Loans for Young People
Whilst you’re young, it’s easy to run into financial roadblocks. You tend to find that as you age, you start to gain more financial freedom. Young people between the ages of 16-25 meet numerous points of development as a result of progressions through education, work, and training. Through this evolutionary process, they obtain access to forms of income – wages, benefits, student finance and credit. As you’re looking for loans for young people, we’ve got the perfect key information that you need to know.
Will I be able to get a loan at ages 18 – 21?
Yes. 18 is our lowest age to be eligible for a PMLoan so you may be able to get a short-term loan from us. As you’re young and may have a little credit history, we’ll offer you a loan based on your affordability. We take this into consideration with your credit history. It’s noteworthy that you space out the applications that you make for loans. The reason being is that your credit report can have an adverse effect as a result of applying for several in a short time period. Remember, you don’t want difficulty when applying for credit cards and loans in the future.
What types of loans can Young People get?
There’s a variety of different loans available for young people:
- Unsecured Loans. These are the loans you get without having to vow collateral. Alternatively, your income and credit history are used to deny or approve the loan.
- Guarantor Loans. A guarantor loan is a form of an unsecured loan that requires a guarantor to give the credit agreement a co-sign. A guarantor is someone who guarantees to pay a borrower’s debt in the case that the borrower defaults on a loan obligation.
- Payday Loans. This type of loan is a small, short-term unsecured loan. This loan is designed to help you cover immediate cash requirements until you receive your next monthly wage or paycheque.
Eligibility requirements for Young People?
At PM Loans, our eligibility standards are straightforward. Applicants must:
- Be 18 or over – Once you reach adulthood, you meet the age criteria.
- Reside in the UK
- Be employed (in some circumstances other forms of income may be considered)
- Meet the affordability and credit checks that both we and our lenders request
How to apply for a Loan?
In order to apply for a PM Loans loan all you have to do is complete our short and simple online application form.
The information that we need from you will allow us to confirm:
- Your identity
- Whether you’re able to afford the repayments on your loan
- Your current credit status
You’ll also need to present a statement of income and expenditure in addition to a copy of your ID (passport or driving license)
Seeking Debt Advice
Too few people are seeking advice! – Findings from the Money Advice Trust have reinforced concerns that too few young people are seeking expert advice on managing debt & borrowing. In 2015 just 12 percent of callers to National Debtline were aged 18 to 24 – despite research from the Money Advice Service showing that this age group accounts for 21 percent of the UK’s over-indebted population.
At PM Loans, as well as offering first-class loan services, we additionally offer budgeting/saving advice, tips on improving your money management and tips on bettering your credit score.