Studying in the UK can be a transformative experience, but it often comes with a significant financial burden.
International students may face higher tuition fees and living expenses, and securing a loan to finance education can be a challenge.
Thankfully, several financial institutions offer loans specifically tailored to meet the needs of international students in the UK.
This article highlights the 7 best UK loan for international students, detailing key loan providers, amounts, interest rates, terms, and eligibility requirements.
Best UK Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Prodigy Finance | Up to £100,000 | No | 7.99% – 13.99% | 5 – 15 years | Postgraduate students from eligible countries |
| Future Finance | £2,000 – £40,000 | No | 4.9% – 12% | 5 – 10 years | International students at UK universities |
| MPOWER Financing | $2,001 – $50,000 | No | 9.99% – 13.99% | 10 years | Students from select countries enrolled in UK institutions |
| Lendwise | Up to £40,000 | No | 6.0% – 8.0% | 5 – 10 years | Postgraduate students in UK universities |
| Bank of Ireland International Loan | Up to £25,000 | Yes | 6.0% – 9.0% | 5 – 10 years | UK-based co-signer required |
| College Ave Student Loans | $5,000 – $80,000 | No | 5.99% – 12.99% | 5 – 15 years | Enrolled in eligible UK institutions |
| Barclays International Loan | Up to £35,000 | Yes | 6.1% – 7.5% | 5 – 10 years | UK co-signer required for international students |
1. Prodigy Finance
- Loan Amount: Up to £100,000
- Interest Rates: 7.99% – 13.99%
- Loan Terms: 5 – 15 years
Prodigy Finance offers loans designed for international postgraduate students in the UK.
The loan amount can be as high as £100,000, and the interest rates range from 7.99% to 13.99%. The terms are flexible, from 5 to 15 years.
A significant benefit is that no co-signer is required, making it an excellent choice for students from abroad without access to a UK-based guarantor.
2. Future Finance
- Loan Amount: £2,000 – £40,000
- Interest Rates: 4.9% – 12%
- Loan Terms: 5 – 10 years
Future Finance provides loans for international students pursuing undergraduate and postgraduate degrees in the UK.
The loan amounts range from £2,000 to £40,000, and the interest rates are between 4.9% and 12%. Loan terms are generally between 5 to 10 years, and no co-signer is required.
This loan is ideal for students seeking to cover tuition and living expenses.
3. MPOWER Financing
- Loan Amount: $2,001 – $50,000
- Interest Rates: 9.99% – 13.99%
- Loan Terms: 10 years
MPOWER Financing is a great option for international students who need a loan to fund their education in the UK.
They offer loans ranging from $2,001 to $50,000, with interest rates between 9.99% and 13.99%.
The repayment period is fixed at 10 years. MPOWER does not require a co-signer, which is a huge advantage for international students.
4. Lendwise
- Loan Amount: Up to £40,000
- Interest Rates: 6.0% – 8.0%
- Loan Terms: 5 – 10 years
Lendwise specializes in loans for postgraduate students in the UK, offering up to £40,000 to cover tuition and other costs.
The interest rates are between 6.0% and 8.0%, and loan terms can range from 5 to 10 years.
No co-signer is required, making it an attractive option for students from outside the UK.
5. Bank of Ireland International Loan
- Loan Amount: Up to £25,000
- Interest Rates: 6.0% – 9.0%
- Loan Terms: 5 – 10 years
The Bank of Ireland offers loans for international students, with amounts up to £25,000.
The interest rates range from 6.0% to 9.0%, and repayment terms are available from 5 to 10 years.
However, a UK-based co-signer is required for international students to qualify for this loan.
6. College Ave Student Loans
- Loan Amount: $5,000 – $80,000
- Interest Rates: 5.99% – 12.99%
- Loan Terms: 5 – 15 years
College Ave offers competitive loans for international students enrolled in UK institutions.
Loan amounts range from $5,000 to $80,000, with interest rates between 5.99% and 12.99%.
The loan term can be adjusted from 5 to 15 years, and no co-signer is required for most loans.
College Ave is ideal for students looking for a flexible, straightforward loan option.
7. Barclays International Loan
- Loan Amount: Up to £35,000
- Interest Rates: 6.1% – 7.5%
- Loan Terms: 5 – 10 years
Barclays offers loans specifically for international students who have a UK-based co-signer.
Loan amounts can go up to £35,000, and the interest rates range from 6.1% to 7.5%.
The repayment term is between 5 and 10 years.
This loan option is ideal for students who have a co-signer based in the UK and are looking for a reliable loan provider.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Do I need a co-signer for a student loan in the UK as an international student?
Not all UK loan providers require a co-signer. Prodigy Finance, Future Finance, and MPOWER Financing offer loans without the need for a UK-based co-signer. However, providers like Bank of Ireland and Barclays require an eligible UK-based co-signer for international students.
How much can I borrow as an international student in the UK?
Loan amounts vary by provider, but they generally range from £2,000 to £100,000. Some providers, such as Prodigy Finance, offer higher loan amounts for postgraduate students, while others like Future Finance provide more limited options.
What are the interest rates for student loans in the UK for international students?
Interest rates typically range from 4.9% to 13.99% depending on the loan provider, loan amount, and term length. Always compare rates to find the most affordable loan option for your needs.
Conclusion
Securing a student loan in the UK can be a crucial step in funding your education as an international student.
With several options available, ranging from loans with no co-signer requirements to those that offer flexible repayment terms, the 7 best UK loans for international students offer a variety of solutions.
Whether you need a small loan to cover tuition fees or a larger amount to finance your studies, the loan providers listed above are reliable options to consider.
By understanding the loan amounts, interest rates, and eligibility requirements, you can make an informed decision that best suits your educational goals.
