Lendwise School Fee Loan

You can apply at any time. Depending on when during the year you apply, you can apply for the full academic year, or apply just for the spring and summer terms, or apply just for the summer term.

The Lendwise School Fee Loan allows parents or guardians to spread the cost of their child’s tuition over several months and helps manage cash flow better, rather than paying it in full in a large lump sum at the start of each term or academic year.

The Lendwise School Fee Loan carries an annual interest rate of 12.99% charged at the remaining balance (correct as at 22/10/2024) and an initial commitment and administration fee payable to Lendwise of 3% (min £300). The interest rate remains fixed and unchanged throughout the financing period.

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. 

Fees are settled directly to the School.

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 school.

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.

Yes, you can register for one or more children. 

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.