help with loans

crazy4nath

I'm not quite sure where to start on this story but basically i have been offered a fantastic job and i would like to get a loan to consolidate all my debts and to cover moving costs to a place closer to my new work base. do i get a loan now (8wks before i start training). In 8 weeks when i start training (salary- 16,000) in 3 months after training (salary 20,000) or a year after i finish training (salary 27,000) i live arounf=d a 20 minute drive from my base now and i dont actually drive. I'm paying around £230 pm for some of my debts now and could get a loan to cover all my debts and repay around £245.00 a month????

Apples2

A loan will not be based on a Job offer, it will be based upon your ability to repay now. This means at least three Months worth of evidence of a suitable income to support the repayments.

This is understandable, what happens if this job offer falls through before you start?

Tixy

I would wait until you have been in your job a few months, not only because of the income evidence they could ask for as Apples says, but also because I would wait until any probation period is up and be certain that you like the job first.

Even when you have reached that point its worth mentioning that people often find it hard to be accepted for consolidation loans. Remember when a potential lender is assessing your affordability they look as is as extra debt not exchanging debt. So they will look at all your existing debts and available credit, add on the consolidation amount and then compare that to your income level. As a ball park guide if its more than 50% of your income then you may struggle to get accepted for the new loan.

Peelerfart

Depending on the time scale of the job start date and your finances it might be worth thinking of a small motorcycle to get to work.

Will definately be quicker to get on the road and cheaper to keep it there.

KingElvis

Nobody will give you a loan based on a job you will be starting in the future.

paddyrg

Agreed, wait for the job to start, maybe talk to HR when you arrive and see if they do an interets free loan for a bus pass/bike if necessary, then once you are getting your higher salary ask the consolidation loan questions again.

crazy4nath

okey dokey so I'll wait until iv finished my training then. It would be no good looking into travel as ,although i would have a free pass, i would also be the one running the train so if im on the first one out or last one in theres no public transport left