Loans for 17-year-olds, Loans for 18 Year Olds
is this possible in today’s world? Urgent money matters are a common scenario for the whole world now. However, a 10-year-old kid can’t apply for any loan. How about teenagers? 17-18-year-olds can apply for loans, but the procedure is somewhat complicated. Don’t worry! A few options are there for you, too, and let’s get into those in detail today.
Teenagers don’t have a robust credit history, meaning your eligibility to apply for traditional bank loans is not at a satisfactory level. On the other hand, you may not have a fixed income source yet. These are the common challenges to highlight when discussing loans for 17-year-olds and young adults.
What Are the Options?:
You could search for a few options here:
1) A Bank Loan: You may already have a bank account, and this would be your first try. The bank may offer you a loan if you have a long history with them. Having a long-term saving or checking account with the bank is a positive factor here.
2) Unsecured Loans: These are online loan options available on the Internet. However, you shouldn’t pick the first one that you saw on the Internet. Unsecured loans mean money-lending services offered by other parties apart from banks and financial institutions.
3) Credit-Builder Loans: Loans for 17-year-olds or loans for 18-year-olds can happen through this method, as well. Local banks and credit unions offer these small-dollar loans to young adults as a help to build their credit history. Credit-builder loans are a sound choice to consider.
4) Cosigner Loans: What if the bank says “No” to your request? Don’t worry; it’s not the end of the world. Cosigner loans are a facility offered by many local banks. A guarantor agrees to pay the loan if you can no longer settle it. You can ask your parents, older close friend, or a relative to be the guarantor for you.
Applying for Loans for 17-Year-Olds:
You may be new to this subject, but it is not an excuse to make mistakes. You can’t just ask this from your bank with empty hands, “can I apply for a loan?”
Go prepared for it. Make sure you have a copy of your credit history to introduce it to the bank. Do you work or have an income source? Even a small part-time job makes you more eligible than others who don’t have a job. Have a document of your current job in your hand.
Loans for 17-year-olds happen if you are eligible for it. As mentioned, look for a cosigner.
Can I Apply for Loan Without a Cosigner at 17/18?:
Yes, you can, but not from traditional banks and financial institutions. Some online money lenders offer loans for students under known terms and conditions. However, you should choose a trusted money-lender like us for it. Loans for School Students look for your earning potential and college GPA rather than credit histories.
Choosing a Loan Provider for 17-18-Year-Olds:
Many young individuals make a big mistake when they apply for their first loan. They don’t compare loan providers. Finding a loan provider that doesn’t demand a credit history can be difficult. You also should look for the following factors:
- Interest: Never fall for a loan provider that charges excessive interest rates. Such money lenders know that you are inexperienced and you need money. They use these vulnerabilities to charge a higher interest rate. Reputable loan providers like us keep the interest rates within the standard limit.
- Loan Amounts: Never apply for a loan that you can’t afford or settle back. The first loan you apply should only strengthen your financial status, not crush you by bigger settlements. You would come across this on the Internet, “we offer $10,000” loans for 17-year-olds. Those are only scams.
- Hidden Fees: Unauthentic loan providers charge various fees from young individuals. Establishment fees, early settlement fees, etc. Make sure you know their terms and conditions from A to Z before you get into their trap.
An authentic online loan provider can save your day; you would discover such genuine services through online research.
Getting The Approval:
Anybody who can fulfill the requirements explained so far can get the approval (there’s a high chance for it.) We give you a priceless tip here: Many young adults assume that they can work on their credit history or financial stability after the 20s or completing higher studies.
Focus on your financial stability from 17. You can do a part-time job while you are completing your higher studies. Robust credit history from young ages keeps you on top of the others.
Loans for 17-year-olds or 18-year-olds demand additional requirements, but you can win it if you have a strengthened foundation. The legal age for obtaining a loan may vary depending on the state you live in; for example, the age limit can be 18 or even 21 in some states.
Tips for Young Adults: Are you planning to apply for a cash loan for the first time? These tips will help you, then:
1) Have Savings: Showing the lender that you are good at saving makes you more eligible to apply for a loan. A solid saving history becomes your best friend here.
2) A Letter From Your Employer: First of all, you should have a job to get a letter from an employer. And which is why we said to plan your financial stability at younger ages (17-18.)
3) Don’t Apply for Bigger Loans: Loans for 17-year-olds can’t be this, “$20,000 for college students.” You should never apply for such loans as you can’t afford paybacks. Apply for the minimum (right) amount that is sufficient for your money needs.
Wrapping Up: Focus on the facts given in this article when you apply for your first loan. Are you a college student or young individual who needs a cash loan? We can help you. Contact us today!