The main criterion for considering an application for a loan is that the potential borrower reaches 18 years of age. However, not all banks adhere to this rule. The conditions in this case are set by the credit institutions themselves and are conditioned by certain factors.
The nuances of obtaining a loan at 18 years old
According to official data, a loan can be obtained by any citizen who at the time of application is over 18 years old. Most banks are wary of this category of borrowers. This is primarily due to the level of income. At the age of 18, it is quite difficult to get a permanent and high-paying job. As a guarantee, the bank may require additional certificates, employment contracts, copies of work books or other documents confirming the presence of permanent income.
The most common reason for refusal to obtain a loan for “young” borrowers is the wording “insufficient solvency”. Please note that when making an application, not only your credit history is considered, but also many additional factors - family composition, marital status, number of dependents, ownership of property. The estimated amount of the loan payment and all mandatory payments that you make after the fact are deducted from the income. That is why at the age of 18-19 you can count on either a small loan amount or try to increase your income.
Getting a loan at 21
Most banks warn their clients in advance that loans are issued only on condition that the borrower is 21 years old. The reason for this limitation is obvious - the older a person is, the more work experience he has and the higher his income level. One of the main conditions for applying for a loan is the presence of a certain length of service. As a rule, it should be at least 3-6 months old. For long-term loans, this indicator changes upward. For example, to obtain a loan for 5 years, you need at least 24 months of experience.
Banks are ready to provide large sums mainly to borrowers, whose age reaches 25 years. According to the management of credit institutions, it is by this time that a person not only receives a higher education, but also, as a rule, has a stable job and wages.
Exceptions
An exception for age restrictions is a special program - "loan for education". Such loans can be issued to customers from the age of 14. However, in this case, two main points should be understood - funds are issued exclusively to pay for tuition, and the borrower must draw up an application only in the presence of parents or guarantors. By the way, surety is the main condition for the provision of funds by the bank.
