Can you get a loan at 17 years old and how to get a loan at 17 years old? In fact, you will not get a loan before the age of 18. Because at the age of 18 you can’t afford to repay the loan. When you are 18 you have to be associated with some lenders and only then you will get a loan. However, at age 18, you qualify for a small loan.
How to get a loan at 17 years old
So how to get a loan at 17 years old?
At 17 years old you can get a small loan in some way. Let’s see the ways-
Auto and personal loans
There are some lenders who lend to borrowers who are only 17. You need a parent or co-signer to apply for this loan. Only then can you get this auto and personal loan.
Need to check with local credit union
Usually some lenders offer a variety of options for personal and auto loans to 17 year olds. One of these is “Credit Builder’s Loan”. This gives young borrowers the option to take out a loan to make a good loan. This will protect them from other loans in the future. In addition, minors will need a parent or guardian to sign the loan.
At the age of 17 you can take out a student loan. To take out a student loan you can sign a commitment note. At the age of 17 you can get it even if no other loan is easily available.
What are the conditions for applying for a small unsecured loan?
For small unsecured loans you have to accept some conditions. The conditions are-
1. Applicants must be between 18-60 years of age. Also must be in good health, have local family registration or have lived in the local area for at least one year. On the other hand there is a business license that has passed the regulations of the Department of Industry and Commerce and is inspected annually. It has also been operating normally for more than three months and the main business location is in the town within the district.
2. You need to find a guarantor who is a national citizen employee, government employee, large and medium enterprise official employee or teacher, doctor. Others should be people with relatively stable incomes. You need to find two guarantors.
Including a national civil servant, a government employee, a large and medium-sized enterprise office worker or teacher, a doctor, and other persons with a relatively stable income. The other guarantor must have a certain profession or have a stable income.
3. Submission materials must include the original and photocopy of the ID card of the applicant and the guarantor. Guarantor should have a certificate of personal financial income.
Must have original and photocopy of business license issued by the Department of Industry and Commerce. It is also necessary to pass the annual inspection and other materials required by the Post Bank.
4. In the process of loan processing- you need to find a guarantor. Apply to a branch and submit information. Then fill out the application form and it will be under investigation. Wait for approval and sign the loan agreement.
On the other hand, there are also loan disbursements: Post Office Savings Bank loans are small loans. Notice the two customer groups, the first of which is the farmers involved in breeding and planting. The second is for merchants and for that, you must have an industrial and commercial business license.
It should normally be operated for more than three months. Find one or two guarantors. Approval from your application usually takes about a week, and the money will be opened in the savings bank in your current account.
You don’t usually get a loan if you are 17 years old. Because even 18-year-olds who want to get a loan often do not get a loan even after doing many things. So if you want to get a loan, make sure that you can repay the loan to the lenders. I hope you understand from this guide how to get a loan at 17 years old.
I am Tasfiya Jannat Java. I am a professional blogger, content writer and SEO Expert. I am the founder of https://www.analyticsloan.com. this blog is about Loan Analytics. I always publish Loan, Banking related articles.