Emergency Loans

 

Late Award Loans from the Advice Place

If your funding payment has been delayed, you may be eligible for a late award loan to cover everyday expenses whilst you wait for your loan to come through. These loans are offered on a zero-interest basis. In order to apply you will need to:

  • ·       Be a fully matriculated student at the university.
  • ·       Provide photographic ID (e.g. your student card)
  • ·       Provide proof (e.g. an award letter from your funding body) that you have applied for and been awarded funding and that this funding has been delayed.
  • ·       Provide a mini statement or screenshot showing your current bank balance and five latest transactions.
  • ·       Provide evidence of your living costs (e.g. a copy of your lease, utility bills etc.)
  •  

We can issue a late award loan in person or remotely. We cannot always guarantee a same day loan so please get in touch as soon as you think you may be eligible. Please make contact in the morning (ready with the documents outlined above) if possible.

 

Please note that we cannot issue loans to students who are within 6 weeks of their course end-date.

 

 

Small Loans from the Advice Place

The Advice Place can issue small interest-free loans to students in financial crisis. It’s a limited fund so we can just lend small amounts of money for food and basic travel expenses. We can only usually issue a loan in cases in which your current balance (or, if you have access to a zero-interest overdraft, remaining overdraft facility) amounts to less than 3 days’ worth of monies for food (for you and any ‘eligible’ dependents) and ‘essential’ travel.

 

 In order to apply you will need to:

  • ·       Be a fully matriculated student at the university.
  • ·       Provide a mini statement or screenshot showing your current balance and five latest transactions. 

 

We can issue a small loan in person or remotely. We cannot always guarantee a same day loan, so please get in touch as soon as you think you may be eligible. Please make contact in the morning (ready with the documents outlined above) if possible.

 

Please note that we cannot issue loans to students who are within 6 weeks of their course end-date.

 

 

Repaying Your Loan

Prior to issuing you with a loan, your welfare adviser will speak with you about your financial situation more generally and will agree a repayment date (that takes account of your individual circumstances) with you.

 

The money that we lend comes from a limited fund and so we do ask that all students stick to repayment arrangement agreed where possible. We are aware, however, that circumstances can change. And so if you find that you are unable to pay back on time, please get in touch as soon as possible and an adviser will support you in identifying ways of addressing any financial difficulties you are facing and will also look at rescheduling your repayment date.

 

 

Other Support

The money that we lend comes from a limited fund and we need to account for the loans that we issue. We are not always able to provide students with the lending support that they are seeking.

 

We always seek to provide students with alternative means of addressing any financial difficulties they are facing. This can include support with negotiating with your landlord or anyone else you owe money to, information and advice on further funding and benefits options available, and help with asking your funder to expedite payment of any delayed funding. We can also issue foodbank vouchers.

 

Payday loans

A payday loan is a short-term loan offered to people with the expectation that repayment will be made over a short period.

 

While this may sound reasonable, what may not be reasonable is the high cost of taking out the loan. Whilst new rules introduced by the Financial Conduct Authority have limited the amount that payday lenders can charge in fees and interest, these kinds of loan are often far more costly than other forms of borrowing.

 

If you have recently taken out a payday loan, you can withdraw from the agreement at any time within the first 14 days of taking out the loan. However, you will need to pay for any interest on the credit you have used. Any additional charges should be refunded to you. Click here to find out more.

 

We strongly recommend that students consider all available alternatives.

 


Page last updated:
10/04/2019