Frequently Asked Questions

Spark Finance is a trusted student loan company based in Sydney, New South Wales, Australia. We specialise in providing flexible student loans for international and domestic students.

Currently, Spark offers student loans for:

1. International students undertaking undergraduate or postgraduate study in Australia, with an Australian co-signer (must be a citizen or permanent resident).
2. Australian and New Zealand students undertaking undergraduate or postgraduate studies at universities outside of Australia and New Zealand.
3. Australian students seeking to refinance an existing student loan.

Spark offers tuition loans for postgraduate international students seeking to study in Australia and Australian & New Zealand undergraduate & postgraduate students studying outside their home country. Spark may also consider international undergraduates depending on circumstances and arrangements with their co-signer.

We use the information you provide solely to assess your student loan application. Your data may be shared securely with trusted partners like credit agencies. Spark Finance is committed to protecting your privacy in line with our Privacy Policy.

Yes, Spark Financial Pty Ltd is fully compliant with all legal and regulatory requirements. Spark also holds the Australian Credit Licence number 520712

If you are an Australian or New Zealand citizen undertaking postgraduate study at an eligible university, you are able to apply to Spark Finance for a loan.

Spark lends to students studying at over 400 different universities around the world

You can apply any time for a loan with Spark. However, we do require proof of admission at your university to be submitted with your application. For this reason, we recommend applying after you have been admitted to your chosen course.

Spark only assists students that have been admitted to a select university. While you can apply for a loan before you have been admitted, we require proof of admission before we can disburse any funds.

Spark is constantly looking to work with more universities. Although we cannot offer support if your chosen university isn’t on our list, we recommend you reach out to us and we’ll get in touch with you. To see our list of universities please check our application page.

We assess applications from students across 160+ countries. View our list of eligible countries.

Yes, Australian citizens are eligible to apply for a Spark Finance student loan for undergraduate or postgraduate studies at universities outside of Australia.

At this time, Spark Finance does not offer loans for Australians studying at universities within Australia.

No. We accept local credit reports from your country’s credit agencies.

• International students studying in Australia: Yes, an Australian citizen co-signer is needed.
• Australians and New Zealanders studying overseas: Postgraduates don’t need a cosigner but Undergraduates need one.

Learn more about co-signers here.

Spark wants to understand if a tuition loan is right for you. We look closely at the information you provide, verifying it with various third parties, to determine whether or not you are able to pay the loan without placing yourself under financial hardship. 

We offer personalised interest rates based on your creditworthiness, course details, and financial background. Learn about our competitive rates here. Spark endeavours to provide the most cost-effective tuition loans for students by passing the savings on to you, the student. Your interest rate will be provided once your application has been approved.

Simple interest is calculated during the study period. Compound interest is calculated and accrues daily on your loan at your annual interest rate once the borrow enters repayment.

Spark wants to understand if a tuition loan is right for you. We look closely at the information you provide, verifying it with various third parties, to determine whether or not you are able to pay the loan without placing yourself under financial hardship. 

Interest rates for borrowers will be personalised and are based on each borrower’s application and credit history. Spark endeavours to provide the most cost effective tuition loans for students by passing the savings on to you, the student. Your interest rate will be provided once your application has been approved. 

Simple interest is calculated during the study period. Compound interest is calculated and accrues daily on your loan at your annual interest rate once the borrow enters repayment.

A co-signer signs the loan jointly with the borrower. They are a person – such as a parent, family member, or a friend – who adds their information, including income and credit record, to the loan application and pledges to pay back the loan if you’re unable to.

Co-signers must be Australian or New Zealand citizens. In some instances, permanent residents of Australia or NZ may also be accepted.

Yes! For programs longer than one year, you’ll receive a conditional offer for subsequent years, subject to updated documentation each year.

Some degrees last more than one year. For these degrees Spark may ask you to submit additional documentation for subsequent years of study. For example, Spark will request a new credit report and any proof of income or savings for the subsequent year of study.

Yes. Applying for study is a long process, and selecting which school to study at is an important decision. Spark will allow you to apply for multiple schools and will provide terms for each loan. However, you will only be able to select one course and receive a loan for that university.

Spark requires a credit report to help us assess your credit and provide you with a tuition loan. A credit report outlines your credit history, including your previous payment history, and is managed by credit agencies. 

We want to ensure that you can manage any tuition loan we provide you and that we don’t overburden you. A credit report help us assess your credit history and the extent to which you can manage a tuition loan. 

Most countries have credit agencies that provide you with your credit report. Research your specific country’s credit agencies for a report or please review this list of private credit agencies provided by the World Bank (link). If you are having any issues please reach out to us and we may be able to assist obtaining your report.

We need a credit report to accurately assess your application. Please contact us if you cannot get a credit report. Having no score at all may not negatively impact you ability to get a loan and in most countries you should be able to still get a credit report. If you have any issues please contact us and we’ll reach out to you.

Unfortunately, no. Spark requires an English copy of your credit report. However, some credit agencies issue credit reports in languages other than English. If this is the case, we require a translation of the report. If you need to translate your report we require the details (name and contact details) of the translator to certify the translation. 

Spark wants to ensure that you are not financially strained during and after your studies. This is why we set a maximum amount to lend and ensure each person can only borrow an amount that doesn’t put them under too much stress. For this reason, it is unlikely we’ll increase the loan amount in our original agreement. However, should you wish to decrease the amount you borrow, please reach out to us via our website.

Spark disburses funds directly to universities, so you don’t have to worry. Each university that Spark works with is slightly different in how it expects payments. We work directly with universities to ensure tuition is paid on time. However, if you do need to change your date for whatever reason, please reach out to us.

Depending on banking systems the funds can arrive at your chosen university either instantaneously or within 3-5 business days. If it is taking longer than expected, please contact us, and we will liaise directly with the university.  

Once you’ve applied and been approved for a loan with Spark, you’ll be ready to sign the final loan agreement. Once you have e-signed the agreement (we’ll email you to let you know the final agreement is ready to sign), the funds will be disbursed, and you can get ready for your studies.

You will begin making your monthly payments 6 months after the completion of your study. This allows you time to focus on your degree and settle back into the workforce before commencing repayments. You are welcome to begin repaying the loan at anytime before this period ends. 

Spark will email you each month with payment details. Currently, there are two methods for which to pay your loan:

1. Bank transfer: Spark accepts direct bank transfers. Please note we only accept transfers in the currency of the loan. Details can be found on your monthly statement.
2. International payment options: You can transfer via one of the multiple international transfer businesses. Again, please check the details of the payment via your monthly statement. 

If you miss a payment, Spark will contact you and offer assistance. If you fall behind on your payments, we will be in contact to discuss your options. If you believe you will be unable to meet a payment in the future, call us and we can work through your options together. 

Your payment will depend on a range of factors, including your loan amount, interest rate and duration. You’ll be required to pay the amount due per month (Spark will provide details on the amount due per month). You can pay more than the minimum amount each month.

Yes. You are able to pay as much of the remaining loan amount each month as you wish. Paying your loan off early reduces the overall interest you will pay. 

Yes. You are able to pay off your loan as quickly as you like. Paying your loan off early reduces the overall interest you will pay. If you would like to settle your loan please contact us and we’ll provide you with a loan settlement amount.

Your payment is due on the 15th day of each month. If the 15th falls on a weekend, your payment is due on the first Monday after the 15th. 

Spark finance offers loan terms of between 5 and 10 years, however you are able to pay the loan off as quickly as you like.

Spark may send a variety of details to credit agencies. Broadly, we will send identifying information (e.g. your name and date of birth) and information on your loan. This information may help you more quickly build your credit profile in Australia.

You will receive a statement of account once every six months. 

Yes. You can pay any amount before the end of the grace period. Paying early will reduce the total amount you pay. You are only required to begin payments 6 months after you complete your course.

This is dependent on your payment method and institution. The payment can be instantaneous or between 3-5 business days. We will let you know when we have received your payment. If there are any issues please reach out to us and we will contact you.

You can repay the entire loan early if you wish. Repaying early means you pay less on your loan. To repay early you can either repay in full on the monthly due date or you can contact us directly and we can arrange repayment directly.

Spark Finance does not offer a refinancing service at this time. However, we are continually looking to expand our services and if this is something you are seeking we recommend you reach out to us and we’ll get in touch with you.