loan when working part time and a student !!

kurjam

this is asked on behalf of my friends daughter...

the daughter works part time and is also a full time student, she is 19.
she has a catalogue (which payments are up to date and she owes £40).
she would like to apply for a loan, does any where know where she may get one from ?
she as applied for a capital one credit card and been approved, still awaiting for delivery in the post !!
any help would be appreciated for her !!

rising_from_the_ashes

What does she need the loan for?

She wants to make sure she's not over extending herself esp if only working part time.

Having just being approved for a credit card may well stop lenders being willing to approve a loan as well (due to a sudden huge increase in available credit at such as young age).

DCFC79

Being 19 and with all that credit she might be tempted to spend it. Why does she want a credit card, a loan and a catalogue ? I managed fine without a loan, a credit card and a cataogue when 19.

kurjam

she got the credit card as a way of starting to build up a credit file, and the same with the catalogue..... she needs to buy some sort of transport to get her to college and work !!

rising_from_the_ashes

That's a good idea but she'd really need to leave it a few months to show purchases/balances paid in full etc in order for a history to be built up.

IMHO applying for the loan so soon after getting the cc may not be a good idea and may result in her being turned down.

Could she not hang off for say 6 months until she's built up a little bit of history on the cc (and shown she's not just gone out and maxed it out) and then apply - how is she getting to work/college just now?

DCFC79

I used the bus when at college, i also saved up what money i could to buy my first car, having the job helped to put wards the fund. Does she earn enough to pay for the monthly repayments including cost of insurance.

CLAPTON

kurjam wrote: »

this is asked on behalf of my friends daughter...

the daughter works part time and is also a full time student, she is 19.
she has a catalogue (which payments are up to date and she owes £40).
she would like to apply for a loan, does any where know where she may get one from ?
she as applied for a capital one credit card and been approved, still awaiting for delivery in the post !!
any help would be appreciated for her !!

she should pay the catalogue in full each month

if she gets a CC then she should pay off any spending in full each month

she should save up for the car and for the expensive insurance unless bank of mum and dad can make provision

how much are her savings to date?