About Spark Finance

Where is Spark Finance based?

We are an Australian incorporated company based in Sydney, New South Wales.

What products do you offer?

Currently Spark offers, tuition loans for:

  1. International students undertaking postgraduate study in Australia.
  2. Australian and New Zealand students undertaking undergraduate or postgraduate studies at select universities outside of Australia and New Zealand.

We are continually looking to expand our offering to assist students achieve their education goals. Please check back regularly as we may add additional products. 

What products do you offer?

Currently Spark offers, tuition loans for:

  1. International students undertaking postgraduate study in Australia.
  2. Australian and New Zealand students undertaking undergraduate or postgraduate studies at select universities outside of Australia and New Zealand.

We are continually looking to expand our offering to assist students achieve their education goals. Please check back regularly as we may add additional products. 

Who can use Spark?

Spark offers tuition loans for postgraduate international students seeking to study in Australia and Australian and New Zealand undergraduate and postgraduate students studying outside their home country. 

Privacy and data: What does Spark Finance do with the information I provide?

We use the information you provide to make a judgement on whether or not a Spark Finance loan is suitable for you. We share your data with some third-party partners like credit agencies to help us make this decision. We only use your data to determine your loan application and in accordance with our privacy policy.

Is Spark Finance regulated by ASIC?

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

Eligibility

When should I apply for a loan with Spark?

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.

I'm not admitted to a school. Can I still apply for a loan?

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.

My school is not on the list of schools that Spark supports. What should I do?

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.

What regions or countries are eligible for a loan?

Spark will lend to over 160 countries and regions around the world. Please check our application page to see if Spark assists students from your country.

What courses are eligible?

Spark offers assistance for:

  • Select postgraduate degrees for international students studying in Australia
  • Select undergraduate and postgraduate courses for Australian and New Zealand students studying at universities outside of Australasia. 

To see if your chosen degree is in our list please check our application page. If it is not on our list, we recommend you reach out to us and we’ll get in touch with you.

I’m Australian, am I eligible?

Yes. Australians are eligible for a Spark loan for undergraduate or postgraduate studies outside of Australia. At this stage we do not offer financial assistance for Australians studying at Australian universities. However, we are expanding our offering so please check back regularly as this may change. 

Do I need an Australian credit score?

No. You don’t need either an Australian credit score. We recognise that a lot of students may not have access to an Australian credit score. However, we do require a credit score from your local credit agency.

Do I need a cosigner?

No. You don’t need either an Australian credit score or cosigner. We recognise that a lot of students may not have access to either of these. This is why we are eager to help students study at Australian universities. However, we do require a credit score from your local credit agency.

What if I am under the age of 18?

You must be over the age of 18 to apply for financing with Spark.

Application

What does Spark do with the information I provide in my application?

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. 

How is my interest rate determined?

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. 

When is interest calculated on my loan?

Interest is calculated and accrues daily on your loan at your annual interest rate.

What documents do I need for my application?

After you have completed your application form you’ll be asked to provide documents. These documents include:

      • Letter of Offer from your university
      • 2 most recent payslips
      • Most recent bank statement
      • Credit report
      • Copy of your passport
      • Proof of additional income (if applicable)
      • Proof of savings/liquid assets (if applicable)
      • Proof of scholarship/financial aid (if applicable)
      • English language certification (if applicable)
      • Future employment offer letter (optional)

Will Spark Finance accept password-protected documents?

Yes. Spark Finance will accept password-protected documents. Please provide the password in a separate document or reach out to us directly via our website. Please note, password-protected documents may slow the application process

What is a future employment offer letter?

A confirmation of future employment may assist in making your loan cheaper or enabling us to loan you more for your studies. The letter must include:

      • Your name and details
      • The company name and details
      • The company logo or letterhead
      • Wording in the letter that states you will be employed after you studies are complete and the date you will start
      • Contact details for a person at the company

Does Spark provide funds for degrees that are longer than one year?

Yes. Some degrees last more than one year. Spark does provide funding for these degrees. However, for these degrees Spark may provide you with a conditional offer for any subsequent year of study. If this occurs, you will still need to submit an application with additional documents for the second year of funding.

What additional documents do I need to submit if I’m applying for additional years of study?

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.

Can I apply for loans from multiple universities?

Yes. Applying for postgraduate studies is a long process and selecting which school at which to study 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

What is a credit report?

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. 

Why does Spark need a credit report?

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. 

Where can I get a credit report?

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.

What if I can't get my credit 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.

Does Spark accept non-English credit reports?

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. 

Disbursement of Funds

Can I change my loan amount?

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 into 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.

Can I change my disbursement date?

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

How long does it take for my funds to reach my school?

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.  

How and when to sign your final loan agreement?

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 signed or 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.

Repayments

When do I have to start paying back the loan?

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. 

How do I pay?

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. We recommend using our friends at Wise

What happens if I miss a payment or I’m unable to make my next payment?

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. 

How much do I pay per month?

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.

Am I able to pay more than my minimum monthly payment?

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. 

Am I able to pay-off my loan early?

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.

What is the loan term of a Spark Finance loan?

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.

What details will Spark provide to the credit agencies?

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.

When will I receive my statement of account?

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

I only want to make payment towards my loan while I'm in grace. Can I do this?

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.

How can I settle my Spark Finance loan?

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.

Refinancing

Can I refinance an existing loan with Spark Finance?

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.