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  • FIRST POST
    • milzymouse14
    • By milzymouse14 2nd Oct 17, 5:33 PM
    • 4Posts
    • 0Thanks
    milzymouse14
    Need some advice on a loan - Any help is appreciated.
    • #1
    • 2nd Oct 17, 5:33 PM
    Need some advice on a loan - Any help is appreciated. 2nd Oct 17 at 5:33 PM
    Hello MSE Forum Users

    I'm new around here and need your advice.

    So I am one of many recent graduates of 2017. Officially graduated 3 months ago back in June but the ceremony was held last month. Recently I went for an interview with a very good company and within two days they have made me an offer, which I am to accept and sign contracts etc etc...

    Only thing is that because I have always lived at home, this job requires me to relocate to somewhere closer so I have to look for somewhere to live. Already found some places which are relatively close to where I will be working, but I would need a loan at least to cover my expenses for the first 2 months at least, however they have told me that I can get an advance on my salary to help when I do fully relocate. As this is my first proper job I don't have a history as such, although I have borrowed in the past while I was a student.

    So my question is, can I still get a loan or should I look at alternatives? I have considered family beforehand, but they might not be able to help. I've asked my bank but they want to see at least 3 months worth of wage slips before getting one.

    Any advice?

    Thanks very much.
Page 1
    • zx81
    • By zx81 2nd Oct 17, 5:35 PM
    • 13,691 Posts
    • 14,164 Thanks
    zx81
    • #2
    • 2nd Oct 17, 5:35 PM
    • #2
    • 2nd Oct 17, 5:35 PM
    You won't get a mainstream loan with no income.

    Take the salary advance, borrow from family, sell stuff.
    • milzymouse14
    • By milzymouse14 2nd Oct 17, 7:21 PM
    • 4 Posts
    • 0 Thanks
    milzymouse14
    • #3
    • 2nd Oct 17, 7:21 PM
    Not to worry
    • #3
    • 2nd Oct 17, 7:21 PM
    That's fair enough.

    Have found a relatively mainstream company who are willing to consider my circumstances so hopefully I will find a resolution there.

    Thanks anyways.
    • BrassicWoman
    • By BrassicWoman 2nd Oct 17, 7:38 PM
    • 1,331 Posts
    • 5,541 Thanks
    BrassicWoman
    • #4
    • 2nd Oct 17, 7:38 PM
    • #4
    • 2nd Oct 17, 7:38 PM
    have you asked for a graduate loan, not just a loan?
    Downsized and mortgage free
    Oct 17 grocery challenge £130.57/£150
    • milzymouse14
    • By milzymouse14 2nd Oct 17, 8:20 PM
    • 4 Posts
    • 0 Thanks
    milzymouse14
    • #5
    • 2nd Oct 17, 8:20 PM
    I have considered...
    • #5
    • 2nd Oct 17, 8:20 PM
    Hello,

    I have had a look at the graduate loans provided by a few banks, but mine (NatWest) don't seem to do Graduate Loans by the looks of it.

    Don't think I would be eligible though as I haven't started work yet and probably would need some sort of proof like Wage Slips or something like that . Was looking at their Graduate Account but since I have a normal account whilst at uni I might not be eligible for an upgrade.

    Thanks
    • jonesMUFCforever
    • By jonesMUFCforever 2nd Oct 17, 8:57 PM
    • 24,103 Posts
    • 11,381 Thanks
    jonesMUFCforever
    • #6
    • 2nd Oct 17, 8:57 PM
    • #6
    • 2nd Oct 17, 8:57 PM
    Lloyds/Halifax seem to have done away with Graduate loans too - my eldest was looking for one last week.
    What goes around - comes around
    give lots and you will always receive lots
    • Clive Woody
    • By Clive Woody 2nd Oct 17, 9:35 PM
    • 4,392 Posts
    • 5,005 Thanks
    Clive Woody
    • #7
    • 2nd Oct 17, 9:35 PM
    • #7
    • 2nd Oct 17, 9:35 PM
    Have you asked your new employer if they would consider an advance or a short term loan to help you relocate?

    A long time ago when I got my first job after completing my PhD I was able to get a graduate loan from Natwest, but this was over 17 years ago.
    Rugby Union - The Greatest Game
    • milzymouse14
    • By milzymouse14 7th Oct 17, 3:16 PM
    • 4 Posts
    • 0 Thanks
    milzymouse14
    • #8
    • 7th Oct 17, 3:16 PM
    I did, yes...
    • #8
    • 7th Oct 17, 3:16 PM
    Hello,

    So sorry it took me so long to respond! Don't remember getting a notification.

    My employers are willing to give me a small advance however I would need to be there before I can get it although they are working things out to try and issue it to me sooner.

    It's a shame that many places don't seem to cater for such situations but there are a few if you look. NatWest does have a Graduate Account which I believe comes with an interest free overdraft of a certain amount, but it probably won't be enough to help me to relocate., and not sure if it's possible to switch from a Normal Current account I have with them.

    Sometimes it's not as simple as asking Family (referring to 2nd post), especially that it's so short notice as well. At the moment it's looking like I have to take a loan out (although my rating ain't all that I have been approved for one) to cover the majority of costs for the time being.

    Thanks.
    Last edited by milzymouse14; 07-10-2017 at 3:16 PM. Reason: Slight typo...
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