Wanting to get a loan...

KiKi

TrueRaver wrote: »

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

Hi there

Whilst I agree with the other posters, I think there's a way of saying the same thing without making fun of people who are young, trying to learn, and at least asking questions before they jump into things.

It doesn't make sense to take a loan to pay the rent so that 'you don't have to worry about it for 6 months'. You will have to pay the loan back every month PLUS interest, so you will be paying more back to a loan company than you will in rent every month!

If you are working full time then save up whatever you can for a month's rent deposit and then move out ASAP. You could also get a weekend / evening job (or one which doesn't clash with your current work) to get some money within a month so you can go find a place as soon as you can.

I totally understand you wanting to get out ASAP. And if getting a loan is the only way, then you only actually need two month's rent (which would pay a deposit and your first month). Just be aware that you're then paying it back with interest. Your bank is your best bet as you will have little to no credit history.

Whatever you do, do not go to one of the high street loan stores, and DO NOT use a 'broker' who ask you to pay an upfront fee. These people will not give you loans.

HTH
KiKi