Regardless of age, we all have at some time had the need to request some form of credit or loan, and in the case of younger people, extra money may be necessary to pay for some student expenses.
In the case of young people under 18, age can be a limitation, but it is not impossible to make an application. For this, it is necessary to have the proper professional advice so that financial stability is not affected and you can create a good credit history at an early age.
First, you should have a conversation with your parents or financial advisors, because these will be responsible for signing as a guarantee on the application, assuming payment of the debt in case you can not do it. In the houses of study, there are advisors that can help you as a student to choose a type of loan that is appropriate for your circumstances.
Select the bank of your choice, or a credit union, always keeping in mind that they will not always accept the request, due to the high risk of default and the absence of a verifiable credit history.
If you have obtained the approval of the financial institution, complete all the requested forms. These vary according to the type of loan. The forms can be sent through the institutional website, by email or take them directly to the offices of the bank.
Once this step is completed, it will be left to the entity to give an affirmative response to the loan request, as well as to set the interest rate. When the bank has evaluated all the conditions, it will proceed to sign all the paperwork and wait for the money to be paid.
To achieve this type of financing, there are usually a number of common requirements in lending institutions to borrow. These are:
This person is obliged to make the payment of the credit agreed with the bank, also being able to attach the costs of some interest for non-payment. There are two types of liability levels for the debt guarantor :
At the time of making the request, it is important to have a clear idea of the reasons for doing it. In addition, you must make sure to request the amount of money that is completely necessary. The smaller the amount of money requested, the lower the interest and, of course, the lower the difficulty to return the money.
It is necessary to maintain a continuous contact with the financial institution or the institution that granted the loan in order to be able to negotiate the extension of a payment period if necessary. Such contact is also important to try to get a much lower interest. In any case, the final objective is always to return the money in the shortest possible time.
In general, the sums of money that financial entities offer for young people are not much different than in people who are already of legal age.
Most lenders grant a sum of no more than 300 euros when it comes to the first application, an amount that may increase as you generate a good track record in your line of credit.
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