international students as it houses some of the top-ranking universities and colleges in the world. However, studying in the country doesn’t come cheap that’s why foreign students always look for ways to get their education funded by applying for scholarships, grants, and other financial aids provided by the government, high educational institutions, and non-governmental organizations.
Top International Students Loan Lenders
Though there are numerous financial aids available in the UK realistically, not all students can get them. However, there are also other means of getting educational aid if one couldn’t get scholarships or grants. It is known as student loans. The loan is used to pay for tuition fees, materials, and other study expenses.
There are two types of state student loans in the UK: Tuition Loans and Maintenance Loans. Tuition loans are available to cover the full cost of tuition in advance and they are paid directly into the borrower’s university or college account while Maintenance loans are available to cover household expenses and are paid directly into the borrower’s account.
In the UK the government offered student loans but not for international. It should be noted that students from European Union countries are given the same treatment as UK citizens. So they are eligible to get any financial aids to be it grant or loan offered by the UK government.
International students who want to get student loans can only do so by contacting private students loan lenders available across the UK. We are going to talk about top international students loan lenders in the UK in this article taking into consideration the interest rate, loan amounts, and repayment schedules.
1. Future Finance
Interest rate: 16.29% per annum (variable)
Repayment Options: 7 years – 10 years
Loan Amounts: £2,000 – £40,000
Future Finance is one of the Top International Students Loan Lenders, it is a private lending company that is not affiliated with Student Finance England. It offers various loans for individuals and families. For its student loans, it requires a guarantor which must be the UK or permanent resident. Borrowers can get loans of £2,000 to £40,000 with a 19% APR (variable). The loan can be paid back in 7 years to 10 years.
There are no penalties for early payment but you will be charged for establishment fee. To be qualified to get this loan as an internal international student, you must be residing in the UK, enrolled in any of the universities or colleges in the UK and you must be at least 18 years. The application is online but its customer service isn’t that impressive as per the customer’s review.
Interest Rates: 5% – 10%
Repayment Options: 1 month – 10 years
Loan Amount: £1,000 (minimum)
Lendwise is a private loan provider dedicated to education finance for UK residents who are looking to fund their postgraduate, professional qualifications, or short courses at leading UK universities. Its interest rates are very competitive – it ranges from %5 to %10. The amount which can be borrowed is at least £1, 000 and can be paid within 1 month to 10 years.
Most borrowers do not pay principal in the first 6 months and then paying off the loan. There is no penalty for early repayment and also no repayments while in full-time study. Application for a loan on this platform is online and you will be eligible for the loan if you are above 18, residing in the UK, and owns a bank account in the UK.
3. Prodigy Finance Student Loan
Fixed APR: 5.6% – 8.7% (per annum)
Repayment Options: 7, 10, 15, or 20 years
Loan Amounts: $15,000 (minimum)
Another international student loan lender is Prodigy Finance. It doesn’t require collateral or a co-signer. The loan service partners with various schools and borrowers must be a student in any of these schools to be qualified for the loan.
The programs allowed in this loan are limited to business, public policy, law, health, science, technology, engineering, and math (STEM) professions. Borrowers have three repayment term options and payments are automatically deferred while in school. There are no application or prepayment fees but it charges a 4% administration fee on every loan.
4. HSBC Student Loan
Interest Rate: 9.50% to 15.99% (per annum)
Repayment Options: 1 year – 5 years
Loan Amounts: £3,000 – £40,000
HSBC is another top student loan lender in the UK that provides unsecured personal loans to undergraduate and graduate students (both domestic and foreign) starting from £3,000 to £40,000 and has fixed monthly repayment terms.
The loan can be used for any of the study expenses like tuition, materials, books, etc. Its interest rate falls within the competitive range – 9.50% to 15.99% (per annum). The application process is easy to come by in as much as you meet the basic requirements for the loan.
5. CUJ Loans
Interest Rate: £9.3% to 49.9% (per annum)
Repayment Options: 3 months – 3 years
Loan Amounts: £100 – £5,000
CUJ Loans offers loans to students who meet its eligibility criteria for short-term purposes. It is created typically for those who have a regular income. It is assumed that students are often employed on at least a part-time basis, which will make a student short-term loan a possibility. The loans available are within £100 – £5,000 and interest rates between £9.3% to 49.9%.
There are different repayment options from 3 months to 36 months. The loans are issued as soon as you apply for them. A simple explanation of how the loan works are when you borrowed £1200 with an agreement of paying back in 18 months. The total amount you will pay back is £1628.28 with monthly instalments of £90.46 and the interest is £428.28.
There are quite several opportunities in the UK for international students that help them achieve their educational aim. However, international students have just limited options when looking for students loan lenders in the UK. This is so because the UK government offered student loans to its citizens and also the EU citizens – they are treated as UK citizens.
The universities do not offer student loans but they do for some countries like the U.S. (not all). Finding student loans might be difficult for international students as observed. The above are some of the organizations which you can contact to get student loans as foreign students. We hope this article on Top International Students Loan Lenders will help you in getting a loan to study in the UK. Kindly comment your view on this article on Top International Students Loan Lenders below.