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Under 18 Loan

DRogers_2
DRogers_2 Posts: 6 Forumite
in Loans
Hi,

I'm looking to secure a loan on an investment with a guarranteed return bound by contract, I have a steady job to support my income, and due to living with parents I have no monthly expenses, I can place upto a 10% deposit on the amount I am wishing to borrow. What are the chances of me being able to secure a loan and any idea where from?

Thanks :j
«1

Comments

  • dmg24
    dmg24 Posts: 33,920 Forumite
    10,000 Posts
    Your chances are between 0 and 0%. Nobody will loan to an under eighteen because you cannot legally enter into a contract for credit.

    If the return is going to be that good (and presumably higher than the interest payable on the loan?) then could you parents not help you out?
    Gone ... or have I?
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Troll alert.
  • Kavanne
    Kavanne Posts: 5,093 Forumite
    At under 18 you can get a loan off your parents.
    Kavanne
    Nuns! Nuns! Reverse!
    'I do my job, do you do yours?'
  • DRogers_2
    DRogers_2 Posts: 6 Forumite
    My mum is currently tied up with 4 investments and a 5th which would be partially mine is going to be too much of a strain for her at this time.

    I assume the best I can currently do is save up to obtain a larger deposit until i'm 18?

    Thanks =]
  • dmg24
    dmg24 Posts: 33,920 Forumite
    10,000 Posts
    jonesMUFCforever wrote: »
    Troll alert.

    I'm thinking Raveboy ...
    Gone ... or have I?
  • dmg24
    dmg24 Posts: 33,920 Forumite
    10,000 Posts
    DRogers wrote: »
    My mum is currently tied up with 4 investments and a 5th which would be partially mine is going to be too much of a strain for her at this time.

    I assume the best I can currently do is save up to obtain a larger deposit until i'm 18?

    Thanks =]

    Why don't you tell us more about the investment? :confused:

    Who has suggested that you enter into a legally binding agreement at your age?
    Gone ... or have I?
  • DRogers_2
    DRogers_2 Posts: 6 Forumite
    Obviously with the large amount of finance required it's to do with property development and letting.

    And regarding legally binding agreement, that seemed to be the most reasonable option.
  • dmg24
    dmg24 Posts: 33,920 Forumite
    10,000 Posts
    DRogers wrote: »
    Obviously with the large amount of finance required it's to do with property development and letting.

    And regarding legally binding agreement, that seemed to be the most reasonable option.

    So who has advised you on this? I am intrigued ...
    Gone ... or have I?
  • Kavanne
    Kavanne Posts: 5,093 Forumite
    Or.. wait until you are 18!!
    Kavanne
    Nuns! Nuns! Reverse!
    'I do my job, do you do yours?'
  • DRogers_2
    DRogers_2 Posts: 6 Forumite
    Nobody has advised me, that's why I'm asking for advice here, this is only option I was aware of as parental financing is not an option.
This discussion has been closed.
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