Online non-bank companies are happy to lend money to young people. In most of them, payday loans can be taken for 18 years. What’s more, the young client does not have to be afraid of the stricter application procedure. Each loan company sets its age criterion for its potential clients.
A large group of lenders accept all persons who have reached the age of eighteen. Usually these are companies that do not require any additional employment certificates from the client. They often take his word for it that the income he indicated in the loan application is his actual monthly profit, derived from various sources.
For such loans, the only document usually required is an ID card. Other non-banking institutions have decided to shift the age of the young client slightly up to 20-21 years. There can be several reasons for this decision.
Usually there are such arguments as the lack of any credit history or the lack of a permanent source of income. People over the age of 20 often already work permanently or study and receive income from occasional work or scholarships. Thus, they have appropriate means enabling them not only to borrow, but also to pay their liabilities in a timely manner.
How to take a loan for young people?
The procedure for applying for a loan for young people is exactly the same as for customers in a different age category.
- First, select the loan amount and repayment period.
- Then we register on the lender’s website (if we are applying for a loan for the first time in a given company) and fill out the loan form.
- To properly complete the application process, you must complete all fields required by the lender.
- The lender usually also asks about the personal details of the young client, his address and financial situation. When declaring the amount of monthly income, it is worth taking into account funds derived from sources such as: scholarship, occasional assignments, social programs, etc. It is also important that we can document such income.
- After reviewing the documents provided by the lender and accepting the required approvals, we can apply for a loan with one click.
- The company will inform us about the decision on the submitted application by e-mail.
What to remember when taking out a loan for young people?
When deciding on such a step, you must first analyze your financial capabilities, make a statement of income and expenses, and assess whether your funds are sufficient for both current needs and repayment of the loan. Thanks to this, we will avoid situations where repayment of the liability on time is beyond our strength.
Young customers of non-banking companies should also carefully compare available loan offers not only in terms of costs, but also other parameters. Before submitting the application, it is therefore worth checking whether we are in the lender’s age category and meet other conditions required by him.
Carrying out such an analysis beforehand, we will not waste time filling out an application in a company where our loan chances are close to zero from the beginning.