This is a commercial loan product being offered in a marketing envelope by a bank called Secure Trust Bank PLC in Solihull West Midlands. As a merchant bank they seem to specialize in the sub-prime lending market. This product is basically an unsecured loan with a lending ceiling of £15,000. If you strip away the marketing garnish, it is an unsecured loan with an APR of 10% and additional charges that they have sought to exclude from the APR figure. The APR figure appears to only be a representative figure, so presumably it is variable depending on the applicants credit score.
If you go to the parent companies website, they sell unsecured loans with a representative rate of 7.9% APR, so I 'm not sure what makes this one worth 2% more unless they are targeting it a lower credit score level. Unsecured lending at this level is available from other merchant banks from around 5.9% subject to status.
The loans are wrapped as a vehicle for subscribing FTO's to facilitate their sales. This is much the same as buying any other product on credit. You can apply for the tied product on the specified terms, or you can seek out your own provider on a range of competitive terms.
I had a glance over the T&C's and was a little concerned that the product seemed to tie you to one provider, which would obviously be attractive for the schools selling the product. I am not so sure this would necessary be in the interests of the purchaser unless they were confident in their choice and in what they were signing up to.