Being 18 years old is not a real maturity indicator for a larger group of lenders. What’s more, many loan companies approach such young clients with great reserve.
Sometimes they distance themselves to the point that they do not allow 18-year-olds to use their products. Many companies direct their payday loans to people over 20 years of age.
A loan for an 18-year-old in only a few companies
Fortunately, however, there are lenders on the market who are able to give a newly grown adult not only credit but also a quick loan. Below are the basic conditions for their offers.
Suggestion # 1: Winky Bank
Winky Bank offers both short-term payday loans and installment loans. When you use the company’s offer for the first time, you can borrow from 50 to 1500 USD for a maximum of 60 days or a loan of up to 10,000 USD for 24 months.
In the case of a short-term loan repaid on time, you only pay commission amounts of USD 10 (you give away: USD 1510). Larger liabilities are charged with a commission, and its amount depends on the sum borrowed and the repayment period.
If – regardless of the variant of the loan chosen – you return the entire commitment within 30 days, you will not be charged any additional costs. All you need to take out a loan is an ID card.
Suggestion 2: Fast Cash
Fast Cash offers loans from 100 to 6000 USD. When borrowing for the first time, you must return the commitment within 30 days at the latest. The first loan is free.
The longer repayment period can only be used by regular customers for whom the longest repayment term is 65 days. The amount of additional costs of the loan depends on the promotion. The condition for obtaining a loan is having a positive credit history and a stable source of income.
Suggestion 3: Youngster Cash
The first company that provides its offer for 18-year-olds is Youngster Cash. The loans she offers are available to people aged 18-75 who have Polish citizenship.
In order to obtain a loan, an electronic application must be submitted containing the personal details of the potential borrower. The amount of the loan depends on which one you use the Youngster Cash program once.
As a new customer, you can borrow up to USD 2,000 for 30 days. If you pay the liability on time, the lender will not charge any additional fees.
The amount of payday loan available increases every time you use the company’s products, with a maximum of USD 5,000 (option from the fifth loan). But Cash also provides different repayment terms: 7, 14, 21 or 30 days.
Suggestion no. 4: Adjustable Loan
The payday loan offered by the Adjustable Loan is another variant of the loan available to 18+ customers.
The offer is available to adult citizens of Poland. By borrowing for the first time, you can raise up to USD 1,500 with a two-month repayment date.
Importantly, this loan option is completely free and you pay the debt in two installments.
However, each subsequent loan involves additional fees. A regular customer can borrow up to USD 12,000 for 24 months.
Suggestion 5: Shake Loans
As an adult, you can also take advantage of the installment loan offer offered by Shake Loan. In this case, the loan amount can be from 800 to even 15,000 USD. You can give your money back within 3-36 months.
The loans offered by this company bear interest. The interest rate depends on the offer currently in force. Importantly, Shake Loans provides its products only to clients with regular, documented income.
And although only an ID card is listed in the pool of basic documents, the company reserves the right to request additional income certificates.
Suggestion No. 6: Credit & Loan Now
An interesting loan offer for 18 years is the Credit & Loan Now offer. First of all, because you choose your loan based on the amount of interest you are interested in and the amount of the monthly installment that you will be able to repay.
Based on this data, the company offers you a payback period. The lender offers payday loans from USD 1,500 to 10,000, which you can pay back from six to 24 months.
In addition to the money you borrow, you must also pay the commission and interest rates on the loan. Their height depends on the variant of the selected payday loan.
Quick Money – a special variant of the loan
At 18, you can also take advantage of the loan offered by Quick Money. However, this is not a typical payday loan, which is available in the abovementioned companies.
To get a loan at Quick Money, you must have a so-called guarantor, i.e. the person who will provide security for your liability. In addition, the person guaranteeing the liability must be the owner of the property and have a positive credit history.
This means that you cannot use the loan yourself. Due to the fact that this loan option is additionally secured, larger amounts of financing are available. You can borrow from 5,000 to 25,000 USD, and the repayment period is from 12 to 48 months.
The interest rate depends on the amount of liability. This variant of the loan is recommended to 18-year-olds who find themselves in a sub-gate situation and cannot raise cash in any other way than incurring liabilities with additional collateral.
When deciding on a loan with Quick Money, you must remember that you have the obligation to return the commitment made. Otherwise, your guarantor will be charged.
Loans without certificates
Most companies that have been providing loans for 18 years do not require borrowers to provide any certification. The exceptions are Shake Loans (the regulations mention a documented source of income) and Quick Money (guarantor surety required).
This does not mean, however, that if the lender has doubts about the credibility of the applicant, he will not require additional documents confirming the client’s financial stability.
Therefore, if you do not have a regular income, think about taking a quick loan. The more so because sooner or later you will have to return the money you borrowed, which can be a big problem without a regular income.
Not all loans for 18-year-olds
At 18, you can take advantage of the quick cash only listed companies. Other lenders only grant payday loans to older customers. Some of them grant loans to clients over 20, 21 and even after 23 years of age. The 18-year-old will not take out a loan, among others in Mareloan, Ten Credit, Want Loan, Express Loan, Lending or Extra Money.