Desperately in need of advice on what loans I can apply for

Smysha

I normally end up talking too much and going into too much detail so I'll try and keep this short and simple!

Basically I haven't finished paying off my MSc fees because all the money I had and have went to a court case my family was fighting. I owe about £3750. I now have an offer to study a fully funded PhD but the only thing they need is my old university's student registry office is to confirm my MSc. I have provided them with the grades given to me by the departmental office but this isn't enough unfortunately. My PhD starts on 5th October. When I say it is fully funded I mean that I will be receiving enough to pay UCL (my old university) as soon as I start but of course I need a letter from UCL's school registry to start the PhD.

My financial status isn't great as I owe money on my credit card and am in my overdraft on my current account. Genuinely all the money I have had has gone to help my family. Luckily the case was in our favour but the settlement money comes in January which isn't quick enough for me to get my money back in time for this.

I don't want to borrow money off of friends or family but I know no bank is ever going to loan me anything. Would you advise going for a guarantor loan? I really have no clue what to do.

Tomorrow I'm going to visit UCL's registry office seeing if I can work out a repayment plan if they give me a letter confirming my MSc so I can start my PhD. Failing that I'm not sure what my next move will be.

Thank-you for your help and advice in advance!

Pixie5740

If you don't have an income then you don't have many options. You loaned money to your family so why do you feel bad asking to borrow money from them? In fact would you really be borrowing money from them? Wouldn't it just be repaying what they owe you?

If a friend or family member of mine needed to borrow money and I was willing/able to lend it then would do that over a guarantor loan any day of the week.

Smysha

I don't want to stress the family out because every member has had to go through a lot with this court case. My mother's mental health has taken an absolute beating so I don't want to add to it. So I would like to do this without their help.

Most of my friends are in their mid-20s. I'm not sure who can spare £3750 off the bat like this.

[Deleted User]

Smysha wrote: »

Would you advise going for a guarantor loan? I really have no clue what to do.

NO - you say yourself you don't want to "borrow from friends & family"


...I'd sooner go to a pawn shop


I was once asked if things were so tight, how I was posting on here! That made me look at things in another way alright

Pixie5740

Have you seen the interest rates on guarantor loans? Circa 50% APR. If you're not currently working how would you make the repayments? Do you understand the consequences of not meeting the repayments? I would find it far more stressful being someone's guarantor than just lending them the money myself at least that way I'd only be gambling the principal.

Have you got anything you could sell or pawn to raise the money instead?

Smysha

@Pixie5740

I'll be starting my PhD in October which is funded. I can use the money as soon as it starts to pay off the loan in full. Once it starts I will have enough luckily as it's quite a well funded PhD. Unfortunately I don't have anything to sell.

I really hope I can figure something out with my old university.

Pixie5740

If you get someone to guarantee a loan for you now you'll most likely have 1 perhaps even 2 payments due before you get your PhD funding meaning the loan company can and will come after the guarantor for those payments. On that basis I can't see many people agreeing to be a guarantor for you.

DCFC79

Have you been working ?

Or are you working ?

Only option I see is to ask your family for it.

Getting a guarantor loan will most definitely require at least 1 payment to be made.

Smysha

I used to work but don't right now as I'm waiting for my PhD to start. I can afford at least two payments before it starts as well.

Caz3121

Smysha wrote: »

I used to work but don't right now as I'm waiting for my PhD to start. I can afford at least two payments before it starts as well.

you say it does not start till 5th October, have you looked at temp agencies etc as that is at 7 weeks away.
If you choose not to work during that time I expect the money you do have will be depleted and you may be left with no money for repayments

Tixy

Who were you thinking of asking to be a guarantor for you?

Assuming its a member of your family why would that be less stressful for them than asking them for a loan?