Small loan for 18 year old

Without being to personal is there a reason you can’t ask your parents?

The only option for a loan probably at 18 would have devastating interest which if you could immediately pay back would get you in a world of financial trouble.

Your bank may offer you an overdraft but again I stress caution as the interest rate really can effect you if it’s long term.

My parents can’t afford to give me a loan of £490. I would payback the loan in 2 months

Call Citizen's Advice and explain your situation:

https://www.citizensadvice.org.uk/

What will they do ?

They can give advice on loans etc. If you call your local branch they might have knowledge of locals grants, etc that might be available to you.

I’m applying to a local credit union which could provide me with £550 with 42.6% interest APR is that good?

I had a call with my exam centre and decided just to leave it. And pay a late fee of £110 pounds for both subjects so £220 so I’m going to pay for my exams in March and pay 700 so I don’t have to deal with credit and debt as it’s too risky

So rather than take out a loan or overdraft which you're sure you can repay the following month, and pay £20 for that facility, you'd rather pay £220 extra? Or 40% as much again...?

Is that good money management?

I don’t want to deal with the risk of credit debt and ruining my credit score because I’m sure now but what if something happens so to be safe I’ll n do that and just use the money I actually have.

Fair enough - your money, your choice. Definitely the safest option not to take out credit.

Note that if you've never borrowed any money and paid it back satisfactorily, you've probably got a poor credit score anyway so that might be something to consider at a later date

Fair enough - your money, your choice. Definitely the safest option not to take out credit.

Note that if you've never borrowed any money and paid it back satisfactorily, you've probably got a poor credit score anyway so that might be something to consider at a later date

So what most people have a poor credit score anyways ?

Why the attitude?

There’s no attitude I was genuinely asking a question phaha

I see -your posts came across otherwise.

What I mean by it is (a) 'most people' don't have poor credit scores, and (b) if you don't ever borrow any money and have a record of satisfactorily paying it back, then you will have a poor credit score because there is no data on you. Credit scores work by looking at past behaviour - and if there isn't any, then you will obviously have a poor one.

That's not a reason to borrow money unnecessarily, by the way, but is just for your information, given you had mentioned your credit score several times.

Oh I get u now. I’ll just pay for it and consider the late fee as I’m too scared to dabble in a area I have not much knowledge on.