Loans for students

Yes, it’s possible to get a loan such as a personal loan, secured loan or guarantor loan if you're a student (these are all different from the traditional 'student loan').

But depending on your age and financial experience, you may not have had the chance to build up a good credit score yet. This could make it harder to be accepted for a loan, as lenders usually want to see proof that you can borrow responsibly when considering a loan application. And if you have little income, they may question your ability to make the loan repayments, too.

For these reasons, lenders may consider you a high risk. That means, if they do offer you a loan, it will likely come with a higher interest rate. Some providers may not even be willing to lend to you.

The good news is you can use our free eligibility checker to see what you could be offered, without impacting your credit score.

Most banks and building societies offer personal loans of up to £25,000. But the amount you’ll personally be offered depends on your credit score, income and how much you can afford to pay back each month.

As a student, it’s unlikely that you’ll be able to borrow as much as someone in full-time employment.

Taking on a loan is a serious financial commitment. Only borrow what you can comfortably afford to pay back. If you struggle to keep up with the repayments, you can easily slip into a spiral of debt.

Look at how much the loan will cost you overall. A shorter-term loan means higher monthly repayments, but you’ll pay less interest overall. A longer-term loan means lower monthly repayments, but the loan will cost you more in total as you’ll be paying interest for longer.

You can use our loan calculator to help you work out how much you can afford to borrow and what the monthly repayments could be.

Although eligibility criteria varies between lenders, you typically need to:

• Be 18 or over

• Be a UK resident

• Have a regular income

• Be able to afford the repayments

• Be registered to vote

• Have a UK bank account

Compare the Market Limited acts as a credit broker, not a lender. To apply you must be a UK resident and aged 18 or over. Credit is subject to status and eligibility.

With the rising cost of living, student life can be tough if you’re constantly strapped for cash. Debt is a problem that many people are tackling, whether they’re students or not.

If you’re struggling to keep up with your loan repayments, talk to your lender sooner rather than later. They may be able to offer you a payment holiday or help you work out a more affordable payment plan.

You can also get expert advice on how to manage debt from organisations such as:

• Moneyhelper

• National Debtline

• Citizens Advice