£9000 loan needed

jaimeo

Hi everyone,

I'm 22, graduating in July. I need a 9000 loan to pay off existing debts and to get a car. 1,500 is to pay off my 17.9% barclaycard. Is it worth trying to get a BT to another card? I have to decide on the loan amount within 4 weeks, but I am not starting my job until the end of may. Do I stand a chance of getting another CC for this purpose?

Also, I am considering a loan with Barclays, as they are my normal bank and they have provided my student overdraft. The typical rate is 7.9% with them. However I have found cheaper i.e. the AA @ 5.9%.

What I am wondering though is whether or not another loan company will consider me. Barclays will take into account that i am starting work, and I suppose they are generally more used to dealing with my sort of situation.

I am moving home soon, to live with my mum, so i estimate ill have around £500 a month to pay off my loan with.

So, is it feasible to obtain a new CC to do a BT on despite still technically being a student? Is it feasible that another (cheaper) loan company will accept my application (without PPI) though at the time of applying I wont be in full-time employment.

Should I just stick with Barclays? It costs about 10,500 with Barclays assuming a 7.9% rate, but nearly a grand less with the AA for example.

Is this one of those cases where i need to bite the bullet and just pay Barclays the extra as a risk premium for taking me on?>

Thanks.

Jaime

scheming_gypsy

i'm no expert but it'd probably be very difficult to get a loan of 9k being a student as nobody knows what will happen with the job at the end of May.

I suppose you could apply with Barclays and get the offer etc and apply to the AA before you sign everything and send it back. If the AA rejects you you've still got the Barclays to fall back on but if they accept you then just cancel the Barclays offer.

jaimeo

Thanks for the tip.

I thought i probably dont stand much of a chance elsewhere. Also, I dont want to have a load of loan applications on my record.

I am in a bit of debt as you can see, but at the mo it is under control. The barclays loan would leave me out of debt in 2 yrs (barr unfortunate events of some kind) and my finances would mainly have been with Barclays Group, which I would hope looks better on my credit record if i need credit in the future.

That idea could just be nonsense though...

JonSimmonds

once you have graduated go speak to your banks graduiate manager and talk to them about a graduate loan, they gave a mate of mine one who was in a "bit of a mess" along with 3 (i think) months payment holiday, initially he was declined it but they sent off his budget to some underwriters office at their head offce and in a week they accepted it.

I belive their idea is give you the debt when your young and keep your business with them so if you do speak to them mention in that your mate at another bank offered him a great deal etc etc

good luck!