help!

[miss_me]

i have no knowledge of loans/credit cards so please help!

I need to get a loan of about �800, if i go to the bank and ask wil they laugh?? How does ot work? roughly how much would i pay back in total and per month? I'm 21, no other loans/credit card, no bad history. I just finished uni and start a new job on 22nd of this month, starting on �14000 (good chance of pay rise within 3 months) )will it be a problem that i am not working right now? If bank wont do what about loan companines? Do i have to give a reason why i needs it? what kinda thing catches people out?

How do credit cards work? do i pay it off monthly or have to pay it on one go on an agreed date?

As you can see i have not have no clue about all of this - can anyone help at all? Thanks in advance

[Miss-taken]

As its only a really small amount you're after I would just get a credit card - one of those 0% interest ones. You could easily afford to pay it back within a year!

[Ethel]

Credit card at 0% is an excellent idea.

Or a current account with overdraft facility.

If you have a credit card you have to pay a minimum amount each month - but you can any amount above that. �800 would be a minimum repayment of �16 to �25 each month, depending on the company.

Of course that would take a very long time to repay.

Avoid loan companies if you possibly can.

[Neeru247]

You should go to www.moneysupermarket.co.uk for the latest deals on credit cards. You will be able to review cards using certain criteria. Interest free credit card is definitely the way to go for �800. HSBC give you 9 months at 0%.

[WoWo]

Depending what you want to do with the money it's likely you wouldn't get the money at 0%.

If you need it to buy something you might get it at 0% (unlikely in my opinion given you have no credit rating). But if you need it in cash you would have to get a cash advance which has a high rate of interest.

Personally I'd never advise getting a credit card if you can help it. My prediction would be that in 6 months time you would owe a whole lot more that �800 on it. I would prefer to use the term debt card (not being judgemental but speaking from experience).

[ugly_bob]

Talk to your bank. They will usually give you an interest free overdraft for a year on a Graduate account. At least the big boys do.