Graduate Loans

as654

Hey all,

To cut a long story short, basically, I have just graduated from my master's degree and starting a career as a research assistant in Cambridge. However, I have to relocate from Scotland, and therefore need some income to pay for flat deposit/other expenses. I was considering taking out a graduate loan, but one issue is that I do not have any income for the last 6 months. My new job contract is well over the minimum required, but I am aware that many banks require evidence of 3 months backpay? Is this the case for most banks, for example HSBC or TSB?

With my current bank, RBS I am already at the max for my student overdraft, and obviously a credit card has the same issue as above. Any general advice or other loans as well would be great. If there were some sort of guarantor loans (parents could guarantor), that would work as well. Just to note that I really don't want my parents to have to take out the loan for me, they have contributed enough to my academic studies.

Thanks in advance everyone

Andrew

[Deleted User]

Your chances are virtually nil.

Would your employer help with relocation?

as654

Is this because of the 3 month back-pay? They haven't offered anything in terms of relocation funding, which is disappointing. Would it be possible to move to a different bank, with a higher graduate student overdraft limit?

[Deleted User]

It's because they want to see stable employment. Presumably you won't have even started the job when applying for the role, so will have a zero income, let alone 6 months plus of income.

as654

Yeah I understand, it is just that because they were 'graduate loans', I thought maybe there would be more leniency as the purpose is to help graduates. I think a possibility for me is to move my graduate account to Barclays, where the overdraft limit is 3000, compared to 2000. At least that would pay my deposit.

Arleen

I would suggest speaking to your new boss about it, and ask whether the company could loan you the money against your pay. You may be surprised how much can be achieved with simple honest conversation like that.