Getting a loan with unusual circumstances

[Tristan.]

The situation is, I have been offered a job which starts on September 5th. The job has a relocation bonus of £2k, but this isn't paid untill the first paycheque on the 28th (non negotiable, I checked)

Now I have enough money to either stay in a b&b for a month, or possibly put down a deposit on a cheap bedsit.

So worst case scenarion I have a plan, however there are two problems with that plan

Firstly I don't have a car licence, and I would really like to get one before I start work (first week includes a 'track day experience'), the money I have set aside for living my first month would be roughly the right amount for this, but obviously I can't spend it unless I have more coming in.

Secondly I'd much sooner live in a shared house with other people in the September intake (theres quite a lot) this would mean taking several trips halfway across the country to view houses, and I'd need a bit extra so my max deposit wasn't considerably less than potential housemates.

Actual relocation costs don't matter. I can ride up with a motnhs worth of stuff, then bring the rest of my stuff a month later.

Anyway my situation is that I have terrible credit history, and technically I have no job, but I have a 100% confirmed lump sum being payed to me about 2 months after I actually need it. I don't know anything about personal loans, can anyone think of any potential solutions?

I have no real collaterell (hundreds of pounds worth of tools and bike parts, but that's not really usable) and I don't use the bank of mum and dad.

[RichieZX6R]

I know this may not be much help but stick some of the bike parts on ebay. Once mans trash and it would mean having to borrow less.
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Current: Kawazaki ZX6R 51
Past: Kawazaki ZX6R 96 - Honda CBR 600F4 05 - Dragstar 125 02 - Honda CB 400 SF 94 - Honda NSR 125 51 - Gilera Runner XV125 04

[Marmalade]

If this is a decent size well respected company, get a letter of confirmed contract and payment to be received and ask your bank for a loan repayable within 3/6 months.

Got to be worth a go.
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[duhawkz]

I don't think you would get a loan with bad credit rating and in effect no job unless you went to one of these fast loan type places at some insane apr

Is there a particular reason you can't borrow a bit of cash off your folks till you get sorted out?
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"The guy is a worthless cunt and I honestly believe I would be a slightly happier person if he died." - Chris-Red

[Tristan.]

Bike stuff is going on ebay, along with some of my 8 bikes, however it's not easy as they're spread around the country and in disrepair. I'm planning to get them all fixed and sold as a bit extra but I can't count on it.

Payday loan sites aren't really an option as they're all quite clear cut, you must be earning £xx/month and you get a loan, I can't imagine it's worth their while to do a specialist loan for me.

My own bank does seem the best option, I planned to go in today but I left my letter at home. This is only a copy of the offer letter, I'm not sure when I'll get a contract of employment, I don't want to ask for one really, becuase it doesn't give a great impression to my new employer that I need a loan as I'm struggling with money.

I'm also considering places like cash converters, however I presume they'll only loan against collateral, and I don't have any easy to use collateral

Bank of mum and dad is just my own morals really, and the fact that I know my mum would agree to lend me however much, but I know that she would be left very very short of money.

[cornish]

Congratulations on getting the job!

Good for you for doing everything you can to avoid borrowing from your folks. But i will say, it's not a mark against you to allow them to help you out with a very short-term loan if you think they can spare the cash temporarily. As parents they would most likely want to lend it to you rather than have you struggle.

In addition, rather then throw money away on interest to a bank or online rip-off loan you could pay them some interest on their loan. That way you know it's going to a good place and much as they have helped you out, you have not simply had a free-loan from them if that makes you feel uncomfortable.

If they are likely to refuse extra cash from you, when you get the lump sum from your employer buy them something they need or would like such as a new hoover, something for the house or a weekend away maybe??? It's better to spend the money on them than to line the pockets of a bank with it.

You have a very admirable point about asking them for money, but this is entirely different to fleecing them for beer money or relying on them to support you because you can't be arsed to work. You are in a tricky situation and some short term help from them will ease the transition into a new job that they are probably very proud of you for getting.
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[J4mes]

Have you spoken to your new employers about it? They may be flexible about either offering you an advanced payment in order to help you settle beforehand.

Not ideal, but then the situation isn't ideal either.

[Ditto]

What about getting your mum and dad to get a loan out, give it to you, you pay them back, they pay the bank back, everyone's a winner
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CG 125 > Bandit 600 > CBR 600 FY > Street Triple R

[Tristan.]

Been to my bank today, absolutely no chance of a personal loan, credit card or additional overdraft facility. I was advised to try opening another account to use that overdraft, but that's not doable.

Also it's a definate no on getting an advance on the joining bonus unfortunatly.

Finally I tried Cash converters and a small independant pawnshop loan type place, two more no's

Thing is with family, my mums a full time foster carer, so hardly loaded and I've only met my dad a handfull of times, so I'd feel really shit about asking him. It seems like it's come to it though, so the best way to do it is going to be to make an exact list of all the costs I need to cover. Basically enough to pay 100 miles petrol/day for 23 days, and enough to pass my bike (and hopefully car tests) (though I may well not be able to get them booked before Sept 5th, which would leave me with a big problem)

And interest and gifts are a good idea

Gah, frustrating

On the plus side I got 88% on my dissertation, which knocked me up to a 2.1 so I'm basking in praise at the moment, which will make me feel like less of a dissapointment

[Suntan Sid]

This was ages ago, but, when I started my first job, I managed to get some money out of the DSS, it was to cover travelling and living expenses, for the first month I worked, before my first payday.

It's the one and only time I've ever had a penny off them!
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"Everybody needs money, that's why they call it money!"

[Shaft]

Sometimes in life, swallowing your pride is the way to get on.

You've got a degree, that's lead to a job and you know you've got a big lump coming your way.

I imagine either of your parents would be more than happy to lend you a few bucks, if it's the difference between getting on and not, so explain the deal, take the money, then pay them back as soon as the cheque hits your bank, with a few quid on top as a thankyou.

As for the track day, check first, but you don't normally need a road licence to drive on a track, so that's probably one less cost to worry about.
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[Tristan.]

[Suntan Sid]

JSA didn't exist when I started working, i'm old
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"Everybody needs money, that's why they call it money!"