Loan for 18 years

Everyone who enters adulthood is burdened with the costs associated with becoming independent, leaving the family home or higher education. Not everyone can count on parental support. Not everyone immediately takes up stable employment with an employment contract. So it’s hard to get a bank loan to implement your plans. Do young people have a chance for a loan?

Adult loans – where to look for them?

Adult loans - where to look for them?

Lending companies to meet consumer expectations have in their offer loans for young people. This is really the main target group of companies from the non-banking market that focus on technological solutions supported by the young generation. Young people have access to the internet, commonly use it, have a mobile phone and actively use electronic banking, and all this is necessary to apply for non-bank loans. They are available just on the internet. The fact is that not every loan company wants to reach its youngest adults with their offer. This policy of some lenders is dictated by the high risk of borrowing money. The young man really has no credit history. For this reason, the loan has been offered to only a few loan companies for 18 years . Many companies provide age limits and grant loans to persons aged 20-22.

Loans for 18 years – what can you spend the money on?

Loans for 18 years - what conditions must be met?

Non-bank companies grant loans with minimum requirements, and for this they do not require specifying the purpose of their use. Thanks to this, the loan for 18 years can be used, for example, for tuition fees, costs related to renting a flat or deposit, dormitory fees, to start living in another city.

Loans for 18 years – what conditions must be met?

If a loan company has loans in its offer from the age of 18, it is enough to have an identity document in the form of an ID card and Polish citizenship. The requirements of loan companies are not as restrictive as those of banks. As a source of income for a young person, he may consider:

  • scholarship,
  • contract for specific work,
  • self-employment,
  • pension.

Loans are granted loans without income from employment under an indefinite employment contract. The fact is, this type of employment contract for young people is still rare and loan companies understand this very well. What’s more, they will not require a young person’s employment certificate and income certificate. They can request it only when problems arise with the repayment of the liability. The lender may then become suspicious of the veracity of the borrower’s statement in the loan application.

Loans for 18 years – a chance for young people or a threat?

Loans for 18 years - a chance for young people or a threat?

On the one hand, companies lending money to people who are just 18 years old are at high risk. On the other hand, a loan for 18 years can be a problem for a young person. To protect yourself from the risks associated with incurring a financial commitment at such a young age, it is worth:

  • make sure the lender is reliable,
  • plan loan repayment to avoid delay,
  • choose the amount without borrowing “for the supply”, taking into account the possibilities,
  • take advantage of free loans with zero interest bearing in mind timely repayment.

A young man learns financial management, which is why it is so important to plan expenses for the period of the commitment, including the funds to pay it back.

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