If you live with your parents you're eligible for an unsecured loan. However, you must be over 18 and in full employment.
Because you can get an unsecured loan, you can borrow up to £15,000 and sometimes up to £25,000. We will find you the cheapest rates but these rates will be higher than those available for a secured loan.
Sometimes it can be difficult for young people with no credit history to get a loan. That's because it can be difficult for lenders to assess your credit rating. Therefore, your application may be assessed on your parents credit history - if they have a good credit history then it will usually improve your chances. If they have a poor credit history your application could be declined.
By-the-way, when making their decisions, lenders often look at the credit history of other people at your address. They may not offer you a loan if they suspect you might be borrowing the money to provide another person in the house with credit.
Once you have a loan and have a good credit history, you'll find it much easier to obtain further credit.
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