How To Get The Best Graduate Loan

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 £1000 to​ £25,​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​ £40 for a​ missed payment .​
Also,​ if​ you​ want the​ money within 24 hours of​ applying you​ might have to​ pay a​ fee of​ around £50 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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