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Loan Guide

DarrylJohn Avatar
5y, 7m agoPosted 5 years, 7 months ago
What chance do graduate's fair if they need to travel for job interviews, if without that said job.. you can't get a decent APR rate because you don't have a job?

Looking to get a car (As I have previously stated, and will be living at home).

Loan amount I want is around 4-5k, parent's are home owners, good credit rating, always paid bills and whatever. So that aspect isn't an issue. I've also got a good credit rating.

Do all the best loan companies need you to be in a job?

LLoyds TSB have a graduate loan scheme, but I believe you need a job. (I've not been in my home town to look further into it)
DarrylJohn Avatar
5y, 7m agoPosted 5 years, 7 months ago
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#1
It is like that for most people, not just graduates
#2
Look at it this way. They want to know you can pay them back. Your parents are irrelevant. If you have no income, how can they be SURE they will get their money (inc profits) back from you? They can't. So it won't happen I'm afraid.

An overdraft on a current account is your best bet for a smaller amount.
#3
It's all fairly poor then isn't it. If a graduate can't get a proper loan with a good APR, what do people who have less to show for it have to do?

If worst comes to worst, ill just tell lloyds to screw themselves. I'd imagine they wanna keep graduates, not lose them. Btw, Lloyds will up my overdraft to 2k at the end of University too. Think it's gotta be paid back within 2 year. (I'm not in it yet anyway)
#4
Want want want.....
1 Like #5
i know this is probaly what the op thought , but why not work and get a job and borrow parents car / use public transport for now .
Cars can come cheaper than 4-5 k ?
#6
I think that they aren't making it easy for graduates, as so many are unable to find work atm. I know several people with degrees who are having to retrain as they can't get work in the field of their degree.
1 Like #7
Being a graduate is so commonplace these days that I don't think the banks really consider it a good measure of long-term financial reliability any more...
banned#8
It shows initiative to travel a distance for a specific job.

Do all you can to get the money from family and friends - and make a meal of it at the interview stage, without being over baring, and you'll soon get the job and the money to pay back those who helped.

No loans should be needed for job interview travel.

Edited By: JonnyTwoToes on May 08, 2011 18:50
#9
op - whats your job going to be in ?
#10
IT, aston - a fairly decent degree (albeit, not software programming).. But I'd consider myself to be an IT literate, fixing computers both hardware and software related probs, and know my way round the main os's, mac + win 98-7. Bit of linux too.

The average wage in IT, is more than that of the UK, I believe?. Well, the Tv ad's say the average is 30k, anyway!

Btw, im not after a fancy car. Just don't wanna get a cheap one for it to break down on me every couple of month.

Edited By: DarrylJohn on May 08, 2011 19:00
#11
how is the job hunting going ?
Any interviews etc coming up ?
My other half is in IT , but not as decent degree as yours . He signed up to loads of recruitment agencies and got something that way .
Fingers x'd you get some thing
banned#12
DarrylJohn
IT, aston - a fairly decent degree (albeit, not software programming).. But I'd consider myself to be an IT literate, fixing computers both hardware and software related probs, and know my way round the main os's, mac + win 98-7. Bit of linux too.

The average wage in IT, is more than that of the UK, I believe?. Well, the Tv ad's say the average is 30k, anyway!

Btw, im not after a fancy car. Just don't wanna get a cheap one for it to break down on me every couple of month.


Ever thought of going freelance? Are you able to sort and install networks?
#13
Well, I've not heard back from nissan yet (graduate scheme). I've applied for a local school as a technician, one one position is available in both though, and a graduate management scheme in Middlesbrough, but 10 available.
#14
JonnyTwoToes
DarrylJohn
IT, aston - a fairly decent degree (albeit, not software programming).. But I'd consider myself to be an IT literate, fixing computers both hardware and software related probs, and know my way round the main os's, mac + win 98-7. Bit of linux too.

The average wage in IT, is more than that of the UK, I believe?. Well, the Tv ad's say the average is 30k, anyway!

Btw, im not after a fancy car. Just don't wanna get a cheap one for it to break down on me every couple of month.


Ever thought of going freelance? Are you able to sort and install networks?


Yes, I have. I could probably install networks though yeah, just had no experience with big ones. (Small networked computers I have) But thats just 3/4.

I was actually thinking of doing this further down the line, after I've got abit of money saved up. Although, not freelance. Mainly getting my own shop. With an online shop.. then hopefully expand if business is good. However, so many shops about. So would have to offer something different.
#15
I agree with you that graduates may need to travel to and from job interviews, however I don't think this is applicable to graduates alone. What I find a little worrying though is that you assume you will need 4-5k to buy a car to get you to said interview.

Now I'm a graduate myself, and I am happily employed in a job I like. I would never dream of borrowing 4-5k if I had no way to pay it back, just for the sake of getting to job interviews.

From the description you gave, you implied you would want to secure this loan against your parents. I'm sure your parents will be overjoyed that you are potentially going to put their credit rating on the line, because you don't think you can find a car suitable for less than 4 thousands pound.

My advice would be to borrow a much smaller amount straight from your parents (check classified listngs in the local paper), as you will be putting them at risk/liable if you do no make your re-payments. As I hope you realise you cannot keep taking from the bank of mum and dad, or using their good credit to try and secure unrealistic loans that without a job yourself, personally may not be able to pay back. Arrange a repayment plan with the parents of x amount per month, and to show how grateful you are some interest on top (all be it less than a bank will charge)

When you say "What chance do graduate's fair" my answer would be none, what is it you have actually achieved apart from studying for your own personal interests? Until you can prove that your can relate you have learnt in your studies to the world of work, it means absolutely nothing at this stage.
#16
I meant the house credit rating. My parent's couldnt just give me money to get a car. Far too much, which is the reason I need a loan (or want).. I've been accepted for loans, but its like 15% APR which isn't that much, but i guess its summit ill need to think about before actually getting one.
banned#17
DarrylJohn
JonnyTwoToes
DarrylJohn
IT, aston - a fairly decent degree (albeit, not software programming).. But I'd consider myself to be an IT literate, fixing computers both hardware and software related probs, and know my way round the main os's, mac + win 98-7. Bit of linux too.

The average wage in IT, is more than that of the UK, I believe?. Well, the Tv ad's say the average is 30k, anyway!

Btw, im not after a fancy car. Just don't wanna get a cheap one for it to break down on me every couple of month.


Ever thought of going freelance? Are you able to sort and install networks?


Yes, I have. I could probably install networks though yeah, just had no experience with big ones. (Small networked computers I have) But thats just 3/4.

I was actually thinking of doing this further down the line, after I've got abit of money saved up. Although, not freelance. Mainly getting my own shop. With an online shop.. then hopefully expand if business is good. However, so many shops about. So would have to offer something different.


Though my experience, there is a big call for reliable IT support. Ones that don't cost the earth and don't talk like they're part of the Matrix.

I wish I could find an 'extra pair of hands' for our business when we have network and IT issues.

I'd strongly advise you look at this option sooner rather than later - get involved with a few 'depots' (multiple business complexes) and you'll be earning some decent money before you know it.
1 Like #18
why don't you buy a cheap car, which you could probably ask friends and family to help contribute. You could bribe them the option of lifts to places when needed, or even taking them home so they can have a drink when they go out.

As long as the car is semi reliable, it should get you to job interviews fine. When you get a job, first pay back the people you borrowed from in the first instance, and then ideally, save for a car of your choice, or then decide to get a loan. Try not to rely on loans at the beginning of a new job as there is usually a settling in period, where they could get rid of you still.

For me, that is a much more simpler option that puts you in a hell of a lot less risk. You mentioned you have a good credit rating, well let's try to safeguard that by not taking loans when you (at the moment) have no income stream.
1 Like #19
I doubt lloyds would care less. No lender will lend without someone having work. I love how people moan about banks getting us all in the **** because of irresponsible lending and then others moan that the banks won't lend to them when they don't work!!!!
#20
DarrylJohn
I meant the house credit rating. My parent's couldnt just give me money to get a car. Far too much, which is the reason I need a loan (or want).. I've been accepted for loans, but its like 15% APR which isn't that much, but i guess its summit ill need to think about before actually getting one.


If you seriously think you'll get a better APR than 15% as a graduate with no job or security ... then think again. That isn't a bad APR for your situation, trust me.

You will only get sub-10% APRs when you have an established credit rating + a secure job with a decent income.

It's academic anyway as you dont need to spend so much on a car. Borrow £500 from parents or someone else and get a cheap run around with as near to 12m MOT as possible.

Everyone has to start somewhere, and you do NOT want to be getting £5k into debt this early on, trust me! Been there, done that.
#21
There is no such thing as a ‘house’ credit rating. If you are credit checked for a loan/credit card etc, the check is run against information about you, not your parents or their house. It’s not like how it was 5-10 years ago where credit was easily available, even for people with poor credit ratings. Today if you get offered 15% that is a good rate. Even if your credit rating was impeccable, people are still finding it hard to get good APR rates as the banks are not willing to lend at low rates anymore.

If you don’t have a job, there’s not even any point in applying for a loan and leaving lots of footprints on your file as you won’t get it. I’m even surprised you even managed to get approved for a loan at 15%, without being employed. I’m sure there are loads of unemployed people out there who would be interested in the name of this lender; care to share?

If anything, borrow a small amount from your parents, enough to buy a roadworthy car and when you land your job, you can pay them back ASAP and then save the 4-5k and buy the car you initially wanted.
#22
DarrylJohn
I meant the house credit rating. My parent's couldnt just give me money to get a car. Far too much, which is the reason I need a loan (or want).. I've been accepted for loans, but its like 15% APR which isn't that much, but i guess its summit ill need to think about before actually getting one.


House credit rating?? firstly for many job interviews if the location is far enough away, and at a sufficient level, you can claim this back through that company (if you get an interview).

As lots of people seem to be saying, most people have to work their own way up the ladder, i.e. get a crap job, buy a small car, get a better job, buy a better car - what gives you the right to jump straight in without working for it?
1 Like #23
Easy enough to get a 500 quid car and breakdown cover. Even 4-5k cars break down as well so you can't rule this out. It must be hard for graduates living in a country without buses, trains and planes when searching for work.

Shame the education standards of this country still do not go into financial management and responsibility.
#24
Going to a job interview on a bus? Classy. Not being funny, but i'd look so out of place it's not worth even contemplating. I wouldn't fancy that idea.

I passed my test prior to finishing University for a reason... I aim to go ahead with this...
banned#25
Intelligent enough for a degree (which are handed out like sweeties these days) but can't grasp the fact that no job means no credit. "house" credit doesn't exist you clown.
#26
Sorry im not up to the lingo of loans and what not dimebar. I've always been told "It goes on your credit rating" etc. I've not concerned myself with this since college (First phone contract). So i dunno if things have changed. Hardly a clown, If i was studying Finance, then you would have the right to call me a clown.
2 Likes #27
DarrylJohn
Going to a job interview on a bus? Classy. Not being funny, but i'd look so out of place it's not worth even contemplating. I wouldn't fancy that idea.

I passed my test prior to finishing University for a reason... I aim to go ahead with this...

Snob much? How far a distance exactly are you talking about travelling to these job interviews from your house? You should count yourself lucky you are even getting interviews, the job situation is dire for many people out there and you are complaining about travelling to them by public transport? Millions of people travel to work every day by public transport, often for very lengthy journeys, why do you think you are above this?

How would you look out of place, I don’t understand this, do you think your prospective employers are going to be waiting outside the premises looking for which mode of transport interviewees arrived by and then sending them back if they didn’t arrive by car?

I think you need to seriously wake up and smell the coffee. You won’t get a loan for the amount you are looking at a decent APR because you don’t have a job. You won’t get a job because you are not willing to travel to interviews using public transport or at the very least, asking your folks for a small amount to buy a cheap run-around. I’m sure I’m not the only one who can see what is wrong with this picture.
#28
Rent a car for the interview?...

Oh wait, might need to go to several interviews hmm...

I can really empathise I am about to graduate, but I have a car which I used loads of my student loan for, to be honest it has helped me so much having one, I went to like 6 interviews before I finally got my grad job, so getting public transport around the country wouldn't of been ideal.

Others have suggested it, but maybe getting insured on a parents car, then paying their taxi to work when you need to use to the car?

Edited By: obriendean on May 09, 2011 11:57
#29
DarrylJohn
Going to a job interview on a bus? Classy. Not being funny, but i'd look so out of place it's not worth even contemplating. I wouldn't fancy that idea.


You'd look at out of place on a bus? Why?
#30
It came across as snobbish yep. But i'm not. I would look out of place, I get embarressed easily, even more so if everyone would be glaring at me. Horrible feeling.
#31
DarrylJohn
It came across as snobbish yep. But i'm not. I would look out of place, I get embarressed easily, even more so if everyone would be glaring at me. Horrible feeling.

You’ve lost me, who exactly would be glaring at you? Are you referring to other passengers on the bus/train?

You still haven’t answered some of the questions posed to you.
1 Like #32
DarrylJohn
It came across as snobbish yep. But i'm not. I would look out of place, I get embarressed easily, even more so if everyone would be glaring at me. Horrible feeling.


You can't be serious. Who do you mean?

Other bus users staring as you are suited up? LOL - have you ever used a bus during commute hours? You will blend right in.
#33
Some employer's require you to have a license, 1/2 i've applied for. By this, I assume you need your own transport.

and yeah, the passengers. Also, if its **** down.. getting soaked walking from bus stop to the interview is not ideal. Having a car, is the best for just about every scenario.

Only have 1 car in the household, so lending is no option (He wouldn't want me too anyway, what if i crash - how can he then travel? far too much carry on)
2 Likes #34
TUSSFC
DarrylJohn
It came across as snobbish yep. But i'm not. I would look out of place, I get embarressed easily, even more so if everyone would be glaring at me. Horrible feeling.

You can't be serious. Who do you mean?

Other bus users staring as you are suited up? LOL - have you ever used a bus during commute hours? You will blend right in.

Perhaps OP is afraid of this happening :p
http://www.youtube.com/watch?v=auhZ23yGcno


Edited By: fluffyundacrakas on May 09, 2011 12:20
1 Like #35
DarrylJohn
Some employer's require you to have a license, 1/2 i've applied for. By this, I assume you need your own transport.

and yeah, the passengers. Also, if its **** down.. getting soaked walking from bus stop to the interview is not ideal. Having a car, is the best for just about every scenario.

Only have 1 car in the household, so lending is no option (He wouldn't want me too anyway, what if i crash - how can he then travel? far too much carry on)


Maybe you havent heard of something called an umbrella.

lol @ OP thinking he is gonna get things handed to him because he has done 3 years in uni and is already in debt and wants more debt but has no way of paying it back at present. lolaments.

also LOL at the bus comments...your employers arent going to see you on the bus and think omg chav not employing him. Your first impression and interview skills is what will get you a job.

unfortuantely for you they obviously didnt have a module in common sense in the degree you took.



Edited By: numptyj on May 09, 2011 12:26
#36
fluffyundacrakas
TUSSFC
DarrylJohn
It came across as snobbish yep. But i'm not. I would look out of place, I get embarressed easily, even more so if everyone would be glaring at me. Horrible feeling.


You can't be serious. Who do you mean?

Other bus users staring as you are suited up? LOL - have you ever used a bus during commute hours? You will blend right in.


Perhaps OP is afraid of this happening :p
http://www.youtube.com/watch?v=auhZ23yGcno



LOL
1 Like #37
OP is just making excuses! He clearly has some crazy idea of how a job interview works. Do you think employers DV clear you before they invite you to their offices? Who gives a hoot about how you get there? What's the likelihood that the bus stop is going to be right outside the prospective employers' office anyway?!
Stop whinging, get on the bus or cycle if you have to, but don't start racking up loads of debt because you think you deserve something you haven't earnt. Someone where I work has a 15 year old car - they're on well over £100k a year. Do you think they're embarrassed to come to work?
#38
But still, the requirement for having a license persists. I could easily get a high interest rate loan, but they're normally 50+%. No thanks. I'll ask lloyds closer to the time. At worst, i'll see if my mam can take a loan out in her name, and I can pay her. (Which noone suggested, I don't believe) - Either way, I know what I want.

I only wanted this thread to be about loans, not about a general view of the public who take out loans needlessly. This is actually a job requirement.






Edited By: DarrylJohn on May 09, 2011 12:36
1 Like #39
Do you have a social anxiety disorder or something? People on the bus have better things to do than stare at you! As for the weather, um did you not hear of that invention called the umbrella? Sorry to say, but you are sounding more and more ridiculous with every post.

As for employers requiring a driving licence, surely then you should be disregarding those jobs until you have a car? Or at the very least enquire further and ask if having your own vehicle is a requirement for being considered for the role. How do you know they wouldn’t offer you a company car?

To sum this up;

1. You won’t get a loan from any bank or loan company without a job (unless you lied on the application form).
2. Ask your parents for a small cash loan to buy a cheap run-around
3. Take the bus/train like everyone else, go to job interviews, get a job and start saving like everyone else to get the car you so badly want or wait 6-12 months or so and then apply for your loan (which would still be a bad idea in my opinion).

As for asking your mum to take out a loan in her name, I don’t understand on what basis are you going to be paying her back? OP assuming you have just finished uni and are claiming JSA, you have no discernable source of income to be able to fulfil any loan commitments. Use your common sense, if you were a lender, would you lend that sum of money to someone with no job and means to pay it back on the hopes that IF you got a job you would promise to keep up your repayments? Even if your mum has a good credit rating, at a ‘good’ rate of say 9% APR on a £5k loan taken out over 3 years, that would still be the guts of around £160 per month repayments. What if you buy the car, and then don’t find a job for the next year? Or longer? There is a lot of competition out there. Would your mum be ok with paying out the payments until you find a job and pay her back? I think it’s very unfair to put that sort of burden on your parents especially when you don’t even need to go down that route due to your own insecurities and unrealistic views of the way the world works.
#40
Fluffy, i have a 2k interest free overdraft. then JSA (Hopefully) Either way, im gonna need a loan of some sort.

Also, Here's my scenario.. School, no money - but didnt essentially need any.. College, EMA - £20 a week. Now Uni, very little income to feel at ease (Not the super rich student people believe) So, the final few years I've never had a car, never been fortunate enough to have enough money, (Been in fulltime education since school) financial troubles which nearly seen me quit Uni in the second year. All my mates are driving, in jobs (apart from ones at uni) - So yeah, I feel like im behind, in alot of ways.

Now In 3 weeks I will be finished education. You tell me, the people who are wanting loans for willy nilly, have babies, house's - I've no financial troubles because I've not got myself into any during uni (Credit cards etc) I've stuck with what I have.

And, the 2k overdraft isn't enough for a car and a years insurance at 1.5k. So a loan is needed either way, the amount is irrelevant. I just want a decent car. Hardly asking for a lottery win.

I would be using the JSA, and overdraft - to cover the costs of payments for 5-6 month while i look for a job - realistically, it would cover up to around 10month.


Edited By: DarrylJohn on May 09, 2011 12:46

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