How to Get a Loan If You Are Under 18?

How to Get a Loan If You Are Under 18?

Table of contents:

We all find ourselves in financial binds at some point in our lives. It’s harder than most people think to juggle your finances and keep all your money straight so that you can pay your bills on time. Most of us live on a tight budget and paycheck to paycheck with very little room for error. However, life happens to all of us and sometimes things will occur or emergencies will happen to us that we didn’t plan for. All of a sudden we find ourselves needing money to handle the emergency and still pay the bills on time. It’s a revolving door of never seeming to have enough money to do the things you need to do. There are several things you can do in order to get you through the hard times of live and today we are going to look at a few.

Short Term Loans

Short term loans are loans that you will repay back very quickly and usually within two to four months. These types of loans typically have a higher interest rate than a normal long term loan but short term loans are easy to obtain as long as you have an active checking account in good standing. You can apply for these short term loans online or through apps and the process will only take you a few a minutes to complete. A decision on your loan will come through by the end of the business day and you can have the funds deposited into your account the next day. The only cons of installment loans are the high interest rate and the higher installment payment amount.

Long Term Loans

These types of loans are usually paid back over the course of one to five years and the interest rates are usually a lot lower than short term loans. If you have good credit you could even possible find zero interest loans but you will need a credit score of about seven hundred and fifty to obtain one of these loans. The process to obtain a long term loan is more rigorous as well. To get one of these loans they will definitely want to do a credit check and they will also want proof of income such as paycheck stubs or bank statements. You will also have to provide documents to prove your residency such as an electric bill or gas bill. However, if you have all of these items and you are willing to provide them to the lender you could get a good loan with great terms and monthly payment amounts. Just remember to use any type of loan or loans responsibly so that you don’t get in over your head.

Share with your friends

Comments 0

You must login or register to leave comments