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 installment or payday. The Welfare Loan scheme is funded through a University grant designed to help students struggling at University.
We do not charge any interest on the loan, and we will work with you to organise a repayment timetable that takes into account your circumstances.
How does the process work?
- Fill out the form linked below to request a meeting, indicating which dates you are available to meet with staff at the Students' Union Hub at Mile End or the BLSA Building at Whitechapel (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. At the appointment, we will discuss whether the loan is suitable, work out any details needed to pay the loan, and agree an achievable repayment schedule.
- We will issue you the loan, either in cash after the appointment or by bank transfer. You should note that if you opt for a bank transfer, in most cases there will 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 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. The Students' Union and University have a responsibility to safeguard students on campus from being exploited by unethical, 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.