I'm 18 years old and I have no credit. How do I go about taking out a loan?
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I'm 18 years old and I have no credit. How do I go about taking out a loan?
Your parents (or anyone else who has good credit, really) will have to co-sign for you. Basically that means that if you are unable to come through on the payments, it goes to them. Everybody wins; except maybe the co-signer.
I'd figure I'd need a cosigner... is there any other way?
What would the interest rate be like for a 1000-2000 loan that would be paid off by the time summer is over? The thing is, I will just need the money soon and won't really be able to start making a lot until summer.
Not that I'm aware of for someone in your position.
I'm afraid I can't answer the question about the interest rate - you'll probably have to talk to a bank for that info.
Also, how soon are we talking? Loans can take a little while to go through. You may want to start the process now.
DuB is correct. However, - to start working on your credist score in the mean time, get a credit card and start working on your credit score asap.
I'll tell you that taking out a loan isn't the smartest idea unless you can make the payments 100%!!