new job, startup loan?

newjobboy

Hi, I am looking for advice.

I have just managed to secure a well paid job after aprox 7 months of unemployment since graduating.

I want to get a loan to help with start up/relocation costs, and to consolidate aprox £5000 of debt in credit card and overdraft.

I have a countersigned contract proving the new job, but my main stumbling block is that I havent been paying enough into my account each month to qualify for a loan with HSBC, whom I currently have a graduate account with. I have already sought help from my new employers, but to no avail.

Does anyone have any advice or know of any reputable loan providers who will take the job contract as enough proof of future earnings to provide me with a loan?

Any help would be appreciated.
Thanks

dresdendave

I sympathise with the position you are in and hope you find a solution but very few lenders will lend against the promise of future earnings. The fact that you are also carrying £5000 of current debt won't help.

I know there are lots of pitfalls with borrowing from friends or family, but would it be possible to borrow the absolute minimum required for the relocation and then start tackling your debts once you are earning? Obviously continue paying off at least the minimum payments to avoid defaults etc.

newjobboy

Yes, that is my current fall back option. HSBC have told me their criteria is to have been paying >700 pounds into my account per month, for over 3 months, so will be able to apply for a loan once I have settled in.

I was just hoping there might be a way to avoid the friends and family route.

McKneff

Friends and family route is the best way to go in my opinion to be honest.