There is a basic rule when it comes to borrowing money that says a borrower must be at least 18 years of age and thus of legal age. Otherwise, an application for a loan will never be approved. Although this is a basic rule, there are some lenders who have even tougher rules. This is especially true for smaller private loans or micro loans.
The reason for all this is that these lenders think that it is too great a risk to lend money to someone who is only 18 years old. Usually you have a little better finances when you are a little older.
However, you should not have to despair if you really want to borrow money and are only 18 years old. There are many lenders who accept applications from people who are not older than that.
No more expensive
There is also no one who says it needs to be more expensive to borrow if you are not older than 18. It is exactly the same rules that apply to the person who is 18 years of age compared to the one who is 40 years old. The disadvantage is that the selection will be a little smaller, which may mean that the very cheapest lenders are not able to choose. However, this is more random so there is no reason to directly believe in a more expensive loan.
Micro loans are not cheap
But then, as always, keep in mind that micro loans are not counted as cheap loans. Certainly, many lenders have offers to new customers who say they can borrow for free. But if such an offer is not possible, a fairly high cost must be assumed. Therefore, it is important to be very careful to only borrow money if you can safely repay the loan.
We help you find lenders
If you have decided to borrow money or are only interested in what it might cost, the tip is that you either look a little further down this page as we have compared costs from a number of lenders offering micro loans to those who are 18 years old.
Another good alternative is to look to the left where we have a box that can be filled in for those looking for micro loans. There is only the choice of what amount you want to borrow and how old you are, you get the answer to what lenders are possible and what it will cost them. Then you will also come to our loan comparison department where you can find more thorough comparisons.