Small loan for a 19 year old? (No payday loans)

Mr.Piggy

Need some help please!

Im looking for a small loan to purchase a HD TV/Xbox ect, something around the 550 mark. I have applied for 3 credit cards and a loan within the last 8 months but have been declined, one from my own bank and 2 cards from other banks. I earn just under 1k net per month and would be able to pay it off in two months maybe three. I have tried for store credit at currys, dixons and the like but im told (before the credit check even happens) that I will be declined due to my age and time at my current address, which is only counted from your 18th birthday - 1 year ago. I have scanned over alot of payday loans but most of these cannot be repayed in installments and those that can have interest rates that would make a loan shark blush.

Any suggestions of the best places to go? (and trustworthy)

Thanks!

soolin

If you can afford to pay it back in around 3 months then why not just save for 3 months instead and buy it outright?

Anyway, I'm moving this for better responses.

thriftychap_2

Of all the places to ask for credit advice to buy a non essential games console/tv i would not of considered this forum. If you take a look a the problems some posters are in due to taking out credit that accumaltes over time (and it does) you will heed the advice of the previous poster and save your money and purchase it outright.

Its a slippery slope, and for one so young i would urge you not to take the step. Get into better saving and spending habbits!

Movies_in_Running

Don't do it!

Save up, get used to the idea and don't get hooked on credit. They call it 'credit' because it's a positive word, but it's 'debt', pure and simple.

I assume you work hard for your money, and if you get hooked on debt you'll end up spending a large portion of you life working to pay interest.

JasX

Yes, options available to you:

1-Borrow from your parents etc.
2-Save up -also gives you the chance to snap one up in the sales (get up early on boxing day?) (also try and identify where you might be able to save money elsewhere -are you overspending on groceries? mobile phones? bills etc already that could help you save earlier)
3-Get one second hand from classified ads / ebay etc?
4-find somewhere that'll sell one on interest free credit.

fluffymuffy

Save up a little, raise some cash by selling a few things you don't need on eBay, and then buy a second hand or ex-display model. And if you live alone make sure you have contents insurance and don't leave the empty boxes outside for the local burglars to see what you've bought.

Just don't spend money you haven't got. Then instead of paying interest you'll have more cash to spend on games and X-box Live gold membership.

LilacPixie

I would say save

Dave101t

i agree, simply dont do it, whether for 500 quid tv or 10k business idea, just save your money, or do without. at 19, this would be a valuable life lesson and keep you out of all sorts of trouble later in life...

hubert_cumberdale

please dont do it thats how i started after hearing everyone say dont do it i did it and it can explode in to serious problems especially when its for something that isnt gonna give you anything back

keep away while your only 19 just get a base model xbox for £150 and a LG LCD tele for £150
im sure you can get £300 together perhaps ask relatives for donations for a christmas present.

it doesnt sound like you would get it anyway if you have been declined that many times

hubert_cumberdale

i got a loan and then another then cards etc etc youve all heard it before i got to a whopping 18k and for the last year have been strictly paying £1000 a month off the cards and things apart from this month im giving my self a christmas present and just paying the minium amounts. thats my little pressent to my self (now im down to 6k ish im well happy)

beleive me its seriously punishing to your state of mind and social life and im one of the lucky ones that can pay £1000 a month back many people cant (or wont)

Movies_in_Running

Another point to mention is that there are cases when borrowing is OK, and others where it's silly.

For example, if what you wanted to buy was likely to go up in price at a rate greater than the interest on a loan it would make sense to borrow. Historically mortagages have worked like this, but that's another subject.

The thing that you wish to buy will continue to fall in price, giving you even more reason to save. Playstations and Xboxes have fallen in price every year, as have new tellys. So, if you can save enough to pay cash, you should get a cheaper deal and a better telly in 6 months time.

You'll also feel good about yourself and you'll have learned discipline.