Financing for an 18 year old?

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Hey, I'm 18, have no line of credit so far, anyway for me to pull out a small loan? Currently don't have a bank accouint (prolly moving soon). By small loan I mean around 2,000$ give or take. Pretty small amount.

Borrowing from a family member, pulling out a secured loan, are not feasible, co-signer is about the Last resort.

posted by  Pythias

Why does this feel like de-ja-vu?...:laughing:

posted by  Cliffy

1. Prepare for a >25% APR.
2. You'll definitely need a co-signer.
3. You'll need some form of proof of income, such as a paystub.
4. You'll need a proof of residence, such as a telephone bill.
5. You're probably going to have to borrow more than that much, because banks hardly ever put out that much.

What term for the loan? Because, for me, I can just give myself a 30 day loan with a credit card...

With a decent income, I was able to boost my credit limit from $500 to $8500.

posted by  Godlaus

Thanks for the info Godlaus, I was thinking about getting a Line of credit from a bank, I'm going to look into it in a few weeks. Or depending on how this deal works out I might be able to work something else out.

Cliffy that kid wasn't 18 yet, didn't have a steady job making decent money, and was considering loan sharks, de ja vu? no not really, alot of variables between both of us are different.

posted by  Pythias

I know...I was just refering to the similar type of thread.....:thumbs:

posted by  Cliffy

I know to I was just giving you a hard time :thumbs:

posted by  Pythias

What about
You may be approved for up to $1,500* if you meet these simple requirements:

* You must be at least 18 years old
* You must have currently employed or have a steady source of income
* You must have checking account with your name preprinted on the checks
* You must have a valid, government-issued photo ID
* You must provide proof of residency (a permanent home address)

It's not $2,000, but pretty close...

posted by  chris_knows

Those places are horrible. People get stuck paying them for years. Their interest rates and penalties are horrendous. There was a news story on it a few months ago...

posted by  Mathew

Big risk, big rewards. Plain and simple. This is those customer's only option, and it's a big risk for the company. So, they charge a big premium. Plain and simple economics.

posted by  Godlaus

Godlaus is right except that if you have a co-signer, it takes it from the co-signer's credit as opposed to yours. You need no proof of pay or anything like that. Just sign some papers.

Basically, you will get credit if you pay, and if you don't pay, the co-signer is liable. Pretty simple. So it'd have to be someone who trusts you.

This is a good way to build credit as well.

posted by  Bronxie

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