18 year old first loan

Tixy

lee20010 wrote: »

No one is exactly helping him,

??
He has had suggestions of asking his bank for a loan, a credit union, or an overdraft. Those are probably all the options he has at the age of 18.

Very few lenders will lend to 18year olds with minimal credit history.

No one is stopping him going on holiday - except perhaps himself through his own lack of planning.

OP - are you in full time employment?

DCFC79

lee20010 wrote: »

No one is exactly helping him, although I have no suggestions. But if he wants to go on holiday then let him. Some of my mates went uni just to get drunk and ran up debts. Stop being so uptight people

we have all given valid suggestions, its not our fault if they dont match your expectations, he is limied though based on his limited credit history

chesky369

Really, what is so telling about this post is the title - 18 year old first loan. Like it's something good, like the key of the door. Well, first of many I guess.

diable

Save up and go on holiday when you are 19.

RichGold

diable wrote: »

Save up and go on holiday when you are 19.

I understand the urgency to go on holiday. At his age you'll always think you're missing out on something unless you go. But that kind of mentality will only cause long term problems - as will being so nonchalant about such a small loan over 3 years....

Ilona

lee20010 wrote: »

No one is exactly helping him, although I have no suggestions. But if he wants to go on holiday then let him. Some of my mates went uni just to get drunk and ran up debts. Stop being so uptight people

I beg to differ, we are helping him. Can you imagine the spending spree an 18 year old will have when a grand drops into his hot little hands, then imagine a year down the line when he borrows a bit more because it was so easy the first time. Teaching a young person to borrow is irresponsible, teaching them to save is in their best interests, even though they may not think it at the time.
Ilona

sulkisu

mikeyrn31 wrote: »

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

OP - How much do you earn? Do you have any other debts? What are your monthy outgoings? The answers to these questions will affect your options for credit.

Fiddlestick

mikeyrn31 wrote: »

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

Oh my.

Did you not think of saving the money before going away?