Loans/Credit at 18?

Anders0n · 22 Jul 2008 at 20:53

Hey,

Is it possible to get a loan/overdraft for around £900 at 18 years old?

I know there's a lot of knowledgeable people here so I thought I'd ask.

Cheers

shifty_uk · 22 Jul 2008 at 20:58

Sure, if you've got the monthly income to cover it. Speak to someone at your bank, they'll review your situation and advise you better.

Wiggins · 22 Jul 2008 at 21:03

Yes.

As long as you are working. You may find it a little easier with an overdraft. You can pay off as much as you want then. If it's a loan, you often have to pay back a monthly fixed fee.

sanaxe1 · 22 Jul 2008 at 21:05

Im 19 , filled in a online form for Natwest took about 3minutes, 5 days later i had a credit card with £1K limit.

DanTheMan · 22 Jul 2008 at 21:07

Got a loan from NatWest for £1500 to pay off my insurance at 18 as it worked out cheaper. Just filled in the form online.

Tom|Nbk · 22 Jul 2008 at 21:08

What was the APR on that Dan?

DanTheMan · 22 Jul 2008 at 21:09

Tom|Nbk said:
What was the APR on that Dan?

Something silly like 16.9%, far cheaper than the £2600 Bell wanted if I was to pay monthly though.

Tom|Nbk · 22 Jul 2008 at 21:10

Thought as much.

Anders0n · 22 Jul 2008 at 21:21

shifty_uk said:
Sure, if you've got the monthly income to cover it. Speak to someone at your bank, they'll review your situation and advise you better.

That's kind of the problem, my income hasn't really been all that steady lately. I've still been earning the same, It's just coming in bit's here and there.

Reason being I was laid off for 3 weeks due to no work (credit crunch and all that) but worked for someone else who paid me cash. But now I'm back with my first employer and work is picking up again, income should be a steady £600-ish a month (Apprentice wage) from now on.

Another thing though, I have a £100 overdraft on my Halifax bank account and I applied for slightly more (£500 then £300) and they turned me down twice.

I suppose it wouldn't hurt to go in there and have a chat, or even try another bank.

DanTheMan said:
Something silly like 16.9%, far cheaper than the £2600 Bell wanted if I was to pay monthly though.

Funny you should say that, That's why I'm asking.

Bell have given me the cheapest quote by far for my insurance at just under £900, but to pay monthly they want an extra £330!

DanTheMan · 22 Jul 2008 at 21:25

Anders0n said:
Funny you should say that, That's why I'm asking.

Bell have given me the cheapest quote by far for my insurance at just under £900, but to pay monthly they want an extra £330!

First things first try a generous relative, if that fails (like it did with me) then just get a loan in which the interest you pay on it works out less than the amount that Bell want.

Anders0n · 22 Jul 2008 at 21:31

DanTheMan said:
First things first try a generous relative, if that fails (like it did with me) then just get a loan in which the interest you pay on it works out less than the amount that Bell want.

Generous relative - Tried that for last years insurance, Mum paid nearly £400 towards it which I still haven't paid her back for. Chances of her or anyone else lending me £900?

Loan - That's why I'm here

Tom|Nbk · 22 Jul 2008 at 21:37

Personally I'd go with the overdraft.

Anders0n · 22 Jul 2008 at 21:50

Tom|Nbk said:
Personally I'd go with the overdraft.

Am I better off asking my current bank (Halifax) for one or going elsewhere?

Is there any good offers on anywhere?

Freeman · 22 Jul 2008 at 21:55

I have a £900 overdraft for when I was going to buy a bike. I didn't in the end but I havn't had any steady income at all and they offered me the overdraft without any question.

I'm with Natwest and this was about 3 years ago.

Tom|Nbk · 22 Jul 2008 at 21:59

I'd try the current bank first. There shouldn't be much problem at all providing they're happy with your account history.

Anders0n · 22 Jul 2008 at 22:02

Cheers lads.

Think I'll go around the banks in town and see what they can offer me.

NatWest seem fairly generous, I think my mate has a pretty sizeable overdraft with them so definitely worth a try.

Tom|Nbk · 22 Jul 2008 at 22:05

I actually lived out of my overdraft back in College

shifty_uk · 22 Jul 2008 at 22:14

When I was 18 the advisor I was chatting with made a quick phone call to some chap who probably checked my rating/income, decided I could manage it and gave me the overdraft I asked for. Still have the same one.

With HBOS.

Anders0n · 28 Jul 2008 at 16:30

Went into Halifax and they said they couldn't offer me a loan or an overdraft because my average payment into my bank account was bit too low. They did however offer me a credit card, 10 months interest free with £1000 credit limit, which seemed pretty good.

This one: http://www.halifax.co.uk/creditcards/allinone_ros.asp

One thing I don't get though... on the top of the letter it says "We are able to offer you a rate of 19.9% APR variable" but how does that apply to me if I'm supposedly getting 10 months interest free? Or is that after my 10 months are up?

Slightly confused here....

Majago · 28 Jul 2008 at 16:34

The 19.9% APR will take effect from when the 10 months is up. Be aware that if you miss a monthly payment you'll lose the 0% offer and will instantly revert to 19.9% APR.