Education finance that

More flexible finance with lower average APR. Pay just 50p per month until you earn over £21,000 gross income per year.

Representative 9.0% APR (variable)*.

*Your APR may be higher or lower, as repayments are directly linked to your income after graduation, not a fixed or variable interest rate.

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Merit based

Our rates are based on a prediction of your future earnings, not individual or family wealth. While we do take into account credit score and history, our affordability and creditworthiness checks are primarily based on our prediction of your future income.


Lower Average APR

Our loans have an average representative 9% APR (variable), compared to a key competitor with a representative 15.9% APR (variable)*. This means that for the majority of borrowers, the APR is lower than competitors, however if an individual earns more than expected, they will repay a higher APR, and if they earn less than expected they will pay a lower APR. The maximum you will ever pay is three times the amount you borrowed.



The total amount you repay is based on the amount of income you earn, that means you have the freedom to choose the career that suits you best, without worrying about repayments that don't suit your current income**.

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*Competitor rates based off Future Finance Student Loan representative 15.9% APR (variable), May 2019. **It should be noted that affordability is determined both by the amount of income earned and the individuals expenditure. StepEx repayments and the total amount repaid are linked to an individuals income, but it is still possible for this amount to be unaffordable if the individuals expenditure is exceptionally high. If you have an exceptionally high expenditure, you should consider whether this product is suited to you. If at any point during the term of the credit contract your gross annual income drops below the minimum income threshold of £21,000 per year, your payments will pause (except for the nominal 50p charge), until you earn over the threshold again, at which point they will resume.

Compare your options

Get funding on better terms than private lenders with the total amount you will repay based on your projected income.

Average representative 9.0% APR (variable).

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Competitor rates based off Future Finance Student Loan representative 15.9% APR (variable) and HSBC Student Credit Card 18.9% (variable), May 2019.

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Note: The representative APR illustrated for StepEx is an average figure. Some borrowers may earn higher income than expected which will result in paying a higher APR, while others may earn lower incomes, and subsequently pay a lower APR.

In return for the money you need, a representative borrower would need to give up a 4.3%* share of gross income for 5 years worth of repayments (60 monthly repayments) after their graduation. This is calculated based on an illustrative graduate's predicted income after graduation from this type of degree at a high performing university. The predicted income StepEx calculates for you may be different because it is based on your specific university, and other details provided in the loan application.

Average representative 9% APR (variable)**. See our representative example for more information.

Total amount to be repaid Probability of this repayment
£0 - £5,000 26%
£5,000 - £10,000 24%
£10,000 - £20,000 41%
£20,000 - £30,000 9.0%

*Repayment calculations assume: Student is a 27 year old male, studying at an average Russell group university, repayment term is 5 years (60 months) and minimum income threshold is £21,000. You will not give up more than 15% of your income, you will not pay back more than three times the amount borrowed, and you will not make any repayments when your gross income is lower than £21,000. **Your APR may be higher or lower, as repayments are directly linked to your income after graduation, not a fixed or variable interest rate.

Eligibility Criteria

StepEx gives ambitious students a chance to pursue higher education. There are some criteria that apply to borrowers looking to gain funds through our platform.

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