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Unread 11 May 2004, 22:25   #1
Zar
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interest free loans from bank

thought about getting one of these. is there any catch to it? If its interest free i might as well have the money.... i think students can get around 1.25 k in second year at barclays
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Unread 11 May 2004, 22:27   #2
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Re: interest free loans from bank

£1400 at Nat West

You have to pay them back, or at least pay interest the day you graduate.

And since it's an overdraft the bank can legally ask for it back whenever it likes.
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Unread 11 May 2004, 22:28   #3
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Re: interest free loans from bank

The catch is that you have to pay it back.
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Unread 11 May 2004, 22:29   #4
Zar
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Re: interest free loans from bank

obviously but i thought they give you a few months to pay it back?
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Unread 11 May 2004, 22:53   #5
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Re: interest free loans from bank

If you stay quiet and dont talk to the bank much they sometimes forget that you are no longer a student.

I didnt have to pay interest on my student overdraft until 1 1/2 years after id graduated.

Interest charges only started when i talked too much to the bank (asking for more "favours").
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Unread 11 May 2004, 23:38   #6
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Re: interest free loans from bank

They're not loans, they're overdrafts (well, mine was).

There's no catch particularly. They convert your account from a Student account to a Graduate account about 2 years after you finish. Then the costs become annoying.

As it's an overdraft, you need to manage it fairly carefully - if you go beyond your limit you'll get charged for instance. Also, you need to ensure you pay your student loan into that account (or some sort of other set monthly amount). I had two seperate overdrafts from two different banks, which worked well until I forget to pay £200 into one of my accounts for two months. They then demanded the full grand back then and there.

Overall I had £2600 interest free-overdraft, with another £1400 with a relatively low interest rate.
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Unread 12 May 2004, 07:09   #7
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Re: interest free loans from bank

I graduated 2 and a half years ago and they still haven't asked for my £2,000 interest free overdraft yet. My sister graduated 3 and a half years ago and they haven't asked for hers either.

So free money! Wahoo!
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Unread 12 May 2004, 07:22   #8
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Re: interest free loans from bank

With HSBC you can do anything you like with the account (I lived for over a term without ever going below my overdraft limit) and they won't bat an eyelid. They absolutely adore students. Since I 'graduated' (They just assumed and I never told them otherwise) the interest free part is dropping at a rate of £500 a year, but the overall limit is staying the same, and its a fairly low interest rate anyway. I also now have a nice low rate graduate loan with them, which, again, they were just desperate to sort out for me (always ask to speak to the student/graduate section, they have been trained to bend over backwards for you, whereas the rest of the people look at your account and laugh when you ask for a little more oversdraft). If I recall, in the first year they give £750 free o/d, and then this increses by £250 per year of your course.

I would advise students to avoid NatWest as they still charge you for things. I treated my HSBC account terribly and the one time I got charged (for a rent cheque bouncing) I called them up, had a go at them, and they refunded it, and the extra fee the landlady had been charged as well, as I told them we had to pay her that too (which we did).
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Unread 12 May 2004, 07:27   #9
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Re: interest free loans from bank

take all the money and whack it in a high interest building society account or something. then, when you have to pay it back you get to keep all the interest!
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Unread 12 May 2004, 16:45   #10
Zar
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Re: interest free loans from bank

Quote:
Originally Posted by the_dastardley_chihuahua
take all the money and whack it in a high interest building society account or something. then, when you have to pay it back you get to keep all the interest!
thats what i plan to do. Gonna shove the money in an isa account. Already got 3600 in there, another 1000 wont do any harm, especially if its interest free
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Unread 12 May 2004, 16:50   #11
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Re: interest free loans from bank

We had the whole natwest discussion a while ago and came to the conclusion that yes they're shit.
And most banks are more than happy to give loans to students cos they know it's easy money when a large proportion won't be able to pay it back while it's interest free.
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