Lendwise Parent Loan

The Lendwise Parent Loan allows the parent or guardian to finance the gap between the Government Postgraduate Loan and the Postgraduate tuition fees and / or Halls of Residence accommodation fees in simple and affordable monthly instalments.
Young adults rarely have the credit history and employment history allowing them to borrow significant amounts of money at affordable rates and the Lendwise Parent Loan allows the parents to use their credit history and affordability to contribute to their child’s further education.

You can apply at any time in the year. To ensure that tuition or accommodation fees are paid to the educational institution or halls or residence in good time to avoid penalties or charges we kindly request that you apply as soon as you are aware of your financing needs and certainly at least one week before the invoice due date.

The interest rate for the Lendwise Parent Loan is fixed throughout the repayment period.
The interest rate is unique to each individual depending on their circumstances in terms of credit history, employment and affordability.

Representative example: Assumed borrowing of £5,000 over 24 months at 14.90% APR representative. Monthly cost of £240.03 . Total amount repayable of £5,763.41. Interest rate of 11.00% p.a.(fixed) including total fees of £150.00. Available for loan amounts between £5,000 – £50,000.

There are no other hidden costs of charges and you can overpay or settle the balance fully at any point without any additional cost, penalty or charges.

If your loan is for your child’s tuition fees, then the fees are settled directly with the university / educational institution.
If your loan is for your child’s accommodation then the invoice is settled directly with the Halls of Residence.

The loan application takes approximately five minutes to complete. We aim to respond to you within 2 business days (usually much faster).

Our Credit Evaluation team will review your application to ensure affordability of repayments and will come back through the Lendwise dashboard if there are any questions or something is not clear.

We aim to provide applicants who pass our lending criteria within two business days with a provisional loan proposal. Once you have read and accepted your offer you will be asked to provide us with a proof of identification, proof of address and proof of income.

We aim to verify those documents within two business days and provide you with a loan agreement. Once you have read and signed that, we will schedule the payment to the university and/or halls of residence.

You have the right to withdraw your application at any stage before signing the loan contract. You also have the right to withdraw from your signed loan agreement within fourteen days of signing it. In such case you will be liable for any amounts disbursed at that point and interest accrued within those days.

We will perform a quotation search (known as soft search) when you submit your application. We will also request to review your bank statements through open banking, by connecting the account where your salary / income is paid in. Before signing a loan agreement, Lendwise will also perform a credit check (known also as a hard search).

Our aim is to ensure that the repayment plan offered to you is affordable and within your means. We will generally decline any applications where the applicant has a history of defaults, arrears, bankruptcies, court orders or similar.

We will also decline any applications where the applicant or household show signs of financial stress.

You will be required to sign a direct debit mandate and each month the scheduled payment will be collected via direct debit. Your repayments will typically be due at the end of each month.

You will be able to re-apply the following year, subject to no material change of circumstances and/or deterioration of your credit profile.

You can apply for the Lendwise Parent Loan if you are a UK resident, in full time employment, with no arrears, defaults, bankruptcies, IVA, CCJ on your credit record.