The age of the potential customer is one of the criteria taken into account by the Institutions when applying for a loan. Too low, the borrower may remove the possibility of receiving financing. Too high too. So what is the optimal age? Where can I get a loan when I am 18?
Why is age important?
Borrowing money involves responsibility. Regardless of whether we borrow from the family, from the bank or from a non-bank institution, the other party must trust us that we will give the money back within the set time. On the other hand, as borrowers, we must first demonstrate a sense of duty and commit ourselves on time. Secondly, we must be able to pay the debt. Thirdly, we should enjoy good health so that it does not prevent us from paying back the loan.
Too young borrower?
The first threshold that must be crossed to speak about applying for finances is the age of majority. Then we obtain full legal capacity, which means that we can sign the loan agreement. In practice, however, many institutions will not accept such a young borrower. At 18, we often don’t have a permanent job yet. What’s more, there is a risk that the young person will recklessly pay the debt. This does not mean, however, that there will be no offer for a person of this age.
Nowadays, product availability matters. Loan companies have processes that are friendly to young people. To apply for funding, all you need is a smartphone. The ease of the process, accessibility, but also growing consumer needs mean that even teenagers are more likely to reach for financing. Banks may have problems financing even twenty-something years old – not to mention younger people. Non-bank companies are not so restrictive in their assessments, which is why young people often look for financing there.
What amount can 18-year-olds count on?
The fact that an 18-year-old will get a loan is one thing. The only question is how high? In this context, non-bank institutions are quite liberal and will treat 18-year-olds on an equal footing with other clients. For example, we can apply for PLN 40,000 , for PLN 20,000. Lenders will finance an adult for a maximum of PLN 15,000. The same applies to the period, which will normally be between 12 and 60 months, depending on the institution.
The most important criteria
At the very end, it is important for the Institution that the Customer repays the liability. Repayment will only be possible if he has the financial means for it. The borrower should therefore have some source of income. Especially for young people, the non-bank institution will want to see some kind of earnings certificate. Of course, the statement will also find offers – but they will be much lower.
At lending companies, the customer will find products where you can apply for funding from 18 years of age. What’s more, the customer will be able to finish the process in both an online friendly process for young people and a traditional offline process – i.e. at the credit agent. Just complete one application and wait until the system returns offers from various companies. The friendly process of identity verification and quick transfers mean that the money from the loan can be in the customer’s account even several minutes after completing the application.