StepEx tuition finance
Finance options for your Sarah Academy course
See the finance terms for your course and apply separately to StepEx.
Finance is optional and separate from your course application. Your credit agreement would be with StepEx Lender Ltd. Approval is subject to eligibility and affordability checks.
- StepEx Lender Ltd — authorised and regulated by the Financial Conduct Authority (FRN 824928)
- Make your StepEx loan repayments by direct debit
- Manage your StepEx agreement online
Finance terms by course
FEA selected
Representative example
Based on Sarah Academy Future Leaders Programme, Sarah Academy
- Repayments
- 7.5% of your gross monthly income, in each month your gross income is at or above £2,166.67
- Cash price
- £4,059.00
- Total amount of credit
- £4,000.00
- Deposit, paid to Sarah Academy
- £59.00
- Charge for credit
- £21.00
- Interest, 0% fixed rate
- £0.00
- Fixed credit charge, instead of interest
- £0.00
- Platform fee, £1.00 × 1
- £1.00
- Application fee, charged when you start identity verification
- £20.00
- Total amount payable
- £4,080.00 on this basis
- Representative APR
- 1.3% APR representative
- In this example: one repayment of £4,001.00 in the month after your course ends, the earliest this agreement allows
The application fee isn't refunded if your application is declined.
Your education provider may charge fees of its own, such as a reservation, admission or resit fee. These are paid directly to your provider and are not part of your StepEx finance and are not included in the figures shown. Check your education provider's website to confirm any and all fees they charge.
Finance terms may change for future applicants.
This APR assumes you repay everything you owe as early as the agreement allows. Most people repay over a longer period, and the longer you take, the lower your APR.
If you earned £2,166.67 a month, your repayment that month would be £162.50, plus the £1.00 platform fee.
This APR is based on you earning £640,160 a year and repaying the total amount payable in a single instalment. If you earn less than this, you will repay over a longer period and your APR will be lower.
You pay nothing in any month your income is below £2,166.67, apart from the platform fee.
Repayments stop once you have made 36 repayments, reached 72 months, or paid £4,036.00 in total, whichever comes first. If you reach 36 repayments without paying £4,036.00, the rest is written off.
You must report and evidence your income to StepEx by the due date. If you do not, or if what you report is inaccurate, you are likely to repay more than you otherwise would. See your loan agreement for details.
How it works
1. Get accepted onto your course
Have received acceptance onto your course from Sarah Academy.
2. Apply separately to StepEx
StepEx completes identity, eligibility, affordability and credit checks before making a lending decision. An application fee applies when you start identity verification; the amount is shown in each example.
3. Review your documents before you sign
Your pre-contract information, explanation and credit agreement show your payments, term, charges and total amount payable.
4. StepEx settles your course fees
If you sign, StepEx settles your financed course fees with Sarah Academy under its arrangement with them. You then repay StepEx monthly by Direct Debit and manage your agreement in the StepEx portal.
Before you apply
Eligibility and approval
To apply:
- you live in the UK
- you are applying for an eligible Sarah Academy course
- you have a UK bank account that can set up a Direct Debit
- you pass StepEx's identity, affordability and credit checks
Approval is not guaranteed.
Costs and fees
- Fixed credit charge: some finance options include a fixed charge, added when the credit is provided, instead of interest. Each example shows whether it applies and how much it is.
- Deposit: some courses require a deposit, paid to Sarah Academy and counted towards your course fees. It is not borrowed.
- Missed payments: if you miss a payment, charges may apply and it could affect your credit rating.
Managing your finance
- Your credit agreement is with StepEx Lender Ltd.
- Repayments are collected monthly by Direct Debit.
- Balances, documents and account management are in the StepEx online portal.
- For help, use the portal or contact StepEx.
If your circumstances change or you miss a payment
Contact StepEx as soon as possible if you are worried about making a payment. StepEx has a support process and will look at your circumstances. Missing payments could have severe consequences, including extra charges, and could make it harder or more expensive to borrow in future.
Your final documents and terms
Before you sign, StepEx gives you pre-contract information, an explanation of the agreement and the credit agreement itself. The figures in your documents are the ones that apply to you. You can withdraw from the credit agreement within 14 days of it being made. Withdrawing from the finance does not cancel your course place: speak to Sarah Academy about your course.
Provider responsibility and your rights
Sarah Academy does not provide credit or set repayment terms. The education provider is responsible for delivering the course. This does not affect any rights you may have against StepEx under applicable law or your credit agreement.
Regulated credit is provided by StepEx Lender Ltd, authorised and regulated by the Financial Conduct Authority (FRN 824928). Finance is subject to eligibility and affordability checks.
The education provider is responsible for delivering the course. This does not affect any rights you may have against StepEx under applicable law or your credit agreement.