18 year old first loan

mikeyrn31

I'm 18 years old and I need cash asap as I'm going on holiday on the 7th of july and have no way of getting money so I was wondering if I could take out a loan of 1000 and pay it back over 12 months and if so who should I go with? Also I'm not sure what my credit rating is but I've had a contract phone for about 5 months now and I've never missed a single payment I'm not sure if that is of any relevance but just to say.

Before its mentioned I have already asked relatives to take the loan out for me but they won't so this is my last option, any help will be much appreciated.

Thanks

Apples2

Have you applied with your own bank?
They will know you better than the rest as they can see how you handle your account.

mikeyrn31

Yes I'm with Barclays an the minimum they offer is £5,000 which is too much for me as I'm only looking for £1,000.

choccyface2006

Hi

You could see if there is a Credit Union in your area. They are ethical, non for profit organisations that offer savings and low cost loans.

Policies may be different but we don't require any savings to qualify for a loan. Usually first loans are up to £500 but if you are in work and bank statements can show you are in control of your finances then you might be able to push up to £1000.

You would need to join first and for a loan you will probably need to show three months statements and fill out an income/expenses form. Credit Unions won't lend if you cannot afford repayments.

Interest rates are very good and you can make extra payments to pay off early. On a £500 you would pay around £63 interest over 12 months with repayments being around £48 per month.

I would recommend saving a little each month also, then you won't need another loan if you go on holiday next year.

You don't have much time though so good luck!

Here is a link to our Credit Union, it might be worth having a look.

Hope that helps.

Sarah

RichGold

Another loan to go on holiday.....


Doesn't anyone save thesedays?

@OP - Stay away from the payday lenders, If you don't get a decent loan where you can responsibly handle the repayments, simply don't go on holiday.

Ilona

I do despair when an 18 year old comes on here saying they need £1000 quick because they are going on holiday in a few days time. Please dont take a loan out for something so trivial. When did you know you are going on holiday, have you not had time to save up for it? If it is a last minute decision this is exactly the reason why you should be saving now, for the next one. Cancel this one if you can't afford to pay for it.

Not what you want to hear I know, but it's the best way.
Ilona

Wallhart

Yeah you probably have to cancel it. If you haven't been responsible enough or simply don't earn enough to save up for holiday then you should definatly NOT take a loan of any kind. You will regret it.

If you have only just booked your holiday then you shouldn't have booked it.

If however you are good with the money you earn and will be able to pay it back and you wont go and p*** your repayments up the wall thengo to your bank as suggested above.

chesky369

I agree that the OP shouldn't even be thinking of going on holiday if he can't afford to - particularly since his family (who seem to have the right idea and, after all, know him best) refuse to get a loan on his behalf.

But I also despair of Barclays if indeed their minimum loan is £5k. That's the kind of thinking that's got people in this country into the mess too many of them are in.

LovelyLeeds

I have a feeling the OP is not going to cancel and just wants the answer to his question.
Contact your bank and ask if you can have an overdraft, I wouldn't tell them it's for a holiday though.
That suntan is going to cost you dear, and it'll only last for two weeks when you get back. To go into £1000 debt for a holiday will come back to haunt you, but I don't think you want to hear that.

Wallhart

not really it's not like the op got approved for 5k

Lokolo

chesky369 wrote: »

I agree that the OP shouldn't even be thinking of going on holiday if he can't afford to - particularly since his family (who seem to have the right idea and, after all, know him best) refuse to get a loan on his behalf.

But I also despair of Barclays if indeed their minimum loan is £5k. That's the kind of thinking that's got people in this country into the mess too many of them are in.

I suspect it's because of admin costs. A £1k loan isn't worth the effort for them.

---

Well OP you have a choice

1) Borrow from parents or friends
2) Borrow by means of overdraft

But why on earth do you need £1k for a holiday!?