Small loan at 18

RyanArena

Thanks everybody for your help, and yes, I’ve been refused the credit card at Tesco and also a small loan from Halifax so far. Does anybody know someone in my position at all, or work in the lending field who can give me some indication as to where I would have the best chance of getting approved for it? My parents simply can’t afford a loan that size at the minute.
So long as the loan repayments are under £250 I really wouldn’t have any trouble paying it back.
Any information is much appreciated.

GAH

At the moment I would not be making any more applications. If you have already been rejected for a loan and Credit card it it is unlikely you will be accepted now that you have had two rejections in such a short space of time.

If you have not had credit before, there are certain steps that you can take to building a credit rating,

Make sure your on the electoral role

You could take out a credit building creidt card, like a capital one or Vanquis, but these are very high %APR so if you put any money on them you need to pay off in full. You will start with a low limit and build your credit as you go.

My best advice is to save your £1000, if it takes 3 months then so be it, You will feel so much better about having saved the money rather than being indebted