Best loan for an 18 year old?

will369

I am waiting for the document to come in the post which I sign..

But they can still decline?

RobertoMoir

"approved online" isn't much better than when they write to you and say you've been "pre-approved" to something. That means they're fairly sure you have a pulse and might have once seen what a £10 note looks like.

will369

But they can still decline?

Burlesque_Babe

they can, yes.

Swirlywurly

Burlesque_Babe wrote: »

they can, yes.

Thank god for small mercies. I hope they do decline.

Ames

The problem with 'might' be able to pay a lump sum off is there are so many 'ifs' involved. If you manage to save the money up. If the bank will let you pay it off. If they let you pay a lump sum off, it probably wont make any difference to the overall amount you pay, as interest will be front loaded.

15% is bad, my two loans were around 9 and 11.

Please don't sign that piece of paper.

Snakeeyes21

Op are you living in a dream world?
no bank is going to give 4k to somebody earning £4800 a year.
you would find it hard getting £200 off the provident.
the only way your going to get 4k off a bank is if you go in with a gun and rob them

mumisworried

Snakeeyes21 wrote: »

Op are you living in a dream world?
no bank is going to give 4k to somebody earning £4800 a year.
you would find it hard getting £200 off the provident.
the only way your going to get 4k off a bank is if you go in with a gun and rob them

The banks WILL and DO lend the money. Halifax phoned my son up on his 18th Birthday and offered him 4500. APR 24% He is a student working part time earning just under 400 a month. They said his 'affordibility' was 100/month and he could have the money in his account by the end of the day. He now owes them 8000 and we have debt collectors calling at the house. Of course he can't afford it and he is in a real mess (check out my other postings). I can see it all happening again to this young man.

Ames

I got a 7k loan when on benefits and already owed about 6k.

bumpoowee

When I had just graduated I wanted to get a loan as I was moving for my first proper job. I found that nobody would give me a loan on decent terms, and ended up taking out a credit card with £3k limit and 0% on purchases for 12 months. By swapping between 0% deals I eventually paid off the balance without having to pay any interest.

May be worth looking in to doing this if you haven't already, my only doubt is whether you will get enough credit limit for it to be worthwhile, as I was 21 at the time (although maybe it's more to do with being in employment than age?).