Under 18s getting a loan..?

Question

i live in the UK. i am under 18 and i need a loan (yes i can afford to pay one off etc i just need the money right now and i get paid monthly just havent got much saved at the moment) I heard that you can get a loan at under 18, if your parents co-sign it (some people say you need a parents to sign it..some people say you do not) where can i apply for one? how?? and what stuff will i need to go through? (interviews etc) would be nice if someone can share with me there experiance


NO ABUSE
NO TELLING ME THAT I SHOULDNT, im just looking for a pointer not another 'know it all'
NO saying im stupid,this is a bad idea etc.. my parents are both on board with it, i proved to them, i dont need to prove to anyone else...well okay maybe a bank, but you get the drift haha :)
so thanks :)

Answer 1

Short answer: Minors CAN'T be held to legal contracts. For that reason, NO sane person or company will loan money to a minor without an adult (not necessarily parent) co-signer. In reality, a co-signer is the PRIMARY borrower, and the minor just gets the money.



That said, the interest on a £1000 loan isn't worth the paperwork for a formal loan. A credit card is more realistic for amounts that small.



I will try not to be abusive when I say it is STILL a bad idea.

Answer 2

I've never heard of any banks which will lend to under 18s even with parents as guarantors, which I assume is what you mean by saying they will 'co-sign it'. You cannot legally enter into any kind of credit agreement before you are 18. If your parents are prepared to act as guarantors, can't they just lend you the money themselves directly? To be honest I'm struggling to see what an under 18 needs a loan for.

ADD Yes I have heard of student loans, but they are not available to under 18s. If you need this thousand pounds for further education that would be reasonable but at your age the only expense you should have for education is travelling expenses, and a grand is a lot of bus fares.

Answer 3

i do no longer understand what church it is in spite of the shown fact that it does not sound like the Catholic Church as I somewhat have by no skill heard nor examine of them pushing any 2012 end of the worldwide rhetoric. Neither does the CC inspire giving up ones possessions soley to the church. right this is what you do: whether you're able to take out scholar loans via the truck load, do it! additionally, as quickly as enrolled in college, get a job to help defray your college expenses. you will possibly be able to desire to chop loose out of your dad and mom and start up your very own existence no count what the fee!