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

Sarinee

R P W I did'nt know her income, part time at Asda is'nt going to be a massive wage if she is a college as well, go with around £500 per month in term time and £800 non term time. Does that help and can you now give answers ?.

I was only trying to help a friend by seeing if there is anything we had'nt thought of out there.

Gaz83

Sarinee wrote: »

R P W I did'nt know her income, part time at Asda is'nt going to be a massive wage if she is a college as well, go with around £500 per month in term time and £800 non term time. Does that help and can you now give answers ?.

I was only trying to help a friend by seeing if there is anything we had'nt thought of out there.

Has she been putting away any savings while she's been working?

daveyjp

She doesn't need a bank. If she can afford to pay back a £2,000 loan, she can currently afford to save whatever the repayment will be.

She needs to start by saving this amount in a local credit union. Once she has shown she can save on a regular basis she should be able to take a loan out with the same credit union.

Pixie5740

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 ?

I don't know what credit card company might accept her as I don't have access to her credit file or the eligibility criteria that the lenders use. It was just a suggestion for another avenue for you or her to go and explore.

Here is a link to the MSE guide to 0% credit card. It even has a pre-eligibility checking tool that she could try entering her details into to get a feel for how likely she is to be accepted for one of the cards and the best bit is that this tool won't leave a footprint on her credit file.

http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards

As a full time student though I would think that a student account with an overdraft facility would probably be her best bet if she doesn't already have one.

Failing that she could always speak with the finance department at the college to see if there any other grants or funding are available to her.

Sarinee

DaveyJP, I know nothing about local credit unions, worth looking into, I will pass info on. Thank you. Can you suggest one at all ?.

Pixie5740, Thank you for your very helpful reply and the useful link.

PeacefulWaters

1. She doesn't have a proper bank account with Sainsburys Bank. This is a firm that tends to offer low rates by cherry picking and declining a higher percentage of applicants.

2. She earns £500 a month. Putting it politely, that's naff all.

3. She may have entered her occupation as "student".

4. We have no information around loan purpose or proposed repayment term.

In all seriousness, she doesn't earn enough, she may have told the lender she's a student and her choice of lender is one of the pickiest there is.

It's not a great application based on the limited information given.

If it's loan purpose "other" and a term greater than 18 months I'd suggest that the computer is even more likely to say no.

DCFC79

Sarinee wrote: »

DaveyJP, I know nothing about local credit unions, worth looking into, I will pass info on. Thank you. Can you suggest one at all ?.

Pixie5740, Thank you for your very helpful reply and the useful link.

I presume you find a credit union in your local area, not used one myself.

dancingfairy

I'm just wondering what the money is for? If she needs it for something vital then she should enquire with her college about any funding she may be entitled to or whether they are able to give any hardship grants.
In terms of finding a credit union, Martin has an article on them and a link to a website that helps you find a local one: http://www.moneysavingexpert.com/banking/credit-unions#search2
regards
df

daveyjp

Our local ccouncil both run credit unions, they started out being just for staff, but now you just need to live in the area.

Rodders53

Sarinee wrote: »

I know nothing about local credit unions, worth looking into, I will pass info on.

http://www.moneysavingexpert.com/banking/credit-unions tells you pretty much all you need to know and is on this site... it links to a search facility for those that might suit.