Help from StepEx
Yes you can. Any existing financial obligations you currently have will be included in our overall assessment but our primary consideration is what we forecast your future earnings potential to be post your qualification.
No, your credit score will not be affected by receiving a quote for a loan, or for receiving an offer and declining it.
Your FEA may be repaid at any point by paying the total payment cap that will be stated in your contract.
To be eligible you must meet the requirements on our Apply Now page and any quote from us will be subject to our assessment of your circumstances.
Stepex can assess applicants who have the legal right to reside in the UK and EU.
You can borrow up to the total fees of the course that you are applying for.
One of the significant differences between an FEA and a traditional loan is that borrowers are not accruing interest on the total amount funded. The amount you are required to repay will only grow due to the growth rate of your earnings over the life of the contract but the income share percentage will not change over the duration of the FEA.
Yes, but before any funding is confirmed we will need you to provide documentation from the course provider that you have been officially accepted on their course.
You won’t be required to make any repayments whilst your annual income is less than the minimum income threshold specified in your Future Earnings Agreement - typically between £21,000 and £30,000.
However, because the term of a StepEx loan is linked to the number of repayments you make rather than a fixed period of time (unlike a typical unsecured personal loan which is likely to have a fixed term e.g. 5 years) the term of your loan may be longer as a result of any periods during which you do not make repayments.
If you voluntarily leave employment and your earnings are less than the minimum income threshold defined in your FEA then your FEA will be paused and not be in payment status. Your FEA payment term will be extended by the amount of time that you take off.
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