Looking for a Loan or Something for Start up. 19 Years Old

tydollasigncuz on 04/06/2019 - 16:43

I get around 350 a week through youth allowance (only started around February).
im currently staying at my uncles place and he doesnt mind me staying till November then he wants me out (all done respectfully and friendly).
I cant go back to my parents for various reasons, main one is they live 3 hours in the outback and i go uni etc.
i dont have a car, a car would be amazing so im looking for one. ($2k is my budget).

I have sold many items of value i own and have around $3500 in my bank account right now.

I need to save money for rent, im expecting to pay around 200-300 a week after November.

Is there anywhere i can get a loan, at somewhat of a low price to help me out just in case i need it?

ive only applied for one and got rejected and it was for 4k at 6.98% pa and if paid off within a year 0$ interest other than start up fee.

and while we are at it, what car do you recommend i buy? or do you think the extra expenses arent worth it? (i travel around 1.5 hours a day, with a car it would be 30 mins.)

Financial Loan

Comments

  • tydollasigncuz on 04/06/2019 - 16:45
    +2

    and before someone goes through my history and mentions laptop and phone etc. the laptop i sold for 1k, and the phone is being payed through my mums buyersedge (0% interest) and is like 30$ a fortnight

    • Zachary on 04/06/2019 - 21:57

      and before someone goes through my history and mentions laptop and phone etc.

      Hahaha, I like how you're quite aware of your post history! Hahahaha

  • altomic on 04/06/2019 - 16:47
    +11

    you're not going to get a loan on youth allowance.

    you will need to get a job.

    as for a car. get a small inexpensive car - e.g. diahatsu charade w/ 1ltr engine

    • tydollasigncuz on 04/06/2019 - 16:48

      there isnt any firm or bank willing to dish out 5k (im happy to take less)

      • Seraphin7 on 04/06/2019 - 17:01
        +9

        You've just said that you're on $350/week. You expect rent to be up to $300/week. Before we get into anything else, you've got $50/week left to spend on food, transport, electricity, etc., etc., etc.

        And where are you going to come up with the money to pay the loan?

        • Cheaplikethebird on 04/06/2019 - 17:56

          $50 is not enough for those things let alone loan repayments, let alone any sort of Emergency expense. Get sick and need to go to a doctor and take shifts off work? Rent needs to be paid out of savings (life loves throwing shit like this at you) which with your budget sounds like they would be non-existent.

      • cfuse on 05/06/2019 - 10:11
        -1

        Plenty of companies will give you a credit card with that much of a limit on it (or more). That's usually a really bad idea, but since you're asking there's an answer for you.

      • malich on 06/06/2019 - 16:37

        Can confirm that you will not get a loan in this climate from a bank or finance company with an income of $350 per week.

        Most institutions allow for more than that as a basic living expense.

        I think the only chance at the moment would be to get a centrelink advance.

    • outlander on 04/06/2019 - 18:33

      Actually, I seem to remember that centrelink does have a facility where you can get an advance on payments.

      • Cheaplikethebird on 04/06/2019 - 18:45

        It's $500 and there is a 12 month waiting period before you become eligible for another even if paid off.

  • aoe111 on 04/06/2019 - 16:48
    +11

    Car expenses are not worth it at your financial level. Registration, CTP, possible insurance, fuel, maintenance, its too expensive.

    • tydollasigncuz on 04/06/2019 - 16:50

      understandable. ill hold off a vehicle

  • cypher67 on 04/06/2019 - 16:57
    +8

    Get a job my friend, I worked 40+ hours a week whilst I did uni.

    • MrBear on 05/06/2019 - 13:59

      But I just want things given to me!

  • tallkid123 on 04/06/2019 - 16:58
    +12

    Get a job now.
    For example, no one is going to give you retail work in November. All retailers/fast food would've hired everyone they need by September.
    Don't get a car. One accident and you're financially done.
    Don't waste time with trying to get a loan. No one will give you one when you don't have visible means of paying it back.

  • Cheaplikethebird on 04/06/2019 - 17:46
    +8

    Don’t do it dude! I know it seems like it will make moving a much smoother and potentially less costly experience but having all your spare money go to paying off a loan you took out 12 months ago really really sucks and really take a toll on a persons mental health.

    Also as a somewhat young person - there's no such thing as taking a loan 'just in case I need it', it will get spent.

    • garetz on 04/06/2019 - 18:24

      sage advice

    • outlander on 04/06/2019 - 18:36

      there's no such thing as taking a loan 'just in case I need it', it will get spent.

      Teenagers come in different breeds. This guy has more money in his account, AND is thinking about a remote possibility that might happen 6 months down the road. Unless he meets a girl, he's probably going to do alright.

      • Cheaplikethebird on 04/06/2019 - 18:47

        True but if you're right how is it advisable to take out a loan for a future emergency fund when you have 3.5k in the bank and 6 months left to save?

        It sounds like it was to allow him the breathing room to purchase a car.

  • zoombie on 04/06/2019 - 18:09
    +6

    You should move to where your uni is to save money/time on transport.

    • GourmetFoodie on 04/06/2019 - 20:49
      +4

      This. You should be able to find a share house within your budget.

  • orangetrain on 04/06/2019 - 18:10

    Get a job. If it still won't cover you then quit uni and work full time.

    A car is nice if you have money.

  • Cave Fire on 04/06/2019 - 18:23

    not financial advice because at your age it's pretty tricky… lol. look up NILS + Step up loan and the matched savings program. The loans are for $800 to $1000 from what I remember. Once you complete a loan, they offer you a matched savings program of $500. This is a chance to be financially responsible. The loan can be used for certain essentials. If you are buying a car get someone to help you. It is very complicated. You can get very nice cars for $3000 if you know what to look for. You could also rent close to your uni as this has a few other benefits + maybe a chance to save more money with other students etc.

    • tydollasigncuz on 09/06/2019 - 20:22

      Ur comment has helped me the most. thanks mate.

      I organized a matched savings program, save 50$ a month and then after 10 months get that 500$ plus another 500$.
      and a no interest loan for 1.5k that has to be repaid whithin a year, i dont plan on using it, just gonna let it pay itself off unless something happens.

      the same lady said she can try and get me a step up loan, and im not sure if im gonna continue because i no longer need it for anything and im not buying any car.

      thanks mate.

      • Cave Fire on 09/06/2019 - 22:40

        Cool, glad it worked out for you.

  • outlander on 04/06/2019 - 18:40

    A car is great. There are many advantages to owning one. It gets you more access to work, and if you lose your house you have a place you can sleep in.

    But you should know, there's no such thing as a $2000 car. Just about every car at that price point needs several thousand dollars work on it.
    Do you know how to fix cars, or at the very least keep them going?

  • RiseAndRuin on 04/06/2019 - 18:48
    +3

    My 2 cents is (ideally) to find a casual job for a couple of days a week, possibly in your field of study. For transport get a scooter, much cheaper and more convenient, I'm not sure about the license you'd need though.

    • Zachary on 04/06/2019 - 21:54
      -2

      For transport get a scooter, much cheaper and more convenient, I'm not sure about the license you'd need though.

      You don't need a license for a scooter, you can just scoot around on the footpaths….just like those skateboard dudes and dudets…

      • ozbjunkie on 05/06/2019 - 19:30
        +2

        I think he means moped.

        • RiseAndRuin on 05/06/2019 - 21:11

          yep, something like these
          https://www.gumtree.com.au/s-scooters/vic/scooter+125/k0c186…

          • Zachary on 07/06/2019 - 16:10

            @RiseAndRuin: Ohhhhhhhhhhhhhhhhhhhhhhh…………those……yeah I've only like seen one or two go pass in my lifetime so far but didn't know what they were called though….is what they call them? Scooters….just like how bikes can be referred to either a motorcycles or a mountain/bmx bike…..interesting….

            I thought you were suggesting OP use one of these: scooter pic

  • bayc0n on 04/06/2019 - 19:50
    +2

    how can you expect to get a loan with no way to pay it off? Like others have said, find a job

  • Imhereforcomments on 04/06/2019 - 20:21
    +1

    uber eats

  • fossilfuel on 04/06/2019 - 21:26
    +2

    I need to save money for rent, im expecting to pay around 200-300 a week after November.

    Perhaps look at renting a room rather than having your own place. It's much cheaper and would cost below $200 per week.

    i dont have a car, a car would be amazing so im looking for one. ($2k is my budget).
    and while we are at it, what car do you recommend i buy? or do you think the extra expenses arent worth it? (i travel around 1.5 hours a day, with a car it would be 30 mins.)

    You need to factor in why you want a car. Is it for convenience or is it necessary? A dirt cheap car may come with a host of problems and if you come across a major fault, it will cost you a lot of money to get it fixed or you'll end up scrapping the entire thing. In addition to that, you have rego, CTP, insurance, pink slip, fuel etc which can cost several thousand dollars a year.

    I had a motorbike for uni and it was amazing. 3L/100km mileage and rego, CTP and insurance costs around $600 a year. I paid roughly $15 for fuel per fortnight travelling to and from uni every day. You also need to factor in costs of gear, I spent roughly $500 on gear which is quite cheap. There's free motorcycle parking at most unis. The only challenge is carrying all the gear to and from classes, unless you want to ride with a helmet alone. A cheap motorbike can go for under $2k.

    Otherwise, buy a bike and travel by public transport. I cycled to and from uni from the nearest station and what would've been a 30 minute walk turned into a 10 minute bike ride. What would've been a $2 bus trip, I took 30 minutes to cycle. You can get a good 2nd hand bike for under $150. If you're a tad lazy, get a 2nd hand electric bike and charge it up every night before using the next day. You can also buy and install a pannier rack and some bags if you want to do grocery shopping.

  • Quantumcat on 04/06/2019 - 22:47
    +4

    Get a job, live in a sharehouse, and ride a bicycle and catch buses everywhere like everyone else has to go through while studying. There's no shortcuts without rich parents willing to pay your way through it, or not going to uni at all.

  • voiletmay on 05/06/2019 - 07:29

    Like everyone else says, get a job. You are in a really difficult position and I admire you for what you have achieved so far.

    Problem with cars is they are expensive to maintain/run - but unless the job you get is within easy distance to where you live, it will be very hard to get there without a car (depends on public transport where you live). But a car is a usually a necessary evil in terms of being able to get to work and back home. Maybe a bike.

  • Strahany on 05/06/2019 - 09:49

    Plenty of people enrolled in high contact hour courses still work upwards of 30 hours per week, during uni. So, if that’s you, get a job and welcome to the 60-hour week club; if your course isn’t that intensive, it’ll be easy.

  • ozbjunkie on 05/06/2019 - 19:33

    Startup? Meaning you have an idea for a business? Haven't seen one here.

    If you're worried about money, take a gap year and work and save like a madman, then go to uni with some savings and a healthy appreciation for every dollar.

    I think it's a hard choice either way, but either being poor and starving at uni, or working part time during uni, can both really negatively influence mental health and your marks.

  • BargainGeezer on 06/06/2019 - 14:39

    As a recent former-student, let me tell you that living out of home is expensive. Having $50 a week for everything after expenses is basically not possible and it sounds like you won’t be getting any help from your parents. Don’t bother with a car as you’re gonna need your current savings for emergencies or just to top yourself up with $20 for food or whatever. Just move to a share house closer to uni and wake up earlier and get the bus.

    If you’re deadset on the car and paying $300 a week on rent, don’t go to uni and just get a job. Work your butt off, hassle your boss for extra shifts (or better yet, just ask if there’s anything he/she needs), save every spare dollar and go to uni next year and you’ll be sweet.

    Also, if you only need money ‘just in case’ you’d be better off getting a credit card over a personal loan. ME Bank’s Frank card has a zero annual fee (so no costs if you don’t use it) and a low interest rate if you do need to use it in an emergency. Emphasis on emergency.

  • kronicmacstigator on 07/06/2019 - 10:25

    Employment and public transport is the only answer here.

    For a start up? A barebones shoestring will cost $500+ - $2000. To ensure financial safety employment is definitely the way to go.

  • TheBilly on 09/06/2019 - 22:22

    I did 5 subjects a semester (overloaded to finish early) and worked 6 days a week for a year, remaining years I did 4 subjects with 6 days work. Why can't you find a job???? the hard work to balance both far outweighs the negative of having to count pennies every week.

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