Today, financial issues where to get money may concern not only adults with extensive work experience. Today, many young people grow up earlier, so they are also interested in the question of where to borrow money. Many banks do not trust young people, because they have neither a stable income, nor a credit history to check whether they can trust a person or not. Not all banks provide an opportunity to get a loan to young people, but today microcredit organizations have become very popular among young people, where you can get a loan from the age of 18.
How old can I get a loan?
It is not possible for young people to get an accurate answer from how many years a loan has been issued. It all depends on what kind of financial institution it is, as well as the loan for what amount the borrower wants to arrange. Many factors that analyze the client and decide whether it is possible to give him a loan or not also depend on the age of the borrower:
- Presence of work experience (if the client is young, he will not have enough experience);
- The presence of collateral (due to the fact that the borrower has not yet acquired property, he does not have collateral);
- Credit history (it simply won’t be, because the client contacts the organization for the first time).
Of course, in many banks, an application from a client will be accepted only when the borrower is 21-23 years old. At this age, the client may already have seniority and the availability of collateral, which guarantees solvency. Today, there are banks offering retail services that are ready to provide loans to 18-year-old borrowers, but there are requirements. First of all, the client must meet all the requirements of the bank, and also have a guarantee from the guardians or parents, which will be a guarantee for the bank in case of delay in the loan.
The issuance of a loan from the age of 18 can occur on consumer loans. Such loans can be issued by students who can repay the loan amount from their scholarship, which comes to their card. Of course, the amount of such a loan will be the smallest, so the borrower will not be bothered to repay it for a certain period.
In addition to banks, microcredit organizations can also issue loans. It is they that allow borrowers who are over 18 years old to obtain loans without presenting a certificate of income, guarantors and even collateral. In addition, microcredit organizations can obtain a loan quickly and easily, the borrower does not even have to leave home, because you can arrange and receive the necessary amount of money online directly to the card.
Basic requirements for borrowers
According to the legislation, a citizen becomes competent at the age of 18, therefore, theoretically, banks can authorize a loan to a young borrower. But in practice, many banks begin to demand from the client evidence of their solvency, official income and other requirements. Many young people study at universities at the age of 18, but not everyone has the opportunity to receive a scholarship, so the potential borrower of the bank has only two options, either to repay the loan from the scholarship, or to find a job and thus pay for the loan.
Many banks begin their check not only with solvency, but also with a military card, because if the young man does not have it, it means that he did not serve in the army and the loan will be rejected.
In addition, the bank will issue a loan to a person who already has a credit history and it can be seen from it that the loans were paid in a timely manner than to a young borrower who does not have a history of loans at all.
Where to get a loan to a young borrower?
You can get a loan at the bank, but as you can see, this will provide a lot of trouble and worries, and ultimately the borrower may be refused. You can apply for a loan to a young borrower in an MFI; here, all clients are loyally treated. Today there are many such services where they are ready to provide a loan for the necessary amount of money to those who are only 18 years old. Here, a young client has the opportunity to get his first loan in the amount of up to 4,000 dollars and with the next loans to increase the amount to 15,000 dollars. A microcredit organization will not require a client from a statement of income, military ID, seniority and other requirements that banks have. Here, in order to get a loan, a client will need only a passport of a citizen ,
Each young borrower who is already 18 years old can confidently apply to the MyWallet service and receive financial assistance without fail at any time convenient for himself.