How can a 21 year old to get LOAN of £2000 from Bank etc but no credit history etc ?

Sarinee

Sorry, I only know the basics, she does have a contract phone. I assume she must have a bank account. I assume Sainbury's is her bank & which credit card will accept her and give 0% based on what I have already stated ?

CLAPTON

Sarinee wrote: »

Sorry, I only know the basics, she does have a contract phone. I assume she must have a bank account. I assume Sainbury's is her bank & which credit card will accept her and give 0% based on what I have already stated ?

sorry only some actual facts will really help


her INCOME is absolutely central to the issue.


but from what you have said no-one is likely to give a 0% CC as they typically go to people with a solid credit record and a decent income

Sarinee

I was replying to Pixie really on the 0% CC but yes I know what you mean Clapton

Ebe_Scrooge

It may be worth her applying for a sub-prime card such as Vanquis ( take a look at the credit card best buy section on this site for ideas & links ). The interest rates are high, but as long as she pays it off in full every month then it's not an issue. This will help in building a credit history.

I have to ask, why does she need the loan in the first place ? I hope it's not for a holiday or something non-essential like that ? If it's for something college-related, do the college themselves offer any way of helping ?

macman

Nothing you have told us so far indicates any ability to repay a loan. Lenders seem to agree, if her own bank won't advance her anything at all?
She needs to start building a credit history if she wants to get credit, a credit card is the place to start.

Sarinee

Ebe, is not for a holday or anything like that.

Macman, I have already stated she works part time, she knows she has to build credit history, just wondered if there was any way around it and that's why I am asking on here as there must be many in her situation

Gaz83

Sarinee wrote: »

Ebe, is not for a holday or anything like that.

Macman, I have already stated she works part time, she knows she has to build credit history, just wondered if there was any way around it and that's why I am asking on here as there must be many in her situation

You're not going to find any lender who will give her money without doing a credit check, so you might as well stop thinking about that.

DCFC79

Just keeping the account in the plus will help, I did this and was fine, had been able to save up enough for my first car, just meant no buying stuff I didnt need. She got no savings ?

thebritishbloke

You'd be lucky to get a loan with any mainstream lender with little to no credit history. As everyone has already said, applying for a 0% credit card would be her best bet, although if she's accepted I wouldn't expect much more than a £250-£500 limit.

Don't fall for payday or guarantor loans, you're asking for trouble and it will cost an absolute fortune in the long run. The next best option if she can't get a bank loan/credit card would be to borrow from family.

R_P_W

Unless you can tell us what her annual income is no one can tell you anything! You have been asked twice and just say part time at asda.