Financially responsible, but I need £750 quick! Advice?

UTP1919

First of all, apologies if this is in the wrong forum. I'm looking at having to draw a payday loan, so perhaps loans is the best forum, but I'm hoping to avoid it.

I am financially responsible and successful, but I find myself in a position where I need £750 quick. I'm hoping you can advise me.

Okay: financially responsible and successful - let's elaborate on that. I have zero debt other than appx £9000 student debt which is interest free (thanks Scotland) and which I'm paying off with each pay cheque. So zero debt to worry about. Last week I started a new job which raised my salary from £25,000 p/a to £31,000 p/a. This means my post tax monthly income will rise from about £1450 to about £1800. Meanwhile, my monthly outgoings (including leisure and all other discretionary spendings) are £1128. So I have about £670 surplus each month.

Need £750 quick - let's elaborate on that. For the past 18 months I have been studying several courses which will advance my career. The cost of the courses has been appx £6000 paid in installments which I have covered with my surplus income. I have tried to get through this process as quickly as possible, meaning I have bought as many of the required courses as I can afford, and this has meant that I have not accrued any savings. The final exam is in February and the window to pay the exam fee is November 1-30. The exam fee is £750.

So why can't I pay this?

As mentioned, I started a new job last week. Because I started after payroll, I will not actually get a pay cheque until the end of December. I will get half a pay cheque from my previous job, but that will only cover my rent. I thought I'd be okay, since I was also due an £850 bonus this month from my previous job, but they took that away.

So I don't have any money now to cover the exam fee..but I will get a bumper pay cheque on December 20. I just need to borrow some cash before November 30 to pay the exam fee, and then repay it 20 days later.

Is there any way I can do this other than using a payday loan?

I admit, I have left it late to seek advice. I was going to ask to borrow from a friend but then I kinda chickened out. I'd rather do this myself even if it costs me a bit more in terms of interest.

All advice welcomed.

Thank you so much

UTP1919

Just to add some further info. I'm financially responsible, but I have bad credit, because I have no credit history other than £250 which Virgin claim I owe them from uni days. I only discovered this now, when I needed to ask my bank for an overdraft increase which they denied, and although I think Virgin are claiming money they're not entitled to, I will be giving it to them anyway as soon as I can to restore my good credit.

[Deleted User]

Do not use a payday loan. Let's elaborate on that.

NEVER use a payday loan.

Consider credit cards, borrowing from friends, ask for an advance from work, postdate a cheque, sell a kidney. But not a PDL.

K80_Black

My immediate thought was an overdraft - but you say you've been denied an overdraft increase - are you living in your overdraft?! I get the feeling you're not as financially responsible as you're making out. No savings, no overdraft, no nothing is not responsible. Be honest, we can help you better if we know the full situation.

colsten

Have you got relatives or friends who would lend you £750 for 20 days?

karlie88

If family/friend is not a viable option, then I'd be leaning towards a money transfer card. Do an eligibility check first via MSE to see your odds of getting one (you may be surprised at what you can get, even with your 'bad credit').

Go for the card that has the longest 0%/lowest fee with decent odds of you being accepted.

[Deleted User]

If you’re financially responsible as you’re said multiple times you’d have savings surely?

UTP1919

I appreciate a lot of people maybe come on here and aren't honest about their finances, but I have been. Always pay every bill. Everything's kosher. As I say, I have no savings because I spent everything on the study courses. The sooner I pass the exams, the sooner I can gain a promotion, which at my current firm would increase my salary from £31k to £72k (commercial law firm). So it seemed a reasonable approach to take. I will have to ask friends and relatives or maybe a local credit union. I've been suitably deterred by your replies

Rosemary7391

If you've got no late payments etc I'd be surprised if you couldn't get a credit card to cover it. My first card had a £600 limit and I was a student at the time.

[Deleted User]

Somethings not right here.

If you’re financially responsible you’d cut back on outgoings and put money aside for savings.

K80_Black

You're kidding yourself. For starters £670 excess a month * 18 = 12,060 - double what your course cost. Where's the rest? What about savings from before you started a course? Why are you avoiding the question about the overdraft?

I'm not trying to have a go, I'm simply saying - if you think you're money savvy and financially responsible, you're not. Get through this however you can - an overdraft with a different bank might be an option? Fintech ones (e.g. Starling) can opened in a few days. Whatever happens, DO stick around, read and learn if you want to avoid this sort of thing in the future