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Curious if this is sensible.

Options
Hi, first post here so salutations to all, I'll try and keep this short to not bore people to much, just need to know if the general consensus is on this being a sensible idea.

I'm now at the end of my university course with a job lined up with a start date soon after I finish (September, if not October should problems arise their end).

The problem that occurs is the gap between end of NHS bursary payments and starting this new job (either a 1 or 2 month gap without any money).

I have a bad-ish credit rating after stupid decisions my end (£1000 of debt for a student overdraft, £1000 to a family member that helped me out of a tight spot with the university). So I would assume the only option loan wise is one of the high APR rate ones for those with bad credit due to the overdraft bit and my earnings at present.

Would it be sensible to take one of these loans (borrowing £2500) in order to pay rent/travel/phone (£815 combined thanks to needing a monthly ticket to London) for 1-2 months and use the money from the loan to pay off the first month or two's charges?

I've done a quick spreadsheet with my outgoings and worked out roughly using a PAYE calculator that after paying off these things each month, I'm left with just over £835 in the bank (this is a standard working month, not including night shifts or bank shifts (that I can work when I can work solo after 3 months of shadowing for newly qualified staff). So covering roughly the £130-90 monthly charges I've seen for bad credit loans would be affordable.

Thanks to those who take the time to read this.

Comments

  • DCFC79
    DCFC79 Posts: 40,639 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 31 July 2012 at 6:28PM
    There is another option which is find job(if not already working) and save up as much as you can.
  • hamsterfan1
    hamsterfan1 Posts: 8,281 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    If you are going to be short of money don't borrow as you'll have to reduce your income by the amount you'll have to pay back leaving you even shorter ( grammar?). Why not temp or try for bank work before your permanent job starts
    proud gran to 4 lovely boys and one little girl
  • ViolaLass
    ViolaLass Posts: 5,764 Forumite
    Could you ask for a salary advance?

    Why do you need the ticket to London?
  • sparklefrog
    sparklefrog Posts: 92 Forumite
    Debt-free and Proud!
    I am assuming you are a nurse? Have you considered trying your local hospitals for HCA bank work, or signing up for NHS professionals for agency work.
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