Recent graduate looking for Personal Loan

Mushroom55

I am a student that has just finished my degree and fortunately, have secured a job beginning in September. I now have a fairly long summer ahead of me and would love to travel but do not have the funds to travel while meeting other costs such as phone bills, etc.

Would it be recommended to take a personal loan for me to cover costs for the next few months? If so what would be best recommended in terms of bank? I currently have a student account at Santander and am very close to being overdrawn and the overdraft limit is not quite enough to cover my costs.

I don’t think I’ll have many more long summers such as this one and so would like to make the most of it!

Thank you for the help

Dobbibill

Hi Mushroom55 - welcome to the forum.

Congrats on completing your degree.

You will be hard pushed to find a lender for a personal loan as at the time of application you will not have an income thus failing affordability. They won't consider the September job offer as an income as it hasn't started yet and anything could happen between now and then.

DCFC79

Mushroom55 wrote: »

I am a student that has just finished my degree and fortunately, have secured a job beginning in September. I now have a fairly long summer ahead of me and would love to travel but do not have the funds to travel while meeting other costs such as phone bills, etc.

Would it be recommended to take a personal loan for me to cover costs for the next few months? If so what would be best recommended in terms of bank? I currently have a student account at Santander and am very close to being overdrawn and the overdraft limit is not quite enough to cover my costs.

I don!!!8217;t think I!!!8217;ll have many more long summers such as this one and so would like to make the most of it!

Thank you for the help

Cant see you getting a loan to be honest.

You need an income to make the monthly payments.

Parents who could fund the travel ?

Edi81

Get a job for the summer!
Travel later.

sourcrates

With what do you intend to make the loan repayments ?


You do not have an income, as yet, banks do not just give money away and affordability is everything these days.

[Deleted User]

You'll have many opportunities to travel in the future, but in style and with your own money and no repayments to make when you come back.

BrassicWoman

Get a job overseas, enjoy the sun, avoid starting working life with debt

Voyager2002

Mushroom55 wrote: »

Would it be recommended to take a personal loan for me to cover costs for the next few months? If so what would be best recommended in terms of bank? I currently have a student account at Santander and am very close to being overdrawn and the overdraft limit is not quite enough to cover my costs.

I think your plan is sensible, so long as you are confident that once you are working you will be able to cover your daily outgoings and service your debts. Do not forget that you will need a fair amount in order to start work: all the costs of moving to be near to your job; clothes suitable for the workplace; and a host of miscellaneous expenses.


At this stage your only hope of getting a loan is from a bank that knows you: talk to Santander and see how much they would offer you. And of course you need to explore ways of travelling cheaply and avoid high-cost destinations: save Iceland for later in your life, and perhaps explore Ukraine or Armenia. Eurolines can get you to some interesting places for very little money, and in many parts of the world hostel stays are cheap.

Mushroom55

Thanks for the responses! I am totally aware that there will be opportunities available in the future, just feels like a waste of time not making the most of the coming months.

While the chances are slim I would still feel like it!!!8217;s worth attempting to gain the finance through a loan, taking into account all the other expenses I!!!8217;ll have

sourcrates

Mushroom55 wrote: »

While the chances are slim I would still feel like its worth attempting to gain the finance through a loan, taking into account all the other expenses I`ll have

To "gain" this loan, you would have to lye on your application.

That would not be a good start to your financial future would it, you cannot have a loan without any income, or previous credit history.


Do your future self a favor, and forget the loan.

DCFC79

Mushroom55 wrote: »

Thanks for the responses! I am totally aware that there will be opportunities available in the future, just feels like a waste of time not making the most of the coming months.

While the chances are slim I would still feel like it!!!8217;s worth attempting to gain the finance through a loan, taking into account all the other expenses I!!!8217;ll have

You yourself can't take out a loan as you have no means of making the payments. Can your parents help you ?