Are There Loans for 18-Year-Olds With No Credit History?
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Is a Cosigner Required When Getting Loans for 18-Year-Olds?
Are there any advantages or drawbacks to getting a cosigner?
Understanding Your Loan Status
Pre-approved: This means the lender has taken a quick look at your qualifications, and is encouraging you to apply. However, a hard credit check has not yet been done, so you are not guaranteed to be approved for the personal loan. Application: You submit all of the required financial documents to initiate a formal application. The lender then reviews all of your information and performs a hard credit check, verifying that all of the information you provided is accurate. Final decision: Depending on the lender, you may hear back instantly or within a week. With the final decision, you will either be approved or denied for the loan.
Private Lender Loan Requirements for 18-Year-Olds
Credit Score
Debt
Credit card payments Auto loan payments Rent Mortgage payments Student loan payments Alimony or child support payments Personal loan payments
Income
Spouse’s income Self-employment Regular contract or gig work
Public assistance Social security disability
Investments Interest Dividends
Alimony Financial aid Grants Work study Scholarships
Insurance payments Worker’s compensation Long-term disability
Allowance from guardians or parents
Collateral
Stocks Bonds Jewelry Fine art Collectibles Precious metals Future paychecks Antiques Life insurance policies Cash savings Certificate of deposit
The Takeaway
Frequently Asked Questions
About the Author
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