student needing a loan

lemonlemon_2

I'm going to Australia for a term as part of an exchange programme at the end of this year, and I'm going to need a loan from a bank to help me financially survive there. I've read the section on loans but I am completely lost. I don't want to talk to a bank just yet as I know each will be bias and I'm not sure if I'd trust what they tell me. I'm wondering if anyone could give me some advice on what to do, and how to get a loan that is relatively safe for me as a student, (meaning I want to avoid any sort of situation that will have people chasing me for money). I'm looking for about £2/3000. Any advice?

CLAPTON

what's your income?
how much can you afford to repay each month?

lemonlemon_2

Well at the moment I'm not in a job :S :S :S But my student loan has got me pretty far, and in my second yeat I am absolutely sure I will be working. I'm working over summer before I leave so I have a fair bit. I think I could afford to pay off about 50/70 quid a month, something like that. Do you think that's too little? Should I try and avoid a loan? Or go for a small amount? The last thing I want is to get too over my head

Clive_Woody

lemonlemon wrote: »

Well at the moment I'm not in a job :S :S :S But my student loan has got me pretty far, and in my second yeat I am absolutely sure I will be working. I'm working over summer before I leave so I have a fair bit. I think I could afford to pay off about 50/70 quid a month, something like that. Do you think that's too little? Should I try and avoid a loan? Or go for a small amount? The last thing I want is to get too over my head

I don't mean to be blunt, but I think the chances of anybody giving you a loan are very remote. You have no job therefore no regular income, therfore no means of repaying the loan. I doubt anybody would lend money on the basis that you are sure you will be working in the future.

The other things to consider is do you have much of a credit history? Have you held a credit card for any length of time, if so have you always made payments on time? Have you had any other credit agreements?

I went inter-railing after I finished my degree, I funded this by extending my overdraft by £1000 (bear in mind this was over 10 years ago). I had a PhD place for when I got back with a guarenteed income and because of this I was able to convince my bank manager to extend my overdraft.

I suspect your best hope is delay the trip and save up the money in advance.