Want to borrow money to travel before starting new job

starry_night3

Hi there,

I have just signed my contract for an amazing, well paid job which begins in September (a grad scheme).

Having been looking for a grad job for a year and a half, I want to treat myself to going travelling. It's a once in a lifetime opportunity to have 3 months off seeing the world.

However, I don't have the funds right now. The 2k I have will all be needed to move & pay London deposit, rent etc.

I asked for an overdraft & loan at my bank but they turned me down because I told then I had handed my notice in Even although I showed them my shiny new contract & I think I have a very good credit score (I'm waiting on my free credit check coming back to confirm).

I would dearly love to rack people's brains and see if anyone has any ideas re. how I can now get credit?

Thanks in advance

PeacefulWaters

Bank of Mum and Dad.

tomtontom

Bank of parents?

If your own bank won't help it is unlikely any other high street lender will. The problem with job offers is that they can be withdrawn without notice before you start - whilst that sounds unlikely in your case, the bank would be irresponsible to take such a risk.

DCFC79

Your very good credit score means nothing, it doesn't mean you will pay said loan back nor does it guarantee you a loan.

And your shiny contract also doesn't mean much as it could get retracted for various reasons but well done on getting said contract.

Bank of mum and dad is your best bet or get hitched up with a rich guy who would fund the trip or go along with you and pay for you to go with him.

starry_night3

Follow-up question: if I go to another lender, will they know if and why I was turned down by my bank?

I didn't fail a credit check - I had a chate with a bank staff lady during which I told her about leaving my job. She then spoke to her manager, and then checked with head office over the phone

starry_night3

I didn't see your replies before I posted - thanks for the help!

Bank of mum and dad turned me down

DCFC79

starry_night3 wrote: »

Follow-up question: if I go to another lender, will they know if and why I was turned down by my bank?

I'm sure all that's recorded is a search was done.

tomtontom

starry_night3 wrote: »

Follow-up question: if I go to another lender, will they know if and why I was turned down by my bank?

I didn't fail a credit check - I had a chate with a bank staff lady during which I told her about leaving my job. She then spoke to her manager, and then checked with head office over the phone

Any high street lender will require you to have a regular income, usually from employment. Unfortunately you do not (yet) have this.

I trust you're not planning to lie?

CKhalvashi

tomtontom wrote: »

I trust you're not planning to lie?

Which could be construed as fraud if found out later on. It's the way the world works.

The way the bank will see it is that you can be dismissed for any reason for the first two years, so they'll want to see you've worked for them for 6+ months before lending anything, largely because after this any dismissal is more unlikely to happen.

starry_night3

I do have a regular income, and I have been in my current role for 8 months.... it's just that this will stop in two months' time so I can use the money I borrow to go travelling...

Red-Squirrel_2

starry_night3 wrote: »

It's a once in a lifetime opportunity to have 3 months off seeing the world.

Not necessarily, lots of people are now taking career breaks and sabbaticals, 'grown up gap years' after putting in a few years in work and saving up for it. It means waiting, but in the long run its a much easier and less stressful way to do it than borrowing and starting your new adult life in debt.

Congratulations on the job, concentrate on that for now!