RBS Graduate loan the way to go?

Samsun_3

Hi all,

Been using this site for a while but never had a need to post before. I'm addicted to it btw!!

I'm currently with HSBC and they have converted my current account to a graduate account a couple of months ago (even though I told them I'm on a postgrad course and so don't finish until September). Anyway, my overdraft which is at the rock bottom of the £2000 limit will soon cease to be interest free. Following on from Martin's recent graduate account article I'm thinking on switching to RBS. When looking through their site I also noticed they do an interest free loan of up to £2000 over a period of up to 3 years.

Would it be a good idea to apply for the full £2000 so that I'm back to 0. It will give me some money while I look for a job and I will be in credit sooner and hence earning interest. Heres the link to the info:

http://www.rbs.co.uk/personal/current-accounts/g1/graduate.ashx#tabs=section4

It seems like a no brainer but am I missing something? Sorry for the newbie questions, I'm new to all this banking lark....I've been with HSBC for years and never really shopped around. Also, are they likely to want me to have a job before giving me the loan?

Any advice would be greatly appreciated. Many thanks

Sam

Samsun_3

Ok, I've discovered that if I take the interest free loan then I will have to pay interest on my overdraft. Still quite tempted though.

Any idea if they are likely to grant me the loan before I get a job?

Any thoughts on whether or not this is a good idea?

Thanks