21 Year Old Seeking Loan Advice

NeedingGuidance_2

Well, i'm not sure where to start, or who to talk to, but i have some problems.

I'm a regular 21 year old male in employment. I work 36 hours a week (contracted) with overtime when i need it. I am assistant manager at a large bookmakers (Not sure if working in a bookies would effect my chances of getting credit)

Anyway, i still live at home with my parents and i don't drive.

I have been looking for 5,000 to pick myself up with. I want to take a couple of Microsoft certified networking courses, along with a Cisco course) which i cannot afford as the sum would be around 3,000. I'm also looking to get a car and start driving, and put some money towards getting my own place to live.

I have never had a lone before, i have never been to court over money, and i have never been in debt.

Recently i have been applying, and being declined due to my bad credit rating (It's under 600, i think i saw it's about 530, although i have never done anything to make it so low.)

Yes Loans contacted me, saying they have found me a lender, I agreed to pay the fee, and then they transferred me over to another person and said they can't get me a loan due to my credit rating, but they can help rebuild it with a payday loan of 300 which i don't want.

Is there really any lenders which actually give loans to people with bad credit, or is it a myth? I have been searching and searching and all i can seem to find is brokers asking for money and not delivering what i want.

Thanks for any help or advice you can give.

CLAPTON

how much do you earn ?
how much do you save each month?
do you have any debts or any credit cards
are you on the electoral roll

[Deleted User]

you do right not taking the payday loan,looks like your lack of previous credit is going against you,you could try one of the credit building credit cards like capital one to get some credit history
but i would think twice about borrowing almost on a whim even if you could at your age car insurance alone could be 1500 +,and wouldnt get you a car plus insurance plus some where to live,my advice is do as much overtime as possible and start saving,and dont what ever you do give any loan broker your bank details they will rip you off.
2 other points:applying for and being rejected for credit too often isnt a good idea
the other point cant you do some simlar courses at evening college or open uni?might cost you a hell of a lot less

NeedingGuidance_2

I earn around 800pm, i don't currently pay rent, i just do my own food shopping, only outgoings i have really is transport, phone bill which is 50pm and whatever else i need. I don't really save anything, but i don't spend it all either. I probably have around 200 in my account at the end of each month.
Natwest have given me an overdraft of 200 as well, which i may need to renew, i'm not sure.

I have no debts at the moment, i don't own any other cards apart from my Visa debit card. I am on the electoral roll also.

I have looked into other courses, but i have my mind set on a Microsoft certified degree, which isn't something i can do at college, or funded by the government. (There are companies who will help fund me and put me into employment, but it's still very expensive)

I think Yes Loans will take my money from my account, as i agreed to let them (Before they told me that in fact, they were in reality lying about finding me a lender, don't think i can do much about it)

What are the capital one cards you speak of? I tried applying for an egg card, but i got refused that. I wasn't aware being refused credit effects your credit rating, i wish i had known earlier

FATBALLZ

£800 a month, living with parents, you can save £5k in 6-9 months. Assuming you don't need to spend £5k all in one go you probably don't need all the money up front anyway. This doesn't look like a situation where a loan is required at all.

When I was 21 I also wanted a loan but couldn't get one, I ended up getting a 0% credit card for £3k, and paid the money back before incurring any interest (did have to swap 0% deals a couple of times). But as I said I can't see why you think you need a loan. Much better not to get one if you don't have to.

ToG

NeedingGuidance wrote: »

I have been looking for 5,000 to pick myself up with. I want to take a couple of Microsoft certified networking courses, along with a Cisco course) which i cannot afford as the sum would be around 3,000. I'm also looking to get a car and start driving, and put some money towards getting my own place to live.

I might not be the best person to ask about loans, but i'm in a similar position to you as regards the training you want. I'm currently studying Computer Science in University and pursuing other certs.
Don't waste your money on a training course for any of those things. I'd only ever do them if being sponsored by a company to do so.

Cisco: There are PLENTY of free resources out there (and some paid) for learning cisco stuff. You're better off using those. CBTNuggets have some fantastic videos (just check youtube).
Get yourself a cisco switch and a router and build your own lab. Use those videos, train on the lab and do ICND1 and ICND2 as they come up, and you'll have your CCNA. Exams are about £66 each. Don't bother with the combined exam.

Microsoft: This depends what path you want to go down, but likewise, there are MUCH cheaper resources. You can get packs for most resources. Say if you want MCITP you can get these:
(Search Amazon in : MCITP Self-Paced Training Kit)
Then all you need is a few pcs (or one virtual setup if you're competent) and you can run a few servers, and complete the whole kit. Microsoft exams are about £88 each. £480 if you want a full MCITP.

(I only signed up to tell you this so i can't post any links)

CLAPTON

NeedingGuidance wrote: »

I earn around 800pm, i don't currently pay rent, i just do my own food shopping, only outgoings i have really is transport, phone bill which is 50pm and whatever else i need. I don't really save anything, but i don't spend it all either. I probably have around 200 in my account at the end of each month.
Natwest have given me an overdraft of 200 as well, which i may need to renew, i'm not sure.

I have no debts at the moment, i don't own any other cards apart from my Visa debit card. I am on the electoral roll also.

I have looked into other courses, but i have my mind set on a Microsoft certified degree, which isn't something i can do at college, or funded by the government. (There are companies who will help fund me and put me into employment, but it's still very expensive)

I think Yes Loans will take my money from my account, as i agreed to let them (Before they told me that in fact, they were in reality lying about finding me a lender, don't think i can do much about it)

What are the capital one cards you speak of? I tried applying for an egg card, but i got refused that. I wasn't aware being refused credit effects your credit rating, i wish i had known earlier

if you have no savings then you do spend 800 per month

work out exactly where it is all going
try keeping a spending diary and write down everything you spend


as you spend everything you earn however will you pay for petrol, car tax, MOTs, car insurance

start learning to save and forget about a loan

NeedingGuidance_2

FATBALLZ wrote: »

£800 a month, living with parents, you can save £5k in 6-9 months. Assuming you don't need to spend £5k all in one go you probably don't need all the money up front anyway. This doesn't look like a situation where a loan is required at all.

When I was 21 I also wanted a loan but couldn't get one, I ended up getting a 0% credit card for £3k, and paid the money back before incurring any interest (did have to swap 0% deals a couple of times). But as I said I can't see why you think you need a loan. Much better not to get one if you don't have to.

What's this credit card you speak of?

I know i really shouldn't get a loan when it's not vital i need one, but i have everything set out in my mind and all i really need is the money to make it happen.

I could save up, but by Christmas i want the qualifications and the job, and hopefully the money and a good credit rating to help me get my own house or at least start renting.

I wouldn't mind trying out some of these credit building cards to help me get my credit rating up.

CLAPTON wrote: »

if you have no savings then you do spend 800 per month

work out exactly where it is all going
try keeping a spending diary and write down everything you spend


as you spend everything you earn however will you pay for petrol, car tax, MOTs, car insurance

start learning to save and forget about a loan

I do have around 200 left in my account each month on average. It's not that i save it, it's just that i don't find anything i need or anything i'd like to spend it on.

I do keep track of things i buy to make it easier for me to see and control my spending as i don't want to break into my overdraft. I'm wanting to go on a holiday in May for my girlfriends birthday, so you could maybe say i'm saving money for that, although it shouldn't be my main priority.

NeedingGuidance_2

ToG wrote: »

I might not be the best person to ask about loans, but i'm in a similar position to you as regards the training you want. I'm currently studying Computer Science in University and pursuing other certs.
Don't waste your money on a training course for any of those things. I'd only ever do them if being sponsored by a company to do so.

Cisco: There are PLENTY of free resources out there (and some paid) for learning cisco stuff. You're better off using those. CBTNuggets have some fantastic videos (just check youtube).
Get yourself a cisco switch and a router and build your own lab. Use those videos, train on the lab and do ICND1 and ICND2 as they come up, and you'll have your CCNA. Exams are about £66 each. Don't bother with the combined exam.

Microsoft: This depends what path you want to go down, but likewise, there are MUCH cheaper resources. You can get packs for most resources. Say if you want MCITP you can get these:
(Search Amazon in : MCITP Self-Paced Training Kit)
Then all you need is a few pcs (or one virtual setup if you're competent) and you can run a few servers, and complete the whole kit. Microsoft exams are about £88 each. £480 if you want a full MCITP.

(I only signed up to tell you this so i can't post any links)

Thank you very much, it's appreciated, i will definitely check out the info you posted.

The CCNA cert is what i wanted to get, as well as an MCSE/A and an MCDT at some point in time.

I'm surprised at this as i have been quoted a lot of money for training and courses, exams etc... I will do some research now and see what comes up.

Good luck with your certs :beer:

FATBALLZ

NeedingGuidance wrote: »

What's this credit card you speak of?

I know i really shouldn't get a loan when it's not vital i need one, but i have everything set out in my mind and all i really need is the money to make it happen.

I could save up, but by Christmas i want the qualifications and the job, and hopefully the money and a good credit rating to help me get my own house or at least start renting.

I wouldn't mind trying out some of these credit building cards to help me get my credit rating up.



I do have around 200 left in my account each month on average. It's not that i save it, it's just that i don't find anything i need or anything i'd like to spend it on.

I do keep track of things i buy to make it easier for me to see and control my spending as i don't want to break into my overdraft. I'm wanting to go on a holiday in May for my girlfriends birthday, so you could maybe say i'm saving money for that, although it shouldn't be my main priority.

Bearing in mind this was 5 years ago, it was an HSBC credit card they gave me when I transferred all my banking to HSBC from Halifax (I was !!!!ed off at them for not giving me a loan!). I think they were prepared to give me a fairly high credit limit (£3k) since I was a graduate and they had special perks for graduates (interest free overdraft for a year etc). It was 0% on purchases for 9-12 months so I could use it for the money I needed and pay it back later. I didn't have an amazing credit history at the time, in fact I didn't really have one, as I'd never borrowed money before (except student loan).

It may be trickier to do something similar if you are not a graduate and bearing in mind lending has tightened somewhat over the last couple of years.

I'd suggest you put your money towards the courses first (can you save up while you revise?), forget the car for a while - they cost a fortune to run, and do things one step at a time, I don't see why you need a whole £5k now, rather than for example £500 for a course this month, £500 for another next month etc. which you can do out of your normal salary, if you restrict your other spending.

ToG

The courses genuinely do cost alot but are generally for those people being sponsored by companies that need to learn quick, and will use the knowledge every day. If you do your MCSE then you can do a topup exam and you'll have an MCTIP (the windows7/server 2008 variant of MCSE). Just go through Pearson Vue and Prometric for the exams, It'll show you exam . As far as i remember Cisco use Pearson Vue and Microsoft use Prometric.