Also, you can cut your monthly payments by stretching loan over a longer term anywhere between five and twenty-five years.

A secured loan is perfect way to borrow between £5,000 and £75,000 at a low rate. Obviously better your credit history and individual circumstances will affect rate which is offered to you. You can be approved for a secured loan even if you have mortgage arrears, retired or have county court judgements.

The consequences of not being able to keep up your payments are much more serious than with an unsecured loan. The danger with a secured loan is if you are unable to keep up repayments on your loan your home which secured loan could be in danger. Should you fall into difficulties or are unable to make repayments on your loan you will sooner or later lose your home.

This is why before taking out a secured loan it is vital that you consider your debt problems seriously and make sure that you have budgeted fully and can cover loan repayments.

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Unlike support towards tuition fees, you have to repay any loans. The Student Loan is repaid after you graduate (or after you leave course, should you leave before completing). Repayments are calculated on a sliding scale and are repaid monthly directly to Student Loan Company.

Should your salary fall below £10,000 payments are suspended until you earn above this figure again whereupon you will recommence payments. Interest on Student Loan is calculated at a preferential rate which is far lower than any commercial bank loan rates.

Loans have unfortunate tendency to mount up your debt. If you take full £4,000 a year for three years that means you'll be £12,000 in debt by end of your course – and if you're on a longer degree programme, that total could be even higher.

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