The company?s fresh approach aims to remove the stress from parents of the country?s 620,000 children who attend independent school. Secta?s products will also enable more families to send their children to private school with affordable finance solutions
Fintech business Secta Finance aims to transform how private school fees are paid. Families are spending circa £10bn every year paying school fees for over 620,000 children and over the years there has been no innovation on the termly fee payments. Secta Finance has set out to change this and become an enabler for many families considering private schooling but who feel it is currently unaffordable.
In collaboration with a number of financial institutions, Secta Finance has created a range of flexible and competitive finance products that enable parents (and would-be parents) of children at private school to spread the cost of private school fees over many years in a simple affordable way. By using their property as security, Secta is able to offer parents a finance plan with larger loan values, longer repayment terms and lower interest rates than unsecured products. There are three options available to parents through Secta Finance; A Secta Flexiplan, a Secta Advance Plan or a remortgage.
?  The Secta Flexiplan: much like a bank overdraft, this enables parents to draw funds flexibly within the first five years. Parents only pay interest on the amount they actually drawdown. Interest is only charged on the funds that are...