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Can I get a loan if I am 18-years old?

Many lenders now offer loans for 18-year-olds. Once considered too young, lenders now realise that many young people are often in employment and require the same access to emergency loans as everyone else. Therefore, most loans are now open to people aged 18 years and older.

Whilst most lenders will accept first time applications for loans for 18-year-olds, some may require you to meet certain criteria before agreeing to give you the money. These will, of course, depend on the lender but may include the need for you to have a family member or friend serve as a guarantor for the loan, or that you be in part-time or full-time employment at the time you apply. If you do apply for such a loan, you can rest assured knowing that all the lenders on our panel are monitored for fairness.

Therefore, you will be getting a loan that is competitive, not one that tries to take advantage of the fact that you are young. Simply fill in our online application and we will search the market to get you the best deal.

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Loans for 18-year olds – do I need a guarantor?

When applying for a short-term loan, there will always be certain criteria that you must meet in order to be approved for a loan. These will be different between lenders, depending on their speciality area, but generally, include factors such as the need for you being a UK citizen and having a UK bank account and debit card. However, modern lenders are now much more adaptable and therefore offer a whole range of loans for specific groups of people. One example of this is loans for 18-year-olds that require no guarantor.

These loans are not offered by all lenders, as some may still require young people of a certain age to have a guarantor serving as security. However, understanding that having a guarantor is not always possible for all teenagers, some lenders do now offer a loan for an 18-year-old who does not have or want a guarantor attached to their loan. These loans will still feature fair and competitive interest rates and will still be available in a variety of sizes. However, the absence of a guarantor may restrict the amount you borrow, and you should therefore always check whether it is possible to borrow the amount you need without a guarantor.

How much can I borrow?

How much a person can borrow is dependent on their individual circumstances. This will be determined by how much you can afford to repay and how long you want to spread the repayments over. Typically, short term loans are available from £100 up to £2,500 but the amount offered may vary. It is important to only borrow the amount of money that you need as missed payments can cause financial difficulty and additional charges.

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