Loan@18

Pie-Roe · World Chat Champion Joined: 05 Feb 2007 Karma :

Hi all,

I turn 18 in a month, and due to lending money to a family friend, I won't have the money for the bike I want then, so for two reasons I want to get a loan.

1) so I have the money then

2) so I can pay back a relativly small amount of money to start building a credit rating

Does anyone know of anywhere that will let me borrow a grand over 6 months?

I did moneysupermarket and I found 2 that are 1000 over 6 months at 182 quid p/m so 1096 total payback.

Can someone explain how a loan works anyway?

And yeah, I earn just short of 200 a week, so it's not getting into debt I can't afford.

Pyro
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EuropeanNC30R... · Gay Hairdresser Joined: 20 Jun 2002 Karma :

I'll make a (likely) assumption you still live at home, is it really worth getting a loan for that small amount of cash when your disposable income could probably easy cover it in a couple months saving?

You're probably not going to get great interest rates at that age either. If I was you I'd be more looking at credit cards with introductory offers like 0% for 9 months etc.

Wafer_Thin_Ham · Super Spammer Joined: 18 Nov 2005 Karma :

Weedy · World Chat Champion Joined: 16 Feb 2007 Karma :

bEN_ · World Chat Champion Joined: 17 Dec 2005 Karma :

I'm 19 and got a 3k loan for my R6 , i could of saved for a few months and done it that way, but i wanted a bike this summer and i know our summers are shit here so basically i just didn't want to wait.

The first time i applied for a loan ( a decent one ) i was turned down because of my credit rating becuase i never had any other loans, credit cards etc so the first thing i did was apply for a credit card, i used capital one, they give one to any fucker, i started off with a 100 quid limit, and i've not used the card once, after a month or so they increased my limit on the card, i applied for the same loan with the same bank and this time there were no problems.
mines over 2 years at 180 quid a month and i'm having no problems affording it, but i don't spend hardly any cash on clothes, or getting pissed every weekend Laughing

if you can afford it, go for it, you don't even notice the extra money you have to pay back because you don't care because you have the bike you want. Thumbs Up

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Dom_ · Points Mean Prizes Joined: 02 Aug 2004 Karma :

Phoenix · Twisted Firestarter Joined: 01 Aug 2002 Karma :

Why not get the money back off this family friend, or get him to take the loan out if he's got a better credit rating than you on the agreement that he pays off the loan until he's paid what you leant him into it. If he's a family friend though, why's he borrowing money off a 17year old and not your parents etc.

Pie-Roe · World Chat Champion Joined: 05 Feb 2007 Karma :

Because my parent's didn't want to. I liked the interest he offered, and that I get his car as payment if he doesn't cough up (which he will seeing as my dad has known him for years)

I've been offered a loan of a grand over 6 months, paying like 167.50 P/M which is 0% except for a £5 charge. I think I'm going to take that, it's just under a 1/4 of my monthly income, so I don't think there will be a problem.

Pyro
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