Should I apply for Barclays Career Development Loan now?

Firemunchkin

Hi all - I am stuck in trying to figure out whether to apply for the Barclays Career Development Loan and am hoping this wonderful Forum can help guide me a bit! Or at least give me some clarity.

Background: I'm due to start a professional course in September which lasts for nine months and is full time so I'm going on sabbatical whilst I study. I may be able to fit in a bit of work (on an hourly rate basis) but there's no guarantees my timetable will allow it.

The course itself is £15k. I'm saving up and should have £2k by September. Waaay off. We've got some money in the bank (£9k) which was earmarked for a new kitchen (we're desperate for one) and the funds for which came from the equity on the house. We'd rather not use this for my fees if we can find alternative funding.

We also have some money from my mother in law - around £3k.

I recently applied for a MetroBank career development loan and was refused. No reason given. Credit score is 'fine' and only negative marks are the energy accounts switch in February (two credit accounts in last six months).

I'm now not sure when I should apply for the Career Development Loan with Barclays - I don't want another refusal but I really could do with the money. Any thoughts??

Pixie5740

Barclays say you can apply up to 3 months before the start of your course so not quite now but in the not too distant future. I'd apply as early as possible just in case you are declined and to make sure the funds are available in plenty of time.

Good luck with your studies.

Milly_123

Is it an law course with the Uni of Law?

I did the LPC last year and was also initially declined by Metro Bank! I was really surprised because the only negatives on my credit report were I'd recently taken out a new phone contract (only £30 a month so not excessive!) and switched gas/electric supplier.

I spoke to UoL who contacted Metro Bank for me. They let me appeal by sending in my bank statements and an income/expenditure form, then approved my loan within a couple of days. It may be worth trying this before applying for Barclays?

Good luck

Firemunchkin

Yes - and thanks for the tip! I did email Metrobank and they refused to reconsider their decision. I will contact UoL and try again though. If no luck then in August those negative marks for switching energy will be gone so maybe then I can apply for another loan. I find it odd that UoL promote the metrobank loan and even told me 95% of people get approved. It's the main decision factor for me going with UoL and not BPP!

louisaloves

It's 3 months before your course, so apply then