18 and need a loan

jspicer21955

Hi,

I have recently turned 18 and looking for a loan.

The loan will be between £5,000 and £8,000.

I have 2 questions.
1. Would I get accepted?
2. Where should I go? My current bank or a different bank?

Any help is greatly appreciated.

Thanks

MallyGirl

what is your income? What sort of credit history have you built up? What commitments do you have?

so many questions need answering before you could get much in response.

Generally when starting out you would find it easier with the bank that knows you best

jspicer21955

So I earn between £8,00 and £10,000 per year. My credit score is 897 I think?

Is it better to go to the bank my debit card is with or my credit card?

Arleen

Credit score is meaningless and tells no one nothing, also only you can see it.

So you want a year-worth of pre-tax salary loan with little to no credit history (I guess as you are 18)? Highly unlikely to happen. What is the loan for?

MallyGirl

I don't think you are going to get the loan you say you 'need'. Do you really 'need' it or do you actually 'want' something you don't have the money for.

General rule of thumb is that you won't get credit for more than 50% of gross salary.

PeacefulWaters

When employed age 18 I had my highest disposable income and saved a fortune. I recommend it. Also deciphering effectively between essential needs and expensive wants will serve you well.

1) For that amount probably not.
2) Start with main bank.

Caz3121

jspicer21955 wrote: »

So I earn between £8,00 and £10,000 per year.

how much do you currently save each month?

waamo

Why so vague about the amount you want? If it is for something like a car surely you know how much that costs?

If you gave more detailed information you may get a better answer as lenders will often look at the reasons for needing a loan before deciding if they would lend.

DCFC79

What's the purpose for the money ?

Are you living at home, if you are you should have alot saved up.

Can you not save for it ?

As you have just turned 18 you might not get much luck.

Could try your bank but it could be a no.

glosoli

You haven't said why you require the loan and I know there could be perfectly valid reasons for requiring it, but unless it's a last resort, you should really think twice, it will be a noose around your neck for years to come, and you may look back in hindsight wondering what on earth you have done.

[Deleted User]

I got credit cards thrown at me left right and centre when I was in my late teens but could never get a loan. I was employed and earning.