The Student Room Group

Short term loan for summer?

Hi,

I am currently looking for money to spend during the summer 2021 between graduation and starting my job.

My bank won't let me have an overdraft and I've given up trying to work out why, everytime they give me a reason I do what they want and still no overdraft (it is a student bank account). So I've given up with them and I am currently looking for another means to get some quick cash.

I need approx. £3k for summer. I don't want to work and me and my friends really want to enjoy it after the coronavirus pandemic. We have festival tickets and other things to look forward to but I currently have no way of financing this. Any ideas really apprciated! :smile:

P.s. I have a good job on a grad scheme with a signing bonus that can cover the cost of the loan and this comes in at the start of September.
Sheesh, I mean if you don’t wanna work for it, then how tf you going to get 3k 😂 the only option you have is to get money online. Possibility through eCommerce, or online database. There’s the option of investing in shares, but in your timeframe, it would not be feasible. Other than that, theres legit nothing else.
Original post by ItsJcesar
Sheesh, I mean if you don’t wanna work for it, then how tf you going to get 3k 😂 the only option you have is to get money online. Possibility through eCommerce, or online database. There’s the option of investing in shares, but in your timeframe, it would not be feasible. Other than that, theres legit nothing else.

I think this is a bit of a harsh comment. OP is going to work for it - they have a place on a graduate scheme, so they'll work to pay off the loan. They will earn far more than 3k soon, but they just want to have a nice summer first, which seems understandable. I'm skeptical of your ideas for how to earn money too - eCommerce and shares are not where I'd start for casual earning tips, since they both require a lot of skill.

@OP: I'd look into opening a new graduate bank account, as advised by Martin Lewis: https://www.moneysavingexpert.com/students/graduate-bank-accounts/. These should give you a large 0% overdraft for your first year, many of them up to 3k. Aside from that I'd consider borrowing from family if you can; I'd be wary of getting a personal loan so young and for something relatively frivolous, even though you're confident you'll be able to pay it off. Otherwise, it's really not too hard to pick up a few shifts bartending etc over the summers, and that can often be part of the fun of a big summer experience rather than detracting from it. Maybe consider signing up to some temping agencies and just doing the odd shift here and there?
try winning a competition
Original post by Bedaquiline
I think this is a bit of a harsh comment. OP is going to work for it - they have a place on a graduate scheme, so they'll work to pay off the loan. They will earn far more than 3k soon, but they just want to have a nice summer first, which seems understandable. I'm skeptical of your ideas for how to earn money too - eCommerce and shares are not where I'd start for casual earning tips, since they both require a lot of skill.

@OP: I'd look into opening a new graduate bank account, as advised by Martin Lewis: https://www.moneysavingexpert.com/students/graduate-bank-accounts/. These should give you a large 0% overdraft for your first year, many of them up to 3k. Aside from that I'd consider borrowing from family if you can; I'd be wary of getting a personal loan so young and for something relatively frivolous, even though you're confident you'll be able to pay it off. Otherwise, it's really not too hard to pick up a few shifts bartending etc over the summers, and that can often be part of the fun of a big summer experience rather than detracting from it. Maybe consider signing up to some temping agencies and just doing the odd shift here and there?

Thanks for the life story 🥱 💤
Reply 5
Hi I do appreciate everyone’s answers (even the first one!) and after doing some research I’ll just say what I found out in case anyone else in the similar situation.

First, it is damn near impossible to get any type of loan for any amount of you don’t have income (and I’d be extremely skeptical if you find someone offering one) unless it’s an student/graduate account overdraft.

Secondly don’t micromanage your overdraft limit, every time you extend it even the smallest amount it affects your credit score. Try wait 3-6 months minimum before changing it. Bad credit score can deny you as well.

Finally it seems to be that the reason for not being able to extend my overdraft is due to the pandemic. Banks are extremely wary to loan money atm and I’m not the only person who has been denied extending it (I’m with HSBC). I spoke at the branch for a while about this.

So basically your only options are to get a job (and if you get enough income you can apply for a loan) or ask friends and family. What I’ll be doing is waiting right up until I need money and then applying for an overdraft and if not I’ll be getting a job (which is the most sensible option I guess).

Thank you for the help.

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