Wanting to get a loan...

TrueRaver_2

Hello All

Long time lurker and browser of this site only just registered. Can i just say a very well done, this site is very informative and people to generally go out of their way to help others. So on behalf of many people id like to thank you .

Anyway ill get straight to the point, I am a 18 year old male who works full time. Me and my friend HATE living at home and really want to move out. My friend is also 18 (will be 19 very soon) and we are both in full time employment.

We are thinking of taking out a joint loan (if that is even possible) of around 4-5k so we can get a flat to rent.

Do you think this is going to be possible? None of us have bad credit history, never been overdrawn, never had a loan before and never ben declared bankrupt.

I was just hoping for some information on whether we would be likely to recieve a loan for this purpose? And who is most likely to give it to us?

Again all feedback and comments are very much appreciated, and keep up the good work!

Thanks

opinions4u

Why do you need £4k-£5k to rent?

How would you afford the rent and the loan payments and all of life's other expenses?

Why can't you save up the sum you need?

(By the way, I doubt you'd get the loan that you want, but your main bank would be the best starting point).

inmypocketnottheirs

Borrowing to rent. Never heard anything so crazy!

Why do you need £5k?

geoffky

you can not be serious. your age shows through loud and clear..

TrueRaver_2

I do understand this may sound silly. And okay, maybe not like 5k, maybe that was a bit extreme. Maybe something like 2.5k, this would put down a deposit and pay at least like 5/6 months rent in advance in full so we would not have to worry about the rent for a while.

I know it sounds like a really stupid idea, but if you lived with the people me and my mate have to live with, you would want out.

We are just so desperate to get our own place.

Simon11

If your living at home rent free, you should have no issues in saving money.

If you are unable to save money living at home, then write off renting mate.

zppp

TrueRaver wrote: »

I do understand this may sound silly. And okay, maybe not like 5k, maybe that was a bit extreme. Maybe something like 2.5k, this would put down a deposit and pay at least like 5/6 months rent in advance in full so we would not have to worry about the rent for a while.

I know it sounds like a really stupid idea, but if you lived with the people me and my mate have to live with, you would want out.

We are just so desperate to get our own place.

I think the reason why people are querying this is because you are borrowing for approx 6 months rent. Yet with a loan that you will have to pay back. It is all ok doing this, but how would you afford to make the rent payments after 6 months, and more so the loan payments on top from borrowing for your deposit/first 6 months?

It's alright saying you won't have rent to worry about for 6 months, but you will have a loan instead with interest.

stephane_2

TrueRaver wrote: »

I do understand this may sound silly. And okay, maybe not like 5k, maybe that was a bit extreme. Maybe something like 2.5k, this would put down a deposit and pay at least like 5/6 months rent in advance in full so we would not have to worry about the rent for a while.

I know it sounds like a really stupid idea, but if you lived with the people me and my mate have to live with, you would want out.

We are just so desperate to get our own place.

The most stupid idea i have ever heard.....

inmypocketnottheirs

My advice, get a grip.

Apples2

TrueRaver wrote: »

My friend is also 18 (will be 19 very soon) a

Dude, that says it all. Once adulthood is reached, nobody cares if you are XX and three quarters or nearly XXyrs old. :beer:

You're both living at home, you are as rich as you can get, if you can't save huge chunks of your wage now (min £1000 a month between you) then you simply will not be able to afford to ahem! live together.

bouncydog1

TrueRaver wrote: »

I
.. but if you lived with the people me and my mate have to live with, you would want out.QUOTE]

Seems like a reality check and a good dose of behaving like an adult is needed here. You clearly need to grow up and realise that maybe the people you live with are not the problem but your attitude is.

We can't always have the things we want, when we want. If you are keen to move out you need to plan ahead and start saving. Work out what rent and living expenses (council tax, utilities, food etc will cost) and start saving this every month less the cost of the board you pay at home. Once the people you live with see you are serious you may get a bit more support. Once you have done this for at least 6 months you will get a real taste of what living away from home would be like.

The reality is likely to be very different from what you perceive. And in answer to your original question - no there is no way you are going to get a loan as any lender will want to ensure that you can pay it back.