Small loan at 18

RyanArena

Hi all,

I'm desperate to get a small loan of around £1000 to get a motorbike.
I know this sounds like a 'want', but it's a 'need'.
I work 20 miles from home and start at 8:30, the only bus I can catch to get to work is at 6:15 in the morning and I don't get back while 7:30 at night, it's a long day and it's killing me, I have trouble sleeping and generally can't get to sleep until 11pm.
I've got a steady job that gets me £900 per month after tax and have had it for almost 2 years now.
What are the chances of me getting a small loan? (preferably without needing a cosign).
I know a lot of people would tell me to just stick it out and save up, but it would take me 3 months to save up with my current outgoings and I'm being late to work a lot and have had warnings about it. I work hard as hell and generate a lot of income for the business, but punctuality is a problem and people have been fired for it before me. I just want to get a small loan and pay it off, over whatever period with -£250 repayments per month.
I have no credit rating whatsoever because I've never had a credit card/store card. I've only ever spent money that is mine.
Can anyone tell me where it would be best to go for a loan if it is possible, and what kind of repayments I'd be looking at please?

Much appreciated,
Ryan.

Lokolo

If you do get a loan it will be expensive, and that's even if you get accepted.

You are already late a lot, what happens if you take the loan out, then get sacked, then have no income to pay off the loan?

You also say £1,000 for a motorbike, how much have you anticipated insurance will be?

RyanArena

I honestly believe I wouldn’t be late to work if I had a motorbike. I could set off at 8, rather than 6.
Also, the £1000 would be in conjunction with my next wage, which would leave me with ~£1750 for a bike, insurance, tax, petrol and any other paraphernalia.

I’m happy to explore any other avenues too, I’m not exactly hyped about getting a loan.

Apples2

Would you be able to service a loan repayment after giving up £750 from next months wage on top of all your current outgoings?

What about Overdraft?

A Credit Card would be an idea, £1,000 limit should be achievable.

andy.m_2

I sold my last motorbike for £300, you could pay that out of your £750 spare in your wages.
Insurance was £57 and it had some tax, much better for you

KingElvis

Have you asked your bank? they would be the most likely.

sp1987

Can you carshare with anyone at work, pay half their petrol to take you and drop you back?

Have you taken your test yet? Is it still a cbt? Get some insurance quotes first because I have a feeling they will be absolutely shocking with everything going up recently. Pick an imaginery bike on ebay etc and enter the reg to imaginery insure it.

custardy

RyanArena wrote: »

I honestly believe I wouldn’t be late to work if I had a motorbike. I could set off at 8, rather than 6.
Also, the £1000 would be in conjunction with my next wage, which would leave me with ~£1750 for a bike, insurance, tax, petrol and any other paraphernalia.

I’m happy to explore any other avenues too, I’m not exactly hyped about getting a loan.

if tyou leave at 6am for an 8.30 start the you could beat that on a pushbike
cheaper too

RyanArena

@Apples2
Thanks for the response, I’m honestly not expecting to spend the whole £1750 on a bike, it will probably be more like £1100. But I can’t find anywhere that offers loans under £1k.
I have wondered about overdraft & credit cards, but I don’t understand how the repayments work on them?
I thought you had to pay them all back on the next month or you get bad credit? One thing I don’t want out of all this is a bad credit rating.

@andy.m
What bike was it? I’m looking at around 100cc, nothing fancy – maybe a Honda CB100 if I can find one in decent nick.
I’m looking at around £200-£300 insurance because of my age. And tax would depend on the emissions but that’s not a worry for me.

@KingElvis
I’ve not asked my bank yet, I looked on their website and it looked as though the smallest loan [Halifax] did was a £7500. I’ll pop in at the weekend and find out though.

@sp1987
I live out of the way, nobody comes anywhere near my house on the way to the office.
I haven’t taken my CBT yet, no. It costs £95, takes a day and is impossible to fail even if you’ve never ridden a bike before (I had a fully manual pit bike when I was 15).
I’ve already looked at insurance and it’s not going to be huge on the kind of bike I’m looking at.

@custardy
Ha ha I tried pushbike once, I got to work in 2 hours, absolutely knackered, sweating like billy-o. I think a week of that would send me into an early grave. But thanks for your input.

somethingcorporate

RyanArena wrote: »

@custardy
Ha ha I tried pushbike once, I got to work in 2 hours, absolutely knackered, sweating like billy-o. I think a week of that would send me into an early grave. But thanks for your input.

Or save money and get VERY fit!! The MSE way.

RyanArena

@somethingcorporate
Ha ha I'm fit enough thank you! I go running a lot and things like that, so I have no trouble really biking to work, but I deal with customers on a daily basis and don't want to be sweaty/dirty!