age  legal  loans


Question by  srini (20)

What do I need to know about getting a loan at the age of 18?

I am 18 years old and need a loan.


Answer by  BranandMike (148)

AT ge 18 you probably don't have a lot of credit. When applying for a loan you may need a co-signer. You will for sure need to have had a job for a while. Don't borrow more than you can afford to repay.


Answer by  John (9008)

It is very difficult to get a loan at the age of 18. You have no established credit. Thus, you can usually only get a loan if you have a co-signer, collateral, or if it is a specially protected sort of loan (basically, this means student loans). If you use a co-signer, they must have good credit.


Answer by  Roland27 (16334)

At that age you probably don't have credit yet. You will probably need to get someone to co-sign for your loan.


Answer by  TheAnswerFairy (2345)

The process for this will depend on what you need the loan for. Student loans are designed for young people, so you should have no trouble there. But if you want a loan for some other reason, you will need to either have huge amounts of valuable assets or a co-signer with an established positive credit history.

You have 50 words left!