18 years olds are already adults who can also apply for a loan. In short, you can ask for a loan once you reach the age to cast your vote. You cannot disagree on this matter.
Now a question may arise if you can expect guaranteed acceptance for payday loan from a direct lender in the UK by turning 18. Earning is a vital factor in the case of these loans.
It has nothing to do with the type of income means. There should be some source of income to ensure you can repay loans within the given time.
Getting a loan in the absence of income is tricky, regardless of what type of loan you might choose. Moreover, this age group usually revolves around pursuing degrees and specialisations. There is no assurance that you will be doing a job.
However, the direct lender has provided flexibility in terms of income. There will be no problem if you earn money through part-time income. You can even show your freelance salary that you actually use as pocket money to convince the lender to get loans.
You must keep reading this blog if you want to assess the possibility of getting loan approval as an 18 years old individual.
Should 18 years old get payday loans?
Is it viable to fetch salary day advance as loans when you are just 18 years old? Before getting to any conclusion, you must evaluate when it is relevant and when not. It is because you have legally attained the age of an adult applying for a loan applicant.
As per logic and criteria, you have the right age to apply for loans. However, getting a loan might not be suitable if you lack any stable source of income. Since direct lenders are lenient, you can manage to send a loan request with any income.
It is essential for you to assess other aspects before making the final decision.
Are you still studying?
It is possible that you are a student at this age. However, it does not mean you cannot have some individual expenses. In addition, you might need additional money in any event of a financial crunch.
All this can happen even when you are studying. Maybe, you have defaulted on some previous loans. For this reason, your credit history had red marks.
Difficulty level to get a loan increase when you are a student with unfavourable credit history. Nevertheless, you can overcome this drawback by applying for loans for students with bad credit stature in the UK.
Therefore, you can see possibilities even for an 18-year-old. A deep study of the loan option and your financial circumstances is a must before you start applying for loans.
Are your requirements legitimate?
Validating the purpose should be your top priority. It will tell you if it is the right reason to seek loan assistance. Asking for loan help just to fulfil a pricey desire that can be avoidable is pointless.
Do not forget that you will have to repay the same amount with interest! The most crucial thing is that you must complete repayment within the selected time schedule.
The possibility is there. You might need to pay back the money in this case. The reason could be your unpreparedness for repayment.
Moreover, you will know how much you should borrow when you evaluate your requirements. Most importantly, you can make confirmation if the desired amount is manageable for you to repay.
You cannot get clarity like this if you simply opt for loans without analysing your necessities. You can select the right loan amount when you know your needs and financial limitations.
Do you earn via any source of income?
Another vital parameter to ensure if you should borrow loans being an 18-year-old, is earning capability. A direct lender does not require you to earn via a job.
We will accept any income means. We can process your loan request if you earn from a part-time job, side hustle, pension or child support etc.
You must emphasise this factor the most. It makes confirmation how you will pay back loans. If you borrow without paying attention to this point, you might end up making a blunder that can even negatively impact your credit scores.
You must refrain from exploiting the flexibility that lenders have agreed to provide you. Instead, you can make the most out of this opportunity to show a valid income source to get loan help in an hour of crisis.
The significance of looking for the earning source is eliminating the default risk. If your earnings are suitable, it affirms the lender about timely repayment. Lenders are mainly concerned about getting their money back.
For lenders, ascertaining this is impossible in any other way. It is enough to prove your eligibility if you are 18 years old and run a side hustle to sustain.
Lenders will only be willing to support you if they receive assurance regarding income. In that case, it does not matter if you are 18. You will need an income source to persuade the lender.
The bottom line
Unemployment is not regarded as a scar if you just turned 18. With the gradual progression of age, the insecurity of not having a job can make your life miserable. You might have even faced rejection due to your unemployed status.
However, you can still look for options like unemployed loans offered by direct lenders in the UK. These loans are exclusively available for you regardless of your job status. In this case, your affordability, which determines if you can afford repayments, is very critical.
You can easily make it to these loans with any income, provided it is stable. You don’t need to be salaried. Therefore, it indicates that any 18 year old earning via any means can apply for payday loans without any hesitation.
Being an adult is vital if you look forward to applying for loans. You are not eligible if you are still below 18.
Jessica Rodz is the Senior Content Writer at Cashfacts. She has a long career in the field of content writing and editing. Jessica has the expertise in the UK lending marketplace where she has worked with 7 different lending organisations and acquired many responsibilities from preparing loan deals and writing blogs for their websites.
At Cashfacts, Jessica is managing a team of experienced loan experts and doing a major contribution in guiding the loan seekers via well-researched blogs. She has done graduation in Business (Finance) and now currently doing research papers on the UK financial sector.
