Graduate Loan

thmb2000

Hi Guys,

I'm in receipt of a good job offer commencing in 2013. I graduate (well, finish my final exams) from University this May.

I'm looking for a graduate loan to enable me to go travelling for 4 months from about October. I'm working over the summer, but the money I'll earn won't allow me to put enough away to travel on.

I have student accounts with Natwest and Halifax, the overdrafts of both of which are largely fully utilised! I have credit cards with healthy credit limits, however I can't really make use of these limits as liquid cash to travel on.

I don't have a pathological fear of debt, I'll be earning a decent wage in just over a year, so I'm just wondering if anyone had any advice as to the best means of funding my travels?

The HSBC Graduate account that allows a Graduate Loan @ 6.2% seems perfect. A £5000 loan, added to the money I can squeeze out of my current overdrafts and the money I'll earn over the summer would be about ideal.

Does anyone have any experience with the HSBC account and how readily they provide the advertised loans? Or any other tips/advice would be much appreciated.

Cheers.

thmb2000

Anyone?

ajjdtl

I have recently tried applying for a graduate loan with hsbc but got denied. I have good credit history, only have debt with them (in the form of my interest free overdraft facility), graduated this year and have a firm job offer starting in September. Need the money for a car. Apparently you need to actually have started the job before you can get the graduate loan as they need to see a regular income coming in. Not sure if your summer job will count?

Things have got tougher as my boyfriend graduated three years ago and banks were throwing money at him.

rachhh

Most banks currently are refusing loans or even credit cards to those with a maxed out student overdraft. Found this out when I tried to apply for a 'student' credit card, despite the fat I have a credit history that's better than the majority of people in my position.

atypical

rachhh wrote: »

Most banks currently are refusing loans or even credit cards to those with a maxed out student overdraft. Found this out when I tried to apply for a 'student' credit card, despite the fat I have a credit history that's better than the majority of people in my position.

I have always used all my student overdraft and have a student credit card. I also recently opened another conventional credit card.

rachhh

atypical wrote: »

I have always used all my student overdraft and have a student credit card. I also recently opened another conventional credit card.

I'm going by what advisors at Natwest, HSBC and Barclays told me when I enquired as to why I was rejected at all 3. Also have friends who've been offered and persuaded to apply for the Natwest 'student' credit card, yet been rejected for the simple reason they already full utilize their free overdraft.

Also just realised this post was bumped up from ages ago so the OP's probably sorted it all out by now anyway...