Quick Answer: Can An 18 Year Old Take Out A Personal Loan?

Can you take out a loan when your 18?

If you’ve just turned 18 you have various loan options that you can consider.

A loan from your current bank.

You’re likely to have a long history with your bank with transaction accounts, travel cards and any other products you’ve held, so they may be more willing to give you a loan.

Unsecured loans for lower amounts..

How old do you have to be to pull out a loan?

18 years oldIn the U.S., you absolutely have to be 18 years old in order to legally sign a loan contract. Up until you turn 18, you’re considered a minor by law and can’t enter into a contractual agreement with a lender.

What is the age limit for a personal loan?

The minimum age limit to apply for a loan should be 21 years. Maximum age can go up to 60 years (salaried employees) and 65 years (self employed professionals) at the time of loan maturity. However, age varies from bank to bank.

Can I get a loan if I have no credit?

Although you may be able to get a personal loan with no credit, lenders will probably charge you higher interest rates than they would if your credit was good.

How can I get a loan with no credit and no cosigner?

Adam McCann, Financial WriterHow to get a personal loan with no credit and no cosigner:Get a secured personal loan. Your credit, or lack thereof, doesn’t matter as much when you put up collateral to secure a loan. … Take out a credit-builder loan. … Use your home equity. … Borrow from someone you know.