What is the Welfare Loan?
The Students' Union Welfare Loan is a short-term loan of up to £100 designed to help students who have run into an unexpected shortfall in their budget. The loan can be arranged within a few days and can help you keep going until your next loan instalment or payday. The Welfare Loan is funded by a University grant designed to help students struggling at University.
We do not charge any interest on the loan and we will always work with you to organise a repayment timetable that takes your circumstances into account.
If you are facing longer-term financial difficulties, we may still be able to issue you the loan to help with any immediate needs, however we would strongly encourage you to contact the University’s Advice and Counselling Service who can help you manage your finances and access additional financial support.
How does the process work?
- Fill out the form on this page to request a meeting, indicating which dates you are available to meet with us (you will need to log in to the website to access the form).
- A member of Students' Union staff will contact you to arrange an appointment, either at the Students’ Union Hub in Mile End or at the BLSA Building in Whitechapel. At the appointment, we will discuss whether the loan is suitable for you, work out any details needed to pay the loan, and agree an achievable repayment schedule.
- If the Welfare Loan seems right for your circumstances, we will provide you with the loan, either in cash after the appointment or by bank transfer. You should note that if you opt for a bank transfer, there will normally be a delay of a few days before you receive the money.
- After the appointment we will send you confirmation of the details of your loan and the agreed repayment schedule. You will need to repay the loan in full by the dates agreed.
Why do we offer a loan?
The loan was introduced after our students voted to ban payday loan companies from operating on campus in order to safeguard students on campus from being exploited by unethical and dangerous methods of securing money when difficulties arise. We introduced the loan so that students who are struggling can come to a responsible lender and, if necessary, access additional services to help with longer-term financial difficulties.
Please note: the Students' Union will be closed between Friday 18th December and Monday 4th of January. Any Welfare Loan applications submitted during this time will be responded to when we reopen. For advice about finance and money, please visit the Advice and Counselling Service website here.
Request an appointment