Resolved Question

I need a small personal loan of £800, where do I go?

I went to my bank and as I'm only 19 they said no. I'm a full time student receiving income support, can anyone give me any names of places that will give me a loan? I know a lot of places have minimums for giving loans, I'd be willing to borrow a maximum of £1000.

Thanks!

Best Answer - Chosen by Asker

try some of the supermarkets that offer finance now such as Asda and Tesco, they seem to have some very competitive deals. Use a deal checker to see who has the best deals. Though the issues your bank had might be the same as these. If you're looking for a short term loan for that amount, why not see if you can get a credit card with a 0% deal and pay it back before you have to pay any interest?

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Other Answers (6)

• Your best bet is Family or Friends,or student union(but get it all written down), as after the banks say no there is only Provident Personal Finance (UK based,just within the law by a whisker), whose interest rates are over 300%.(yes,you'd think it illegal)
  
  Being on income support and studying full-time will be very hard,hopefully when you gain your quals and a reasonable income you can refuse the Banks who said no.
  
  Remember the banks are (for example Lloyds) over 80% Gov't owned now-that's what a real mess they got in.
  You may get a loan if you are persistent it just depends on your previous credit history and whether your course can get you a job.
  If it considered you'll pass, look for a sponsor (a firm who will think about taking you on if you qualify) Bank managers love people with sponsors,makes them less nervous.
  
  Good luck- please don't touch provident, you'll end up broke for many years.
• Tips for getting small business loan
  
  • Explain a reasonable cause for loan.
  • The amount of loan required, and the repayment term of the small business loan you want.
  • Describe of how you will repay the amount you lent.
  • Details of security you will be able to offer to the lender
  • Include your business plan with the application that describes management skill, market information.
  • Include last few years financial statement.
  • Include current account status
  • Your existing debtors and creditors
• All financial institutes and banks offer personal loans. The basic aim of a personal loan is to provide essential finance to fulfill all the demands of an individual at best terms and conditions. Personal loan is a multipurpose loan; it can be used for a number of purposes including home renovation expenses, purchase of a car or bike, wedding expenses, education expenses, holiday or to payoff all the current debts to improve credit score.
  
  http://www.worldbestloans.com/personalloans.htm
  
  Borrowers with bad credit history, who find difficulty to get unsecured personal loans, can also apply for secured personal loans. Lenders provide secured personal loans with more flexible terms and condition when you have been rejected for unsecured personal loans.
• How are you going to pay it back? why you want to money for? this is very important questions banks and other places would be ask, they want to make sure that they will get their money back, did you try to get help from your family or close friends? try your local building society but again they will ask of grantees to pay them back, give it a try.
• Hi, have you been turned down by so many banks? Firms? Do you need finance to establish your business? Do you need finance for the expansion of you business? Are you in need of debt consolidation loans? Or do you need a personal loan? home refinanncing loans or others? If your answer is yes, then look no further because GOSHEN CO-OPERATIVE COMPANY is the best place to get all these finaincial assistance.
  When I was in need of a business loan and debt consolidation to pay off my debts and bills, they helped me. They offer me with a very affordable interest rate and within 2 days, I received my loan fund.
  I'm passing this information because of the favour they have done for me and I'm not that selfish type.
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  Incase you contact them, tell them about me, Peter Jayson. There is a price tag for any old customer to bring a new customer to them.
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• Can you approach your school for advice?