Borrow as little as possible and aim to repay as quickly as possible, reducing the interest charges
Be wary of hidden extras. Some loans will place the money in your account within 24 hours BUT there is a fee for this, usually around about £45.
If you are a graduate take advantage of the banks' graduate loans. The interest rates attached are higher than the government subsidised student loans, but these are still better all-round deals than personal loans.
Do you really need a loan? If you are looking to borrow a relatively small amount then take advantage of credit card offerings. A 0% purchase credit card allows you to spend interest free over a relatively short period of time. Credit card balances are considerably cheaper than loans, especially for low value borrowing.
Take advantage of tiered interest. If you are going to be borrowing slightly less than a new tier, then increase your loan to take advantage of the tiered interest.
Avoid payment protection insurance. If you do want to take out loan insurance then do so independently from your provider. Use antinsurance.co.uk, britishinsurance.com, securityfirst.co.uk or paymentcare.co.uk
Be wary of borrowing from any organisation which doesn’t have an understanding of students' needs. They will not be aware of the circumstances which are unique to you and may impose harsher penalties.
Make sure you consider the Total Amount Repayable (TAR) as well as the interest rate on a loan to ensure you understand exactly what the loan will be costing you.
