Graduate Loan

mjcritch

I've recently graduated, my official ceremony Wed 15th July. I went to my bank today to ask for a 'graduate loan' as my job doesn't start until the 27th of this month and so i need money to live while I'm at work before my first pay check which won't be until next month.

However, I was rejected as they nonsensically need to wait until I have received my first paycheque (they did of course see my contract at the bank). Has anyone heard of banks which will lend money in what is this time of need! Please post if you can help.

Thank you in advance!

From a very poor student looking to buy food.

CLAPTON

maybe try the bank of mum and dad

other banks like to see an income flow before lending, as they are concerned about being repaid.

just to add: banks usually only lend to people who don't actually 'need' the money.

DCFC79

The bank of mum and dad, ask friends.
You can use Google to search for options eg food banks, maybe a local church operates it.

ViolaLass

Can the new job give you a pay advance?

Candyapple

Do you not have an overdraft or credit card you could use to temporarily get you out of this bind until you get paid?

Or as others stated, easiest option is to ask your parents for a loan until you get paid.

19lottie82

mjcritch wrote: »

I was rejected as they nonsensically need to wait until I have received my first paycheque

Why is this nonsensical? Quite the opposite. Job offers can very easily be withdrawn or rejected!

Can you not apply for an overdraft or credit card on your student account?

stator

HSBC about 15 years ago gave graduate loans based solely on a confirmed employment contract to pay for relocating costs.
I pressume you tried your main bank with whom you have a decent history?

bouncydog1

Presumably you are vacating your student let and will receive your deposit back? Surely this will help. Also didn't you have an overdraft facility on your student account you could utilise.

Other than that bank of mum and dad or eBay etc. don't ask new employer for an advance as this will alert them you cannot manage your finances, which would not be a great start particularly if going into financial services. how on earth did you think you would fund the month between leaving uni and first pay day?

You could also approach the job centre to see if they offer some sort of short term crisis loan. Are you still going to be living at home with parents as surely if so they won't expect board until you get paid. If by live you mean having a good time you might have to curtail this for a few weeks.

mjcritch

Yes, but it was a signed contract- Not just a job offer! I can't get a credit card either until my first pay check...alas!

mjcritch

Thank you all for your advice! Obviously I am very inexperienced but in my opinion banks are missing a trick, target the grads who are going to start earning money soon (especially on a grad scheme!) and get them trapped in with a 2 year loan. Looks like i'll be ebaying for the next few weeks... (bank of mum and dad is nonexistent!)

Thanks for the help anyway.

dresdendave

mjcritch wrote: »

Thank you all for your advice! Obviously I am very inexperienced but in my opinion banks are missing a trick, target the grads who are going to start earning money soon (especially on a grad scheme!) and get them trapped in with a 2 year loan. Looks like i'll be ebaying for the next few weeks... (bank of mum and dad is nonexistent!)

Thanks for the help anyway.

If you can raise the cash by ebaying, why were you looking to get a loan in the first place? Borrowing money should be the last resort, not the first thing you think of. The banks have done you a favour, you can now start your working life without a big chunk of your salary being needed for the loan repayment.