Can I Get a Lån at 18 År (Loan at 18 years)?

The requirements for a loan vary from one lender to another, but there are similar considerations that lenders will always look at. Before you decide to get a loan, you need to make sure you have the common requirement so you can take the loan. What if you are 18 years of age, could you get a loan?

The minimum age qualification for consumer credits is 18 years. But it’s important to note that not all lenders give credit to that age bracket.  So it is wise to know the qualifications of financial service providers before you apply for a loan with them.

What if you find a lender that can give you a loan at 18 years, what other criteria would improve your chances of getting the credit? What will you do if you don’t get it? You can visit https://billigsteforbrukslåån-18-år for a review on this.

To further provide you with more information on the requirements to get a loan let’s discuss some of the things you need to consider and other options to go for to get a loan at 18 years.

What to Consider to Get a Loan at 18 years

The following are some requirements that are considered or required by the lender:

Your Credit Report

Your credit history and score are important factors that will be checked by the financial institution when evaluating your application. The score ranges from 350-850 and is calculated based on things like the length of a loan, outstanding debt balance, and payment history.

Many lenders require you to have a minimum score of 600 to qualify, but some offer loans without checking this report.

Financial Status

How much do you earn in your current place of employment? Financial institutions ensure that their borrowers are financially capable of paying off their debt. The minimum income required varies from one lender to the other. Some impose a certain amount, while others don’t.

Evidence of your financial status will include your recent tax returns, signed letters from your place of employment, and monthly bank statements. If you are self-employed, you will provide your bank deposit or tax returns.

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Your Budgeted Monthly Expenses

Some financial service providers might ask you for a list of your monthly recurring payments. These can include other debt repayments and utility bills. These expenses will then be subtracted from your monthly income to deduce if you can afford the loan or if it would affect your budget.

Debt-to-Income Percentage

This is also known as DTI and it represents how much you (a borrower) earn monthly over your monthly debt payment. A lender will use the DTI to deduce whether a borrower can repay debts on time or make monthly payments without issue. The ideal DTI is less than 36% so make sure you repay your old debts on time to improve this ratio.

Purpose of the Loan

Not all lenders are concerned about what you will use the money you borrowed for; however, their knowledge of this might help them in giving you the right credit for your needs. Some financial service providers offer credits for specific reasons, for instance, debt consolidation. Others can borrow money to cover any expenses like medical bills, wedding or honeymoon fees, home improvements, or vacation fees.


Many lenders will require borrowers to pay a fee that covers the costs of processing the loan application and checking their credit score. These payments are usually between 1 to 8% of your total credit amount and it depends on your credit score and the amount you wish to borrow.


If you want to take a secured loan, you will provide the lender with a valuable asset called collateral. If you want a mortgage or vehicle, you will pledge the asset as collateral. If you default on your debt, the lender will take the collateral.

Important Documents

Another requirement a lender will ask for is some documents. These documents confirm everything about you, from who you are to where you work. Here are some of the common documents needed throughout the application:

Loan Application

This is a formal document that borrowers will have to fill out and submit to kick-start the lending process. It varies from one lender to another so the specific requirements also vary. In general, many financial institutions will ask you to provide your personal information, the loan purpose, the amount you wish to borrow, and the duration.

Proof  of Identity

Another important document that these providers will ask you for is your identification card. You need to prove to them that you are at least 18 years old and a citizen of the country. Some acceptable identification they will ask for includes:

  • Passport
  • Birth certificate
  • Citizenship certificate
  • Driver’s license
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Employment Verification

Another important piece of information that you will provide is proof of employment and your salary history. A lender wants to be sure that you can repay your debt on time without issues. Some of the documents that you would be asked for include:

  • Bank statements
  • Paystubs
  • Tax Returns
  • Employer information

To find the paystubs, you can contact the HR of your place of employment for them. For your tax returns, you can ask a tax professional to help you with it. You can always ask your bank for your account statement from time to time, so don’t hesitate to request for it.

Proof of Address

Most financial institutions want to know if you stay in a stable location. You will be asked to provide proof of your address to confirm this. You can give them one of the following for this:

  • Voter’s registration card
  • Bank statement
  • Lease agreement
  • Utility bills
  • Auto or rental insurance with your address etc.

Other Options to Get a Loan at 18 Years

But what if you don’t get approved, here are some other options to go for:

Borrow From Family and Friends

What other way to get quick cash than to ask your direct relatives and friends for help? You can ask them to give you a loan and ensure you repay it on time. To assist you in paying off the debt, make it seem like a ‘real’ loan. Create a loan application and fill in important details like how much you want, the repayment duration, and the monthly payment amount.

Choose a Cosigner

This person adds their name to your credit application. They will agree to pay off the debt plus any penalties you might incur if you default. Some lenders might agree for you to come with a co-signer if you don’t fulfill most of the requirements mentioned above.

If you have a trusted family or friend that qualifies for taking a loan, you can ask them to help you out. If you decide to go for a co-signer, ensure that you pay off the debt on time and do not put another person in debt.


Knowing what a lender will require of you before taking a loan is very important. It saves you a lot of time and you reduce the chances of getting rejected by a financial institution. The requirements vary from one lender to the other, so ensure that you make proper research about a provider before going for its offers.

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