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How
To Get The Best Graduate Loan |
If you have recently finished university,
getting started in the real world can be tough if you don't have the
funds to start on your chosen career path. If you have dreams but
don't have the cash to follow them, then you should look at getting
a graduate loan to help you out whilst you find your feet. Here are
some hints and tips about how to go about getting a graduate loan
and how such a loan could help you.
What are graduate
loans?
In essence, graduate loans are just a form of
unsecured personal loans. They are for people who have recently
finished university and want to get ahead in their career or for any
other purpose. Graduate loans usually consist of a lump sum of
around ?000 to ?5,000 and are repayable over six months to ten
years.
What are the advantages?
Although graduate
loans are basically unsecured personal loans, because they are for
people starting out in their careers, lenders often offer better
rates. The interest rate will be lower than regular personal loans,
and the amount you can borrow will usually be greater than you could
normally secure. However, graduate loans are still based upon your
credit rating and so rates may vary depending on your status and
current income.
Deferred payment
Another advantage
of graduate loans is that they sometimes offer deferred payment
options, both at the start and at various points throughout the
loan. This means you can delay your payments for a number of months
in order to get your finances in order. Of course, doing this still
means you will be charged interest, and so will end up paying back
more. However, it can be useful if money is tight or you want time
to sort things out before you begin repaying the loan.
Charges and costs
Although typical APRs are low, there are
other charges to consider when taking out a graduate loan. For
instance, missing payments can be expensive with late fees of
anything up to ?0 for a missed payment. Also, if you want the money
within 24 hours of applying you might have to pay a fee of around ?0
or more for the privilege. However, graduate loan charges are fairly
similar to those of any other personal loan. Just make sure that you
read the terms and conditions before applying.
What can I
use the loan for?
What you use the loan for is up to you,
but usually graduate loans are used to pay off credit card debts
from university and to help start you off in your chosen career.
This might be to buy the right smart clothes for your job, or to pay
to move to a new city, or for travel expenses. Getting everything
you need to start your career can be expensive, especially if you
already are short of cash because of university debt. Getting a
graduate loan will help you to sort out your finances and put you in
a position to get what you need to move up in the world.
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