Help for a loan

hullg

Hello, I am a 20 year old, fully employed, with an income over 1000 a month, with no major bills to pay except from a phone bill and board, I still live at home with my parents, everywhere I go to they vang offer me a loan yet I hge a guaranteed wage each month? Could someone help me, as I just don't seem to have a credit rating, it's not that I have a bad credit rating as I've never been in debt, it's just I literally don't have a credit rating, could anyone help me out?

dresdendave

If you're living at home with parents you have minimal outgoings so should be able to save up for anything you want to buy.


If you are looking to build a credit history for perhaps getting a mortgage in the future, get a credit card and buy something you would normally buy anyway, for a small amount each month, pay off in full every month. Always pay on time and never go over limit or take cash advances and your credit history will grow.


Not sure what "vang" is you refer to in your original post?

Poppops

If you've got a phone bill, this at least should be showing on your credit record?

How much are you trying to borrow? Is the £1000 take home?

DCFC79

You don't have a credit rating,lender go on credit history.

hullg

Thanks for the replies I am trying to borrow 1000 pound to help towards driving etc, and was wanting the loan for a 12 month period, however not one company will allow this for me

hullg

Yes the 1000 is take home

Pixie5740

Any small value (£1000 and under) loan I've seen advertised with a 12 month repayment term has always had an eye watering APR. Living at home with minimal outgoings you should be able to save £1000 in 2 or 3 months easy.

jonesMUFCforever

Looking at what you have said .....so far - you live at home with minimal outgoings but pay for your phone.

So where does your money go??
How much savings do you have?
If none how will you be able to afford repayments on a loan?
Are you learning or do you want to buy a car?

If you are reading this - would you lend to yourself if you were a bank?

Fruit_and_Nut_Case

Still don't know what a vang is.

DCFC79

hullg wrote: »

Thanks for the replies I am trying to borrow 1000 pound to help towards driving etc, and was wanting the loan for a 12 month period, however not one company will allow this for me

Save up for it, if you save 250 for 4 months you have what you need.

Not trying to sound harsh but save save save is what I suggest. Have your parents not instilled "saving" into you ?

MEM62

Save for whatever it is you want. As has been said, you should be able to save £1000 quite quickly. A useful thought for the future - if you cannot afford to save you cannot afford loan repayments.