Financing/loan options for moving in costs for a graduate with a secured job?

edited 30 November -1 at 1:00AM in Loans
13 replies 522 views
br0323br0323 Forumite
6 Posts
edited 30 November -1 at 1:00AM in Loans
Hi there,

I have accepted an offer of a graduate scheme commencing this September, which will require me to relocate. I am currently a student, and my contract entitles me to a sizeable sign up bonus, however as far as I understand this will only be paid around a month after my start date (basically on the first payroll date).

With that being said, what options do I have in terms of acquiring funding for moving in costs?

Please assume I have £0 and will not ask family to support me. I have looked at future finance grad loans, as I could take a couple of k and then immediately repay from my first payroll, however it has high interest rates. I’m also assuming the bank will not let me loan a month before my employment since I will technically be unemployed. Unless I’m wrong.

Many thanks!
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Replies

  • Gaz83Gaz83 Forumite
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    br0323 wrote: »
    Hi there,

    I have accepted an offer of a graduate scheme commencing this September, which will require me to relocate. I am currently a student, and my contract entitles me to a sizeable sign up bonus, however as far as I understand this will only be paid around a month after my start date (basically on the first payroll date).

    With that being said, what options do I have in terms of acquiring funding for moving in costs?

    Please assume I have £0 and will not ask family to support me. I have looked at future finance grad loans, as I could take a couple of k and then immediately repay from my first payroll, however it has high interest rates. I’m also assuming the bank will not let me loan a month before my employment since I will technically be unemployed. Unless I’m wrong.

    Many thanks!
    Get a part-time job and save it?
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • I am currently enrolled in a very intensive postgraduate course so a part time job is not an option, or definitely not one that will earn me a first months rent + deposit + other costs for moving in London. Kind of mentioned I’m looking for a funding, didn’t I?
  • Gaz83Gaz83 Forumite
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    br0323 wrote: »
    I am currently enrolled in a very intensive postgraduate course so a part time job is not an option, or definitely not one that will earn me a first months rent + deposit + other costs for moving in London.
    You didn't mention a) that you were "currently enrolled in a very intensive postgraduate course", or b) that you were looking to move to London.
    br0323 wrote: »
    Kind of mentioned I’m looking for a funding, didn’t I?
    I'm sure with such a pleasant attitude there will be no shortage of people along to help you find "a funding" :beer:
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • Lover_of_LycraLover_of_Lycra Forumite
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    br0323 wrote: »
    I am currently enrolled in a very intensive postgraduate course so a part time job is not an option, or definitely not one that will earn me a first months rent + deposit + other costs for moving in London. Kind of mentioned I’m looking for a funding, didn’t I?

    What a charming attitude. There are 7 months between now and starting your next course so working 8 hours a week even at minimum wage between now and then should give you most if not all the money your require so it was really a very sensible suggestion given your current income appears to be zero which will therefore make obtaining a loan very difficult.
  • Oh I do not disagree, hence why I reiterated that I am on a postgraduate degree which is essentially a 40 hour working week plus extra to do course related work. Probably should’ve been even more specific.

    And like I said, I kind of asked whether anyone knows for alternatives for graduates on my very first post, so sorry if you read that as an attitude issue - very easy to read it like that in writing I guess!
  • Bumping this for a second time. If anyone has been/knows someone in a similar situation, and knows about any graduate funding support/loan mechanisms, I would appreciate it!
  • Gaz83Gaz83 Forumite
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    br0323 wrote: »
    Oh I do not disagree, hence why I reiterated that I am on a postgraduate degree which is essentially a 40 hour working week plus extra to do course related work. Probably should’ve been even more specific.
    You didn't 'reiterate' it, as you didn't say that in the first place. All you said in your first post was that you were a student.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • Caz3121Caz3121 Forumite
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    br0323 wrote: »
    Oh I do not disagree, hence why I reiterated that I am on a postgraduate degree which is essentially a 40 hour working week plus extra to do course related work

    when does that finish? option of full time work over summer before moving?
  • edited 29 January 2020 at 8:55AM
    Nebulous2Nebulous2 Forumite
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    edited 29 January 2020 at 8:55AM
    It’s very unlikely that you will get funding. You may need to minimise expenditure - possibly a houseshare for the first month, until you are paid. Do you have a credit card? That may provide some funds in the short-term.

    I knew somebody who was in a similar position this year, who had savings. They were astonished how little money most of their colleagues had until the first month came through. There was a lot of training with all the graduate programme people together and the talk was all of how hard it was. Then when paid lots of people buying laptops, iPads, flat deposits, going to fancy restaurants etc. So don’t think you’ll be alone in having a tough first month.

    Edited to add: you might not have to wait a month. Depends on your start date in September. My acquaintance gets paid on the 25th of every month, so a few days earlier than most monthly pay.
  • edited 29 January 2020 at 10:54AM
    DCFC79DCFC79 Forumite
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    edited 29 January 2020 at 10:54AM
    br0323 wrote: »
    I am currently enrolled in a very intensive postgraduate course so a part time job is not an option, or definitely not one that will earn me a first months rent + deposit + other costs for moving in London. Kind of mentioned I’m looking for a funding, didn’t I?


    You did say you were after funding but you didn't state a part time job wasn't an option.

    You stated you were a student so I also assumed you would finish when Uni ends and have all summer to earn some £££ for your rent etc.

    Is deferring for a year an option ?

    You either ask parents to help out or get a job.

    Have you spoken to the students union ? They might be able to help.


    When did you apply for the scheme ? Did the cost of relocating come into the equation ? If it were me I would have planned for this.
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