The Student Room Group

Rent is due soon - should I take out a loan?

I need to pay £525 on August 1st, and I currently only have £200. I cant find a job, and even if I did, it wouldn’t pay me by rent deadline. I’m getting desperate, and I feel like my last option is taking out a loan to pay it, but I’m scared.
Reply 1
Do you have a student bank account with an authorised overdraft ? If you do ,this would probably ne the cheapest way of financing it as a TEMPORARY measure.
The best thing to do is to contact your bank now. It shows forward planning on your behalf and they’re far more likely to be understanding than if you leave it to the last minute.
Reply 2
If you took out a loan, how would you then repay it? Interest rates are going to increase your debt. Also, what are you going to do in the future to pay rent, buy food etc?

What's your status, student or unemployed? If the latter, are you getting all the financial help available to you?
Reply 3
Original post by Euapp
Do you have a student bank account with an authorised overdraft ? If you do ,this would probably ne the cheapest way of financing it as a TEMPORARY measure.
The best thing to do is to contact your bank now. It shows forward planning on your behalf and they’re far more likely to be understanding than if you leave it to the last minute.


My bank does have that, but I don’t think they offer it until results day, which is August 17, 2 weeks after rent is due. But thank you that was very helpful! I’ll speak to my bank and ask for advice.
Reply 4
I’m not going to stay unemployed I’m currently between job interviews and will hopefully start working soon, which is how I’ll repay the loan and continue to pay for rent. However I don’t think any will pay me before August 1st.
Original post by Surnia
If you took out a loan, how would you then repay it? Interest rates are going to increase your debt. Also, what are you going to do in the future to pay rent, buy food etc?

What's your status, student or unemployed? If the latter, are you getting all the financial help available to you?
Reply 5
Original post by alyaissa
I’m not going to stay unemployed I’m currently between job interviews and will hopefully start working soon, which is how I’ll repay the loan and continue to pay for rent. However I don’t think any will pay me before August 1st.

I understand that you are job hunting, but are you currently claiming any benefits for being unemployed? How do you even think you will get a loan with no income? You can't apply on the grounds that you might have a job soon...
Original post by alyaissa
I need to pay £525 on August 1st, and I currently only have £200. I cant find a job, and even if I did, it wouldn’t pay me by rent deadline. I’m getting desperate, and I feel like my last option is taking out a loan to pay it, but I’m scared.


Can you family help you out until you find a job?

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