Under 18 Loan

DRogers_2

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

dmg24

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?

jonesMUFCforever

Troll alert.

Kavanne

At under 18 you can get a loan off your parents.

DRogers_2

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

jonesMUFCforever wrote: »

Troll alert.

I'm thinking Raveboy ...

dmg24

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?

Who has suggested that you enter into a legally binding agreement at your age?

DRogers_2

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

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 ...

Kavanne

Or.. wait until you are 18!!

DRogers_2

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.