Installment loan for 18 years – who gives it?
December 13, 2019
Although reaching the age of majority involves the acquisition of new privileges, in loan companies eighteen-year-olds are treated differently. For some lenders, this age is not enough, while others perceive newly baked ID card owners as a group of promising clients.
The vast majority of non-bank companies providing installment loans direct their offer to clients over 20 years of age. Our comparison, however, includes institutions that willingly provide financial support to those who have recently turned eighteen. Here they are:
Using the offer of the abovementioned companies, an eighteen-year-old can borrow up to USD 25,000 with the option of repayment for 36 months. What’s more, each of the companies we present is an online brand. Thanks to this, a young person can apply for such a loan at any time of the day or night, whenever the financial need arises. All you have to do is meet certain conditions.
Installment loan terms from 18 years
An adolescent who has been applying for a loan in 18 years really needs to meet the same conditions as the company’s other clients. Lower age does not give him any reduced fare.
One of the basic requirements is the need to have a computer or other device with internet access that allows you to submit an online application.
In addition, each 18-year-old borrower must prepare the following documents or information:
- ID card – details from this document will have to be provided in the loan application.
- bank account number – non-bank companies only accept bills whose sole owner is the person applying for the loan. In addition, it must be an invoice with the option of online support.
- mobile phone number – only the number you use every day should be provided. The lender may, for example, send him the verification code necessary to complete the application process.
- email address – similar to a mobile phone, it should only be the address of the active mailbox. Otherwise, we may overlook a key message from the lender.
- income certificate – this may be a certificate from the employer or a document confirming income in the form of e.g. alimony or a scholarship. The lender must be sure that his eighteen-year-old client will have adequate funds to repay the liability.
Installment loan from 18 installments – easier than you think!
Young borrowers are usually adept at using computers or mobile devices, and the online world has no secrets for them. For this reason, meeting most of the above conditions should not be a problem for them. As adults, they can easily open a personal account at any bank. What’s more, it is also possible to run such an account online.
The only problem here is having adequate financial security. However, if your 18-year-old is casual or receives regular income from other sources, his chances of a loan increase. However, the non-banking company will check whether the amount of the loan in installments for 18 years that the young person has applied for does not exceed his financial capacity. If so, he may propose a reduction in the amount requested.
An eighteen-year-old should also remember that even if his loan application is rejected in one company, it is worth trying to apply also with the competition. Some of the non-bank companies are much more flexible when it comes to lending money to young people. So let’s try until it ends.