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  • FIRST POST
    • jspicer21955
    • By jspicer21955 14th Mar 17, 4:20 PM
    • 2Posts
    • 0Thanks
    jspicer21955
    18 and need a loan
    • #1
    • 14th Mar 17, 4:20 PM
    18 and need a loan 14th Mar 17 at 4:20 PM
    Hi,

    I have recently turned 18 and looking for a loan.

    The loan will be between £5,000 and £8,000.

    I have 2 questions.
    1. Would I get accepted?
    2. Where should I go? My current bank or a different bank?

    Any help is greatly appreciated.

    Thanks
Page 1
    • MallyGirl
    • By MallyGirl 14th Mar 17, 4:24 PM
    • 1,821 Posts
    • 6,180 Thanks
    MallyGirl
    • #2
    • 14th Mar 17, 4:24 PM
    • #2
    • 14th Mar 17, 4:24 PM
    what is your income? What sort of credit history have you built up? What commitments do you have?

    so many questions need answering before you could get much in response.

    Generally when starting out you would find it easier with the bank that knows you best
    • jspicer21955
    • By jspicer21955 14th Mar 17, 4:28 PM
    • 2 Posts
    • 0 Thanks
    jspicer21955
    • #3
    • 14th Mar 17, 4:28 PM
    • #3
    • 14th Mar 17, 4:28 PM
    So I earn between £8,00 and £10,000 per year. My credit score is 897 I think?

    Is it better to go to the bank my debit card is with or my credit card?
    • Arleen
    • By Arleen 14th Mar 17, 4:30 PM
    • 924 Posts
    • 684 Thanks
    Arleen
    • #4
    • 14th Mar 17, 4:30 PM
    • #4
    • 14th Mar 17, 4:30 PM
    Credit score is meaningless and tells no one nothing, also only you can see it.

    So you want a year-worth of pre-tax salary loan with little to no credit history (I guess as you are 18)? Highly unlikely to happen. What is the loan for?
    • MallyGirl
    • By MallyGirl 14th Mar 17, 4:39 PM
    • 1,821 Posts
    • 6,180 Thanks
    MallyGirl
    • #5
    • 14th Mar 17, 4:39 PM
    • #5
    • 14th Mar 17, 4:39 PM
    I don't think you are going to get the loan you say you 'need'. Do you really 'need' it or do you actually 'want' something you don't have the money for.

    General rule of thumb is that you won't get credit for more than 50% of gross salary.
    • PeacefulWaters
    • By PeacefulWaters 14th Mar 17, 4:46 PM
    • 6,677 Posts
    • 8,209 Thanks
    PeacefulWaters
    • #6
    • 14th Mar 17, 4:46 PM
    • #6
    • 14th Mar 17, 4:46 PM
    When employed age 18 I had my highest disposable income and saved a fortune. I recommend it. Also deciphering effectively between essential needs and expensive wants will serve you well.

    1) For that amount probably not.
    2) Start with main bank.
    • Caz3121
    • By Caz3121 14th Mar 17, 5:07 PM
    • 10,678 Posts
    • 6,976 Thanks
    Caz3121
    • #7
    • 14th Mar 17, 5:07 PM
    • #7
    • 14th Mar 17, 5:07 PM
    So I earn between £8,00 and £10,000 per year.
    Originally posted by jspicer21955
    how much do you currently save each month?
    • waamo
    • By waamo 14th Mar 17, 5:09 PM
    • 1,910 Posts
    • 2,284 Thanks
    waamo
    • #8
    • 14th Mar 17, 5:09 PM
    • #8
    • 14th Mar 17, 5:09 PM
    Why so vague about the amount you want? If it is for something like a car surely you know how much that costs?

    If you gave more detailed information you may get a better answer as lenders will often look at the reasons for needing a loan before deciding if they would lend.
    This space for hire.
    • DCFC79
    • By DCFC79 14th Mar 17, 5:28 PM
    • 29,722 Posts
    • 18,820 Thanks
    DCFC79
    • #9
    • 14th Mar 17, 5:28 PM
    • #9
    • 14th Mar 17, 5:28 PM
    What's the purpose for the money ?

    Are you living at home, if you are you should have alot saved up.

    Can you not save for it ?

    As you have just turned 18 you might not get much luck.

    Could try your bank but it could be a no.
    Je Suis Charlie
    • glosoli
    • By glosoli 14th Mar 17, 5:57 PM
    • 574 Posts
    • 328 Thanks
    glosoli
    You haven't said why you require the loan and I know there could be perfectly valid reasons for requiring it, but unless it's a last resort, you should really think twice, it will be a noose around your neck for years to come, and you may look back in hindsight wondering what on earth you have done.
    • LeeUK
    • By LeeUK 14th Mar 17, 6:46 PM
    • 5,464 Posts
    • 2,538 Thanks
    LeeUK
    I got credit cards thrown at me left right and centre when I was in my late teens but could never get a loan. I was employed and earning.
    • Gambler101
    • By Gambler101 14th Mar 17, 8:39 PM
    • 452 Posts
    • 1,096 Thanks
    Gambler101
    Eric is a scammer
    The instructions on the box said 'Requires Windows 7 or better'. So I installed LINUX
    • enthusiasticsaver
    • By enthusiasticsaver 14th Mar 17, 8:48 PM
    • 3,947 Posts
    • 7,091 Thanks
    enthusiasticsaver
    I suggest you think very carefully before applying for a loan for 100% of your annual income. You must be either working part time or on very low wages. That won't be affordable.
    Countdown to early retirement on 31.12.17 4.5 months to go.
    • Gambler101
    • By Gambler101 14th Mar 17, 9:11 PM
    • 452 Posts
    • 1,096 Thanks
    Gambler101
    Aside from a mortgage, aim to never borrow money. You will be smarter than most and save thousands in interest compared to a credit addict.
    The instructions on the box said 'Requires Windows 7 or better'. So I installed LINUX
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