It’s easy to believe that once you’ve turned 18, there should be no problem borrowing money due to age. You are of course, and then you should be able to borrow money if that is what you want. But unfortunately it is not really that simple, but there are actually quite a few lenders who have rules that say that borrowers must be older.
Another little surprise is that it is actually the lenders who lend out smaller sums that usually have this type of rule. If you look especially at micro loans, it is very common for the borrower to be at least 20 years old.
When it comes to private loans, the pattern is a bit similar. The lenders who deal with the slightly smaller private loans that normally extend to a 25,000 – 30,000 often have rules that say you must be more than 18 years old. While the big classic banks, which are usually tougher in their requirements, do not set this age requirement, but there it is enough to be 18 years.
The fact that this is so can often simply be because the larger banks have a little tougher requirements in general for their loans and then the age does not really play as important, as long as the other requirements are met. Many times you also have your other banking services collected at a major bank and the risk is often not as great for such a bank compared to another type of lender.
Just because the big banks and some other lenders approve applications from people who are 18 years old does not mean that you are in any way guaranteed to borrow money. A credit check will be done, and in that case it is important to be able to show such a strong economy that the lenders agree to lend money. This means, for example, that there must be a fixed income. The major banks also have as a basic requirement that there should be no payment remarks.
Mortgage lenders to choose from
A little further down here on the page you will find a list of a number of lenders who do not have any rules that say that the borrowers must be more than 18 years. As you can see, the big banks are included in the list but some others too.