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How to Get a First-Time Loan Without a Credit History – Lån 18 År



If you’re eighteen years old and looking to get your first loan, but don’t have a credit history, there are ways to get approved. To avoid being ripped off by predatory lenders, do your research and make sure you understand the terms of your loan, and don’t be afraid to shop around. Read this article for some other ways to get that money when you need it.

Get a Cosigner

If you need a loan but don’t have the credit to qualify for one, it may make sense to ask someone else to cosign on your application because, that way, they can act as a guarantor and help you get approved for a loan with a lower interest rate than you would be able to secure on your own.

The lender will look at your financial history and score to determine if you’re likely to be able to repay the loan in full and they’ll also check your debt-to-income ratio to see how much you owe in monthly payments. To get a personal loan, lenders usually require you to have a score of 700 or higher, however it’s important to note that a lender can still approve you for a personal loan with a lower score than that.

A cosigner might be the answer if you don’t have a good score, but you meet the income and employment requirements for personal lending and it’s actually particularly useful for young borrowers who haven’t yet established a reliable source of income, freelancers with inconsistent income or people who don’t earn enough to cover the payment on their own.

Find a cosigner who has a score of 700 or higher and is financially responsible. This person or people can be a family member, friend or other trusted individual that you’ll explain to about what the financial and legal ramifications of this agreement are. The person needs to understand that you will be obligated to pay them if you default on the loan and you’ll have to pay back the amount of money you need lent to you plus any interest and fees.

The person also needs to know that this will show up on their credit report and may prevent them from getting another individual account that was borrowed from an institution. However, if you are 18 år, then your cosigner should also discuss how you’ll manage any delinquencies. Also, you should let each other know how you’ll notify them if you’re behind on payments and set up a process for both of you to contact each other if they’re having trouble making payments.

Once you have a cosigner, it’s important to compare the various options available to you and pick the best option for your situation. You’ll want to consider interest rates and repayment terms, any fees charged by the lender and eligibility requirements, but you can also use an online loan calculator to estimate how much you’ll be able to afford.

Apply for a Credit Builder Loan

If you want to get a credit card or loan, but don’t have enough financial history to qualify, a credit builder loan can be a good way to start as they are typically less than $1,000 and are designed to be paid back over time with monthly payments.

They are usually offered by unions, banks and online lenders but before you take out a credit builder loan, find out what the interest rate, fees and term length are and choose a lender that reports payments to all three credit bureaus, so your positive payment history can help boost your score.

Many people choose to take one out because they are interested in building up their credit before applying for a mortgage because taking out a mortgage requires a large amount, so it makes sense for you to build up your credit through smaller installment loans first.

Some unions offer credit builder loans as a way to help their members improve their credit and are available through nonprofits that focus on economic development or serve a certain population.

A credit builder loan can help you establish or rebuild your credit by putting small amounts of money in an interest-bearing savings account and after you’ve made all of your payments, the lender will release the money to you.

However, make sure you can afford to pay the borrowed amount off at the end of its term because if you don’t pay it off by its due date, you’ll likely have to repay more than you originally borrowed. Another way to establish credit is to ask someone who has good credit to be your cosigner or you can ask a family member to add you as an authorized user on their oldest credit cards.

Having them cosign for you may help you secure a lower interest rate and reduce your monthly debt load as part of a well-balanced and researched budget will prevent you from stretching your finances to the limit, which can lead to late payments and a lowered score – something you’re going to have to work to change.

Borrow Money from Private Sources

If you’re looking for a way to get some extra cash but don’t have the financial history to get approved for a traditional loan, borrowing money from friends or family may be an option; however, borrowers should be careful about making this type of account or agreement.

You should always be honest about why you need the money because it builds trust with the borrower and ensures that you can maintain a healthy relationship and if you’re not upfront, it could ruin the relationship and make it difficult for you to borrow money from them in the future.

It’s also important to make sure that you have a written contract with the borrower so that both parties are clear on what will happen in case of nonpayment as this will make it easier to recoup your money and avoid any finger-pointing that can damage the relationship down the line.

The best thing to do when you’re thinking about borrowing from a friend or family member is to draw up a budget first because it’s the best thing to help you see how much money you have left for repayments after covering your living expenses. You may also want to create a spreadsheet that outlines the dates and amount of each repayment because then you can share this with your friend or family member so that they know when to expect their payments and how long it should take for them to repay it completely.

Once you’ve drawn up the legal agreement for the financial contract, it’s time to put it into action by sending a letter or email to your friend or family member requesting the money back and letting them know when you’re expecting to see it again. This is especially important if you’re planning to spend the money you’ve borrowed on frivolous purchases, such as a new phone or clothes, as it can be easy to forget about a loan when you’re focused on other financial obligations, but it’s important that you keep track of your repayments.

If you’re looking to borrow from friends or family, be direct with them about your expectations and how long it will take to repay the loan. You want to avoid or prevent any misunderstandings and make it more likely that your friend or family member will take the loan seriously.

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