How old should one be for a loan?
Sometimes there are situations when you quickly need money for some major or minor expense. Maybe you suddenly get an unexpectedly high mobile bill or need to quickly repair something. Yes, there may be many reasons why you need a lot of money.
What then are the requirements for you to be granted a loan? Can anyone apply for a loan? Is there a requirement for a certain age, a lower age limit to get a loan? The questions are often many.
How old must one be a loan?
As a general rule, the applicant for a loan must be of legal age, ie 18 years of age or older. Ordinary banks usually have the requirement that the borrower be at least 18 years old, but some banks, especially online banks and online credit and lending institutions may have higher age requirements, for example, that you must be 20 years of age. Especially if you need a larger loan, only the age requirements are guaranteed to guarantee a loan promise. With smaller sums and quick loans, most people can get a loan if they have aged. For larger sums, the bank usually makes a more accurate and more personal assessment of a customer’s opportunities to obtain a loan agreement.
Other requirements on the borrower
Depending on the amount and where you apply for the loan, there may be completely different requirements.
The lender may have the following requirements
Swedish citizenship or similar. If you live in Sweden and apply for a loan, the lender usually requires you to be a Swedish citizen. Age and Swedish citizenship are the most common requirements, but there may be exceptions to this. For example, some banks may require you to have a residence permit for at least three years to obtain a loan, or alternatively that you have a permanent address in Sweden.
Requirements for income and that the economy is under control. Depending on where you apply for your loan and depending on the size of the loan, the bank or lending institution may require you to have a fixed income of USD xxx per year. If you have a loan from before, it can also reduce your chances. Many also claim that there must be no current payment remarks. But if it comes to loans of smaller amounts, you can probably also borrow if you have a note in the baggage.