Can You Get A Personal Loan At 18
That said understanding the ins and outs of the loan process goes a long way toward getting.
Can you get a personal loan at 18. You may have little to no credit history little savings and may not have an income that is high enough to fulfill many lenders eligibility criteria. A loan from your current bank. Make an appointment with a loan officer at a bank where your parent or guardian primarily does her banking.
In mississippi the minimum age is 21. As a young person it can seem almost impossible to get approved for a loan without parental support. Unsecured personal loans do not have collateral that the bank can repossess in the event of default.
It depends on where you live. Then you can decide on a monthly payment size that fits into your budget. Sure payday loans and installment loans offer quick fixes but these loans can quickly spiral out of control.
One of the problems 18 year olds encounter when trying to be approved for loans is that they have limited or no credit history. In most states you must be 18 or older to get a loan. However you will likely face some of the same issues as an 18 year old looking for a loan including a lack of credit history and income history.
Research personal loan lenders. First time personal loans are sometimes the most difficult to obtain because of the higher risk to lenders. At 18 this is most likely limited.
All debt carries some risk. A lender wants to make sure you can afford a repayment plan. Preparing for the loan you need you won t be able to walk into a dealership get a loan and drive off in your car if you have little to no credit history.
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