Lendwise experienced a 150 per cent increase in loan applications from students during the first quarter of this year.
The peer-to-peer education finance lender said postgraduate students are turning to the platform to make up a shortfall in cash to fund their studies and living costs.
Students are also pursuing further education after an undergraduate degree to stand out in a more competitive jobs market, Lendwise said.
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Rishi Zaveri (pictured), chief executive of Lendwise said many postgraduates often take a part-time hospitality job to fund their studies but this has been harder during the pandemic so they have turned to private lenders.
“The uncertain economic climate has accelerated higher education applications over the past 12 months as students recognise the value of pursuing postgraduate qualifications in an increasingly competitive graduate market,” Zaveri said.
“But unfortunately, government-backed finance isn’t always enough to support students through the process.
“Not everyone is eligible for the postgraduate master’s loan and for those who do qualify, it may not be sufficient to cover the cost of their course and their living costs.
“Traditionally, a lot of postgraduate students work part-time in sectors such as hospitality or retail to help supplement their income, but both of these have been badly affected by the pandemic.”
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