School Fee Personal Loans

No – personal loans can be used for whatever you like, so you’re able to be approved up to your maximum borrowing power. This means that it doesn’t actually have to correlate to the exact cost of one term’s worth of school fees if you want to borrow more or less. If your maximum borrowing power is $35,000 and this is set to encompass both of your kids’ school fees for the year, you can take it out and pay for them at your leisure.

No – there’s no obligation from you or your lender to alert the school that their fees are being paid with a personal loan. The school isn’t involved in the loan process at all, with all dealings taking place between you and your lender. Once you’ve been approved for financing, the money is yours to use how you wish, like you would with any other funds in your account.

Some lenders may offer specialised school fee loans known as payment plans. These are designed to help you break down the cost of fees into more manageable instalments in the same way that a standard personal loan would. Some of these will also come with no interest charged over a certain period (typically up to 12 months). However, they don’t offer the same flexibility that personal loans can in terms of their potential usage and will more often than not pay the school on your behalf, meaning that they’ll be made aware of this plan.

Because both you and your partner are listed as co-borrowers on a joint personal loan covering educational expenses, the expectation will still be on both of you to continue your repayments. If one borrower disappears and becomes uncontactable, your lender will pursue the remainder of your loan’s funds through you.

From the moment you submit your application, you can receive an outcome in just 60 seconds confirming whether your application was successful. From there, your lender will send through your final loan contract for you to sign off on, after which the funds can be transferred to you. This whole process will take as little as 24 hours from start to finish, giving you fast access to your funds when you need them.

Yes – although it depends on the nature of your job. If you’re moving from one full-time job to another on similar pay, for example, you can be immediately approved. However, lenders will require casual workers to have been in the same position and working consistent hours for at least six months prior to their application, while self-employed business owners may be required to produce evidence of their trading over the past 12 months to two years.

Yes – you’re able to not only compare your options with Savvy on your smartphone, but also go on and complete your application. This is done through digital forms and online copies of your required documents. Even your final loan contract can be digitally signed and sent off. All of our lenders are highly safe and secure when it comes to protecting your personal information, utilising encrypted data systems to store all your required details.