If you have reached the age of 18, it is natural that you think it should not be a problem to borrow money if you wish. Of course, it is easy to believe that it is not the age that will affect whether you can borrow money or not. A credit check must, for obvious reasons, always be passed regardless of the age of the borrower.

Unfortunately, however, it is not that simple, but there can often be rules that say that a borrower must be a certain age in order to be approved. In this article we will therefore explain a little what applies to slightly different loan types and age. Which ones are good to borrow if you are 18 years old and which ones can be much more difficult.

Borrowing money 18 years – Micro loans

Borrowing money 18 years - Micro loans

When it comes to micro-loans, the rules are a bit varied. But in general, about 2/3 of the credit institutions have rules that say that people who are 18 and want to borrow money are not allowed to do so. This is an estimate on our part which means that it is not certain that it is completely correct.

But the positive is that the remaining 1/3 of the credit institutions approve applications from 18-year-olds. Another positive is that the rules and prices do not differ at all, it is just to find the cheapest lender that can fit. The disadvantage that exists is that the selection of lenders becomes smaller which risks leading to the fact that the cheapest ones cannot be chosen. Actually, there is no direct relationship between the price and the age rules that the lenders have. But since it often varies which ones are the cheapest for different amounts, the risk is greater that you will have to pay more than if you were a few years older.

To find a list of lenders that offer you who are 18 years old and would like to take a micro loan, please visit our article where we address just that. Read more about micro loans 18 years.

Borrow money 18 years – Private loan

Borrow money 18 years - Private loan

When we think of private loans here, we mean loans that are between SEK 10,000 – 350,000 approximately. The rules here are also a bit different for different lenders. But in general it can be said that the slightly larger banks usually do not choose to look at the age so carefully but more care about the income.

However, the loan institutions that specialize in slightly smaller private loans often have rules that say that the applicant for a loan must be at least 20 years.

If you only have a good economy in general with a stable income, it should not be a problem to borrow money if you are 18 years old through a private loan. Compared to micro-loans, this requires a better economy with a higher monthly income and it is just how large this income and some other factors that the lenders are more interested in not the age. If you have these conditions, it is also positive for you as you can turn to the larger lenders who are also usually the cheapest to borrow from.

Borrowing money 18 years – Mortgage

A home loan should be the easiest for you who are 18 years old to obtain, in that regard, the age should not affect very much. Since the loan has the home as collateral, the lender will feel more secure with this type of loan. So if you have a sufficiently high income while keeping an eye on the rest of the economy, it should not be a problem to borrow money if you are 18 and looking for a mortgage.

When it comes to mortgages, there are often other things like the ability to pay a sufficiently large cash contribution that can put a spanner in the wheel. Sure, you can borrow a cash contribution too, but then the economy should also be good enough for this which can often be difficult.

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