Borrow Smart: the laptop dilemma
Lesson 3 of 12 in our free Borrowing guide: a 5-minute money game with the key points below.
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Quick facts
- Uni hardship fund or laptop loan scheme → S tier: try first. Often a grant (no repayment) or a free loan device. Check before anything else.
- Refurbished laptop from savings → S tier: try first. No debt at all. Refurbished can be much cheaper and still does the job.
- Interest-free student overdraft, repaid from next instalment → B tier: careful. Free if it stays within the interest-free limit — but it still has to be paid back.
- BNPL split over 3 months → B tier: careful. Can be interest-free, but late fees and stacking several plans can bite.
- Payday loan → F tier: avoid. Among the most expensive credit there is, even with the FCA cap.
- Someone in a group chat offering 'quick cash, no questions' → F tier: avoid. That's how loan sharks recruit. Illegal and dangerous.