Graduate Loan Discussion Area

zcaprd7

I came up with a cunning plan a while back - it needs the Amex cashback offer which was 5% for the first month (for the first £1k) - tried a search but can't find it?

Anyway, you can phone up SLC and pay off your debt (£1k of it) with your Amex - this gets you £50 cash back.

Then you transfer the £1k around on 0% deals until its paid off...


I suppose if you were going to pay it off anyway you may as well use a cash back card?

winkle1

Not sure if im on the right board but just need a bit of help with something.

I have a graduate loan with HSBC (7.9%). At the moment I have £11,456.53 outstanding and I pay £200.99 a month, I have 57 months left. Using the advice from Martin's book, I asked them how much it would cost to settle this. They wrote back saying they would settle for £9785.60.

I then used the Egg calculator and there loan is saying 7.9%, if I borrow £9800. I can pay it back in 58 months at £200 a month with final payment of £191.79.

I just can't seem to work out which one is better for me!! Am i being thick?!! -

Sureeks

savvy

This is the Graduate Loan Discussion Area which contains merged older threads. Please post your graduate loan queries here, to keep them all in one place for future reference.

We_Laugh_Indoors

i graduated last year and am now working full time. i hav just passed my driving test and need a loan of around £3-4000 for a car and insurance.

as i still have and overdraft, credit card and student loan i was wondering if i will have trouble with a loan?

ideally i would like one i can pay back early if possible. my credit card is with egg and i noticed their loan and car insurance rates seem to be quite reasonable, plus the loan can be paid back early without penalty.

i am soon to be reciving a pay rise with back pay, which will just about flatten my overdraft and if i am careful i can still be in the black at the end of april.

mystery.99

Hi, who offers the best graduate loans? any ideas? Is there a discussion for graduate loans?


tks

gkerr4

I'm not sure if they are worth it anymore..

I got a grad loan when I graduated in 1998 - at the time the grad loan was (iIRC) 6.8% when the other places were like 7.5 - 8% + but these days when loans are frequently around the 5.9% it might not be worth it.

That said, I guess if being a recent graduate means that some place either won't loan you money, or perhaps not give the low APR rates they advertise - then a grad loan is the way to go.

fro experience - pretty much only your own bank will offer you a grad loan - generally the same bank you had as a student. Other banks will ask you to make them your main account if they are to offer you a loan.

savvy

Hi mystery.99
I've moved you thread here to hopefully help you a little.
I personally didn't take up the graduate loan to buy my car, as I used a Life of Balance transfer credit card instead...........a LOT cheaper at 3.9% a year ago!
savvy

sharon59

my 22yr old daughter took out a graduate loan for£7500 yesterday to buy a new car -she has taken out a ppi with them.This is HSBC should we/can we get cheaper ppi else where.thanks for any help

J_81

I'm looking to take out a graduate loan of about 3000 to pay off some debts, for a new car and rent possibly for when i move for a new job and set me up.
When i apply to my bank will the reason for why i want the money have a reflection on how much or the rate at which they will lend me money.
Also will some lenders not give money to ppl who for instance who are using the money to consolidate debts, buy cars etc but give out money that relates to further study or a career.

fistfullofdollars

In answer to the OP's question RE paying off a loan with a credit card. I paid off my Barclayloan with my Marbles card. I requested balance transfer cheques and did it that way. I only incurred the usual 2% BT fee, now the loan is on 6.9% LOB rather than the 12.9%.