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Cheap borrowing needed for 6 months
ElizaH
Posts: 2 Newbie
I am coming to the end of retraining but my OH and I are struggling to fund the last few months. OH is on a good salary. We have taken out a cash transfer card which gave us some cash. I finished my course Aug 2013 and have been an unpaid intern since then. We have reasonable credit ratings I think. We may need more funds than the £1500 the 0% interest overdrafts offer. Does anyone know of cheap ways to borrow?
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I am coming to the end of retraining but my OH and I are struggling to fund the last few months. OH is on a good salary. We have taken out a cash transfer card which gave us some cash. I finished my course Aug 2013 and have been an unpaid intern since then. We have reasonable credit ratings I think. We may need more funds than the £1500 the 0% interest overdrafts offer. Does anyone know of cheap ways to borrow?
A zero interest credit card to extend what is covered by the overdraft? You haven't said how much more you need to borrow. I do any borrowing in small amounts through one of these and never pay a penny of interest on them!0 -
Could you not find some part time work instead ?
Borrowing money to live on is never a good idea, and can lead to long term debt problems.
Even if only for a limited period, the temptation may be to keep the cycling of borrowing going long after you really need it.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
If you have no income, there are no cheap ways to borrow. And the expensive ones are not a good idea.
If you have been an unpaid intern since Aug 2013, whoever is "employing" you is taking the p***. It is highly likely that you are legally entitled to the minimum wage, see https://www.gov.uk/national-minimum-wage-work-experience-and-internships0 -
Thanks Katejo: How many credit cards will they allow you to have, do you know? i haven't applied for any as I assumed with no income they wouldn't let me. My OH has taken two out.
Sourcrates: I do a little bit of part time work but actually with running a home, children and full time internship there isn't much time left. Borrowing is justified if you need to invest in your future.
Longtermplanner: The training on this internship has been incredibly good and I'm not in a position to change the system currently0
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