Open a credit card, get a loan, or go into savings?

zcbtetz

I am a student and fortunate to be starting a wellpaying graduate job (~50k/ year) in August. I have just realised that I won't get my first pay-check until late September. This means that I have 3 months of rent to pay until my first pay-check, and my current finances means that I will be about £300 short to pay that rent alone (if I go into my overdraft). To be able to buy food and live etc, I think I need at least another £1,000. 

I'm not sure whether to open a credit card, get a loan, or go into my help to buy ISA. Going into my ISA means it would take me a long time to put the money back in (as you can only put in £200 a month). Equally, ideally I don't want to start my new job in lots of debt.

Alternatives are using Klarna type services ... or to get a casual job for the month before I start working. But, it would be nice to relax before starting quite an intense job after a long year of studying, and I don't know how easy it will be to get a job for one month that would pay me cash in hand or on the following week etc.

Any advice?

Brie

Talk to your employer about it and ask for an advance on your wages.  Most employers are able to do this and if they have a history of hiring grads then it probably won't be the first time they're asked.  

Getting a credit card might be a good idea at some point but if you have no income yet that or a loan may be difficult.  

grumbler

zcbtetz said:

...
I'm not sure whether to open a credit card, get a loan, or go into my help to buy ISA. Going into my ISA means it would take me a long time to put the money back in (as you can only put in £200 a month)...

??

You can add £20K p.a.

mab3000

If you are not currently working, then you are unlikely to be able to obtain a new credit card or get a loan, as you are not currently receiving an income. 

grumbler said:

zcbtetz said:

...
I'm not sure whether to open a credit card, get a loan, or go into my help to buy ISA. Going into my ISA means it would take me a long time to put the money back in (as you can only put in £200 a month)...

??

You can add £20K p.a.

The help to buy isa is an exception to the £20k a year deposit limit, as you can claim a 25% government bonus on amounts saved up to £12k towards your first house purchase.